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Over half (59%) of homeowners are concerned their insurance coverage is insufficient due to inflation and rising replacement costs.

“Rising claim costs have led to rate increases around the country,” says independent agent Kyle Fox. “This is due to both the increased cost of manufacturing complex parts and the technical specialization needed to service and repair them.”

The coronavirus pandemic played a dramatic role in the acceleration of technology in companies, leading underwriters to scrutinize businesses’ exposures and the safeguards they have in place.

Here are three ways digital underwriting trends can impact the service agents provide their clients.

Whether 2023 brings a short, shallow slump or a deep, drawn-out downturn, here are eight ways to recession-proof your agency for the challenges of the year ahead and beyond.

Instead of leading with features and benefits, create a differentiated experience right off the bat with an impactful story. Once a customer has an emotional point of connection, your competitors won’t stand a chance.

Differentiation often starts with marketing, but it comes alive in the selling process. Even if your agency’s products and services are superior to all others, it means nothing if you can’t convey that to your buyers.

In the new year, the independent agency distribution channel must take advantage of growing opportunities to not only streamline their compliance but also reduce compliance costs and even improve sales efficiency.

You and your customers have been battered these past few years by various catastrophes of near-biblical proportions. Your customers don’t just want a good year, free of missing coverages and underinsured losses. They need it.

Keeping up with the constant stream of digital tools can feel like drinking from a firehose. However, there are several things agency owners can do to ease the process and ultimately become a tech-savvy business.