How are agencies targeting new business today? What do agencies want most from carriers? And just how much are agencies growing in current market conditions? These are some of the questions that a new industry survey plans to answer.
Participate in the 28th Annual Market & Financial Outlook Survey conducted by MarshBerry and co-sponsored by Insurance Journal to find out the answers to these questions and more.
This exclusive survey compiles anonymous general agency information along with financial, market, carrier and technology data and then summarizes the findings in a State of the Industry Outlook report.
All survey participants will review a complimentary copy of the survey report.
The report provides key market fundamental data, agency performance and valuation detail, along with expert analysis on the make-up of the insurance distribution marketplace.
Agency owners and principals are invited to take the survey here.
In the 2012 MarshBerry Market & Financial Outlook Survey, an overwhelming number of respondents indicated increased renewals prove that the prolonged hardships in the insurance distribution space had leveled out.
“Between 2008 and 2011, we saw a considerable increase in the focus from agency leaders on pushing producers to drive new business to offset shrinking renewal income,” says Tommy McDonald, vice president at Marsh, Berry & Co. Inc.
The change in this critical market fundamental poses two critical questions:
- With renewals providing growth, will agency leaders get comfortable?
- Will the renewal increases be sizeable enough to pose retention risk on important accounts?
The survey also asks other key questions such as:
- How many carrier contracts agencies have for each product line?
- What agencies are doing with extra money?
- Do agencies use service centers?
- What lines of coverage are difficult to place?
- Hiring trends in the coming year?
- How agencies are attracting new talent?
In the 2012 study, MarshBerry found that larger agencies continue to hire staff in all critical agency areas, while the majority of firms less than $4 million in revenue have decreased staff — the larger the revenue, the better the efficiency within an agency’s service staff.
“This is critical for agencies with stagnant growth to understand,” McDonald says. “Organizations that have a service first, sell to maintain mantra; they have to realize that lack of sales focus causes profitability and efficiency issues long term.”
To participate in the 28th Annual Market & Financial Outlook Survey conducted by MarshBerry, and sponsored by Insurance Journal, click here.
Founded in 1981, MarshBerry assists insurance agents, brokers and carriers in merger and acquisition advisory, financial consulting, organic growth consulting, information services and peer exchange networks.
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