Assessing Agent Preference

New survey reveals what matters to agents when deciding where to place business.

Insurance Networking News, 08/01/2010

The dynamics of carrier choice among agents are complex. To help shed some light on this topic, Pearl River, N.Y.-based ACORD has released the results of its 2010 AUGIE survey. The survey queried independent agents and brokers about a variety of topics. To give a greater perspective, the study also included the results of the same survey taken in 2006.

Though just four years apart, the survey did yield some marked contrasts. When asked in 2006 to name their biggest time waster, 47% of respondents chose "duplicate data entry." This time around, only 27% of respondents answered in similar fashion. ACORD credits the deduction to the industry's Real Time campaign, which encourages adoption of technologies that provide a single workflow for servicing or quoting. Indeed, the survey found that 89% of Real Time users save time, with personal lines users saving an average of 60.3 minutes per person per day, and commercial lines users saving 43 minutes per person per day.

The survey also delved into the factors defining carrier choice by agents. Here, too, the line of business was a crucial determinant. For example, in personal lines, price was the primary factor in placing business, with 35% of respondents saying it was important, ahead of ease of doing business (28%) and product. For small commercial, ease of doing business (34%) topped the list, followed by price (28%) and product. The factors shifted yet again for large commercial, with product (33%) on top, price second (21%) and ease of doing business third (11%).