On March 23rd, Liberty Mutual and Safeco Insurance released a new research report – Rise of the Digital Insurance Agency – that examines the connection between digital adoption and revenue growth for independent agents and brokers.
The report’s results are the result of Liberty and Safeco surveying 600 independent agents and brokers. The agents and brokers were asked about the digital capabilities they or their agency uses, how valuable these capabilities are and what their priorities are for the next year when it comes to digital capabilities.
- Digital adoption leads to faster growth.
- Marketing will hit its tipping point in the transition to digital in 2021.
- Video remains a largely untapped opportunity.
- Digital agencies can invest more in the customer and employee experience.
- Conclusion – the independent agent channel is holding strong.
One piece of the report that you might find particularly valuable is the Agent for the Future Index. Agent for the Future analyzed over 20 digital capabilities and found the top seven that correlated most with agency growth. This list can help you determine what capabilities you should consider prioritizing as you add more technology to your agency. To see the full report and the seven capabilities, click here.