Finding and Winning New Commercial Business
We recently surveyed independent commercial insurance agents as part of a joint effort with our friends at Semsee. Our goal — to reveal how agents are finding and winning new commercial insurance business and what insurtech and insurance companies can do to help them.
The majority of independent insurance agents (53%) are expecting a significant increase in online commercial insurance buyers over the next three years, according to a survey from Semsee, the go-to platform for selling commercial insurance, and TrustedChoice.com, the nation’s largest digital marketing platform for independent agents and brokers.
The study took place online from March—April 2022 and collected responses from over 350 P&C independent insurance agents who provide commercial insurance. It focused on the ways agents find and win new commercial insurance business.
“The survey shows that agents have clearly become more digital in the last two years, especially in terms of leveraging virtual communications technologies like videoconferencing and e-signature tools, which is a testament to the adaptability of the IA channel,” explained Chip Bacciocco, CEO, TrustedChoice.com. “And when it comes to sales and marketing, there are still opportunities to expand what they’re doing, both in terms of finding new business opportunities and efficiently closing those deals.”
Agents need technology to keep up with increasing opportunities
Overall, 42% of agents surveyed say they are seeing an increase in commercial opportunities since the start of the pandemic in early 2020. And while the survey found that agents are generally pleased with the marketing and sales technologies they’re using today, many recognize they need to make significant improvements to become even more digital. Search Engine Optimization (SEO), new and faster ways to assess insurer appetite, and efficiently obtaining quotes from multiple carriers were all cited as areas needing the most improvement.
“Winning and placing new business is a particular challenge for agencies that offer commercial. Business leaders have told us that they want to see multiple policy options from agents. Yet finding markets and getting quotes can be such a time-consuming process for agents. Three-quarters of agents told us they’re using online portals to get this information, meaning they’re entering data multiple times,” said Philip Charles-Pierre, CEO, Semsee. “Many agents said they also rely on experience with specific carriers to place business today, a process that is not likely to work well in the future as insurance products change and they target new markets.”
Get the complete survey – free!
The full survey is available now. Learn how agents have transformed their operations post-pandemic, what insurance companies and insurtechs can do to help them adapt, and more.
Download the complete survey
