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New Survey Reveals How Independent Insurance Agents  Are Adapting to the Hard Market

Client communication, retention, technology and team morale are among  agents’ top priorities, according to a Trusted Choice® report.

Media Contact: Gillian Linden / 703.402.6507

ALEXANDRIA, VA (February 28, 2024)–In what ways are independent insurance agents adapting to the hard market? Trusted Choice–the national consumer brand representing the members of the Independent Insurance Agents & Brokers of America (the Big “I")–examines that question in-depth in its newly released report, Navigating the Hard Market: How Independent Agencies Are Reacting. The publication provides survey results and analysis on measures that agents across the country are implementing as they navigate the current market.

"To work through challenging market conditions, independent insurance agents are innovating and going the extra mile to best serve and provide value to their clients," said Charles Symington, Big "I" president and CEO. “In this difficult market, the agents who are setting themselves apart are those who are adapting and improving communication, customer retention, technology, and the morale of their teams. And no one is better positioned than independent agents to do all of that and assist their clients through these market cycles successfully."

Among the survey's findings: 

  • Communication is Critical: Agents are prioritizing communication and investing in educating clients, as 65% of agencies have increased their communication to policyholders. Almost 90% of agencies are sending more emails, and 21% are increasing their paid advertising. Although 27% of agencies put more resources toward marketing, 18% cut their marketing spend, saying they are using other ways to reach clients and prospects.
  • Retention and Remarketing: Independent agents know that client retention relies on many variables, and price isn't the only factor. However, 39% have prioritized clients by the largest premium impact to the client, with smaller percentages of member agencies refocusing their teams by size of account (8%) and complexity of account (7%).
  • Leveraging Technology Efficiently: 32% of small agencies (sized 1-10 staff) and 45% of large agencies (25+ staff) have added technology recently. When asked how agents are managing the increased demand or inquiries from clients during the current difficult market conditions, 18% of respondents said they added new technology systems or applications specifically to address the demand of this market.
  • Maintaining Team Morale: The survey asked independent insurance agents, “How are you maintaining team morale and motivation during these challenging times?" The most common answers were increased communication, company-paid lunches and extra time off, followed by team-building efforts along with raises or bonuses when budgets allowed. To balance morale, more than half of agencies have implemented new training initiatives to ensure their team is equipped to handle the challenges of the market.

    "With the industry's ever-changing cycles, communication is even more critical than ever. Agents must remain focused on creating efficiencies in their touch points with clients," said Kevin Brandt, executive director of Trusted Choice. “Overcoming market challenges through active communication with clients and delivering innovative actions and solutions is essential. This is precisely how independent agents bring value in such climates."

    Access the full report–which includes additional data, analysis and takeaways–here.

    National survey via email to 225 verified agents varying in agency size, time in industry and lines of business.

    About Trusted Choice® and the Big “I"

    Trusted Choice® is the national consumer brand representing the members of the Independent Insurance Agents & Brokers of America (the Big “I"). Founded in 1896, Big “I" is the nation's oldest and largest national association of independent insurance agents and brokers. Trusted Choice independent agents offer consumers all types of insurance—property, casualty, life, health, employee benefit plans and retirement products—from a variety of insurance companies. There are over 25,000 member agencies nationwide offering customized advice and solutions to families and businesses. Learn more at and



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