Younger Agents More Likely to Embrace Digital Channels for Marketing, Lead Generation, and Customer Service

New Novarica report surveys 80+ young independent agents of Novarica’s 400 Under 40 group; good portal capabilities and robust communications have become table stakes

Boston, MA (June 8, 2021) – Young agents demonstrate a variety of practices when it comes to working with insurers to sell insurance and support their policyholders. In a new report, Young Agent Insights: Technology and Service Needs and Preferences, research and advisory firm Novarica presents the results of a survey of over 80 young independent agents, across Novarica’s 400 Under 40, a community of high-performing insurance producers under the age of 40.

“Unlike older, more established agents, younger agents are more likely to be exploring the insurer marketplace, writing with many insurers while they learn the business,” said Paul Legutko, VP of Digital Marketing and Analytics and co-author of Novarica’s new report. “These agents are seeking new ways to derive benefit from the insurer-agent partnership, looking to share responsibility for marketing and lead generation, and hoping for insurer support.”

Among the key findings of the report:

• Young agents have relationships with many insurers. 48% of agents in our study work with more than 20 insurers, a higher number than reported by the IIABA.
• Insurers and agents should share responsibility for lead generation. 43% of agents thought that lead generation activities (marketing, prospecting, collecting information) should be an “equal mix” of insurer and agent responsibility.
• Portals remain a preferred channel for placing new business. 55% of respondents said they “always” use a portal when quoting new business

Click here for the table of contents or to access the report.

Report Summary

Young agents demonstrate a variety of preferences when it comes to working with insurers to sell insurance and support their policyholders. Although traditional expectations and channels still sit at the core of this relationship, younger agents have begun to expect more omni-channel capabilities, different kinds of insurer support, and innovations to the insurer-distributor relationship.

This report presents the results of a survey of young independent agents across Novarica’s 400 Under 40 community.

Click here for the table of contents or to access the report.

About Novarica

Novarica helps more than 150 insurers make better decisions about technology projects and strategy. Its research covers trends, best practices, and vendors, leveraging relationships with more than 300 insurer CIO members of its Research Council. Its advisory services provide enterprise phone and email consultations on any topic for a fixed annual fee. Consulting services range from assessments and strategic roadmaps to vendor evaluations. For more information, visit www.novarica.com.

Source: Novarica