The results are in from the J.D. Powers Independent Insurance Agent Satisfaction survey conducted in partnership with our national association. In addition to some obvious correlations, the key findings cite some of the lowest overall satisfaction scores of any others studied by the organization.
Scroll down for carrier rating charts.
Key findings are:
Independent agent satisfaction with carriers linked to placement rate. There is a strong relationship between higher levels of independent agent satisfaction and a greater number of business relationships with insurers. Likewise, independent agents that are more satisfied with the service they receive from insurers are more likely to recommend that carrier and place a greater number of products with that insurer.
Independent agents cite low satisfaction with carriers. Overall independent agent satisfaction with personal lines insurers is 733 (on a 1,000-point scale). For commercial lines, that score falls to 720. These are among the lowest overall satisfaction scores in any business study currently conducted by J.D. Power, lagging even financial advisors (737).
Support/communication and quoting are keys to agent satisfaction. As the most important factors in determining agent satisfaction, the support/communication factor in personal lines and the quoting factor in commercial lines are key areas for insurers to focus to increase satisfaction.
“A strong partnership between Trusted Choice independent insurance agents and their carriers is critical to achieving a great consumer experience,” said Bob Rusbuldt, president and CEO of the IIABA.
“Carriers that focus on ease of doing business achieve high satisfaction scores from agents. Ultimately, carriers that invest in their agent platforms benefit from a distribution force that has more time to spend providing value-added service to customers rather than back-end administrative tasks.”
In the survey,
Auto-Owners Insurance ranked highest among
personal lines for the second straight year, with an overall satisfaction score of 800.
Progressive (762) ranks second while
Travelers rank third in a tie with 737.
Liberty Mutual performed highest among
commercial lines for the second straight year, with an overall satisfaction score of 749.
The Hartford rank second in a tie with 720.
Support, communication in personal lines and quoting in commercial lines are the keys to agent satisfaction and the key areas for insurers to focus to increase satisfaction, according to J.D. Power.
“Each of the highest performing carriers in our study have taken different approaches to the market – some have focused on regional success, while others have emphasized price or service,” said Tom Super, Director, Property & Casualty Insurance Practice at J.D. Power.
“What they all share is a common understanding of the linkage between agent satisfaction and improved business outcomes—recognizing what drives agent satisfaction, then being laser-focused on getting that right.”
The study surveyed 1,466 P/C insurance independent agents for a total of 1,561 evaluations of personal lines insurers and 1,193 evaluations of commercial lines insurers that they had placed policies with in the prior 12 months. The study was fielded from September through November 2018.