There is a growing concern in the industry that personal lines insurance is becoming commoditized
Boston, MA (Jan. 14, 2021) – Personal lines insurance is perhaps the most important coverage that agents can offer since it protects assets that are closest to clients’ hearts. Even though the opportunity to distribute personal lines insurance through independent agents is far less than it used to be, independent agents are still a substantial distribution channel that merits attention from carriers. Moreover, it is very possible that these agents will regain some relevance if consumers’ coverage needs shift and become more complicated.
This report attempts to provide clarity on agents’ priorities when placing business, carriers’ performance in the eyes of these agents, and the influence of carrier performance on business placements. Aite Group, with the assistance of Competiscan, surveyed a group of 61 independent and captive personal lines (auto and homeowners) insurance agents in the United States from March 2020 to May 2020.
This 74-page Impact Report contains 65 figures and 20 tables. Clients of Aite Group’s Property & Casualty Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.
Click here for the online summary or to download the table of contents.
This report mentions AAA Insurance, Allstate, American Family, American Financial, Amica, Auto-Owners, Berkshire Hathaway (GEICO), Chubb, Cincinnati, CSAA, Erie, Farmers, Hanover, Kemper, Liberty Mutual, Mercury, MetLife, National General, Nationwide, Plymouth Rock, Progressive, Sentry, State Auto, State Farm, The Hartford, Travelers, and USAA.
About Aite Group
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us at www.aitegroup.com.
Source: Aite GroupTags: AAA, Aite Group, Allstate, American Family Insurance, Chubb, CSAA Insurance, Erie Mutual, GEICO, Hanover, Liberty Mutual, MetLife, Nationwide, personal lines, Progressive Insurance, State Farm, survey, The Hartford, Travelers, USAA