Hanover Survey: Independent Agents Embracing Hybrid Work Environment
Two-thirds of agencies set to continue hybrid work model and with higher volumes of customer retention
WORCESTER, Mass., Sept. 8, 2021 /PRNewswire/ -- The State of The Independent Insurance Agency Report, developed by The Hanover Insurance Group, Inc. (NYSE: THG), indicates independent agents are embracing a more progressive work environment in response to the pandemic and evolving market conditions. With agencies expected to offer additional employee flexibility, engage more digitally with their customers, and enhance customer and employee experiences, the report highlights the current state of the industry and provides a glimpse at the future of agencies across the country.
"In the face of significant challenge and uncertainty, many independent agencies have succeeded over the past 18 months, taking away some very valuable lessons that will help them as they seek to more effectively serve their customers and build their businesses going forward," said Richard W. Lavey, president, Hanover Agency Markets. "Our survey shows customers have remained loyal to their independent agents. As agency owners look to the future, it's more important than ever that agents maintain strong retention, working with carriers that can support – and continue to enhance – business models with increased flexibility for staff and increased digital accessibility and services to take customer and employee experiences to the next level."
2021 State of The Independent Insurance Agency Report
"We learned a lot about independent agents over the last 18 months and the report proves the industry continues to pivot to meet customer expectations while providing great resiliency," said Angela Roman-Grimaldi, vice president enterprise distribution at The Hanover. "The support of strategic carrier partnerships with advanced technologies help agencies thoughtfully address any obstacle customers may face. Additionally, the independent agent model continues to thrive and innovate in a modern working environment by being flexible with employees."
As agents seek to set their businesses apart from their competition and agencies are expected to continue to face challenging market conditions as they reimagine the future of their businesses, The Hanover has created an Independent Agent Customer Growth and Retention Checklist to help agents build their business in the coming months. The checklist is based on conversations with its agency partners and its own observations of market trends, developments and evolving agency best practices.
Independent Agent Customer Growth and Retention Checklist
The Hanover surveyed more than 500 independent insurance agency owners in connection with the report. The company's goal was to understand the current state of independent insurance agency operations amid the pandemic. To learn more about The Hanover, please click here.
About The Hanover
All products are underwritten by The Hanover Insurance Company or one of its insurance company subsidiaries or affiliates ("The Hanover"). Coverage may not be available in all jurisdictions and is subject to the company underwriting guidelines and the issued policy. This material is provided for informational purposes only and does not provide any coverage. For more information about The Hanover visit our website at www.hanover.com.
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SOURCE The Hanover Insurance Group, Inc.
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