Insurance agency relationships strong despite pressure: JD Power

Insurance agents are generally satisfied with personal and commercial lines insurance carriers despite a challenging market, according to 2024 JD Power US Independent Agent Satisfaction Study.

Overall satisfaction for independent agents with personal lines insurers is 774 (on a 1000-point scale.) For independent agents with commercial lines, satisfaction is 781. The study suggested insurers are improving quote platforms, increasing training and communication for to maintain relations with agencies. Agents noted a greater effort to work with insurers and that there is little flexibility in the onboarding process.

Stephen Crewdson, Senior Director of Insurance Business Intelligence at JD Power, said in an email response to Digital insurance:

“Despite historic rate increases and insurers’ reduced appetite for new business, independent agent satisfaction remained steady in personal lines and rose to a new record in commercial lines,” Crewdson said. “This is a surprising finding given the challenges facing the industry and how independent agents find themselves sandwiched between insurers taking historic action and customers who are challenged by higher premiums and, in some cases, even finding an insurer to insure his home”.

The study, developed with the Independent Insurance Agents & Brokers of America (IIABA), is based on 4,918 ratings of personal and commercial lines insurers with which agents have underwritten policies in the past 12 months.

Crewdson said: “Independent agents really appreciate the improved service from insurers. This can take the form of being responsive, providing better digital tools, providing training that helps agents grow their business, and helping independent agents in commercial lines better sell and service industries. they focus on.”