According to the 2022 Agency Universe Study, there has been a rapid increase in independent insurance agencies. Even with the surge, the business conditions for agencies remain positive.
Key Findings Released
A collaboration of the Big “I” and leading independent agencies, Future One, has released some interesting findings. The findings come from the Agency Universe Study – one of the most comprehensive looks at independent agencies. “The 2022 Agency Universe Study shows the resiliency of the independent agency system as it continues to grow and adapt through the challenges of the last couple of years,” said Bob Rusbuldt, Big ‘I’ president & CEO. “It is amazing that during the pandemic, the independent agency system added nearly 4,000 new agencies. The study also offers insights into how agencies can better prepare themselves for the future. Staffing and marketing are issues for agencies, and the Big ‘I’ continues its support of independent agencies through resources, programs, and guidance to face these challenges head-on.”
The Seven Key Findings
Out of all of the data produced by this study, these seven were the most notable findings:
- The Number of Independent Agencies Has Increased
- Business Conditions Continue to be Positive
- Technology Has Become a Crucial Part of Operations and Customer Service
- Principle Aging Remains Stable
- Key Challenges Remain Being Able to Find Qualified Staff & Marketing
- Emerging Purchase Channels Are Impacting Agencies
- Inclusion is Gaining Ground
Overall, almost all of the study’s findings are good signs for the future of independent insurance agencies across the nation. We hope that it encourages companies to look beyond the big names they hear on television commercials and look to their local community instead.
For an independent insurance agency with 30 years of experience in your community, give The Leigh Agency a call today!