Independent agent carrier satisfaction increased for the second consecutive year in 2022, recovering from a pandemic-related decline in 2020.
Independent agents are more satisfied than ever with carriers in both personal lines and commercial lines, hitting an all-time high for the second year in a row, according to the J.D. Power 2022 U.S. Independent Agent Satisfaction StudySM conducted in alliance with the Big “I."
For the fifth year in a row, the Big “I" and J.D. Power teamed up to measure property-casualty independent agent perceptions of their carriers and more.
Independent agent carrier satisfaction increased for the second consecutive year in 2022, recovering from a pandemic-related decline in 2020. In particular, agent satisfaction in commercial lines surged and is now only 1 index point below personal lines, compared to a 21-point different in 2020 and a 10-point difference in 2021.
Agents indicated they think commercial lines carriers are doing better across nearly all study criteria, with product offerings and risk appetite; support and communication; quoting; commission; and servicing policies making large strides in satisfaction. The only criteria that declined was claims process, about which agents were less happy this year in both commercial and personal lines.
Coinciding with agency consolidation and mergers & acquisition activity in the industry, the study sample is increasingly leaning toward large agencies, which have a more satisfactory experience with insurers than those from small agencies. In fact, satisfaction among large agencies is higher across every criteria of the study.
“As we emerge from the pandemic, we're glad to see carriers taking measures to improve independent agents' experience, especially with commercial lines," says Jennifer Becker, Big “I" senior director of agent development, research and education. “The independent agency channel is a crucial part of insurance distribution, and we look forward to seeing how the industry will continue to work together to face the challenges of the next year."
The top personal lines insurers for agent satisfaction scores are Erie Insurance, Auto-Owners Insurance, The Hanover, Travelers, Safeco/Peerless and Mercury. The segment average was 757 points out of 1,000.
The top commercial lines insurers are Auto-Owners Insurance, Cincinnati Insurance, The Hartford, Travelers, CNA Financial and Liberty Mutual. The segment average was 756 points out of 1,000.
AnneMarie McPherson Spears is IA news editor.