Insurance agents consider changes to support growth in 2022

The majority of insurance agents have a very positive outlook for 2022. About 70% expect their business to grow well in the new year, while almost 20% expect their business to grow well in the new year. that this growth is “off the charts”.

According to an October online survey of 520 Aon program agents and brokers, they plan to add products, rethink their employee offerings, and put a focus on social media in heir marketing.

“Since the onset of the pandemic, we’ve seen so many agents take a critical look at all facets of their business to help their clients make better decisions in a rapidly changing environment,” said Chad Levine, vice-president. Executive Chairman and Chief Strategy Officer of Aon. Affinity. “You can see this trend continuing in our survey results as agents refine their business models for growth in 2022.”

The results of the survey include:

  • Product expansion will be a key strategy for the growth of the agency. Almost 35% of agents said they would adapt to changing customer needs by expanding their product offering in the new year. They take note of the headlines as they improve their product menus. In fact, the three main leased line agents plan to add in 2022: 1. catastrophe (commercial and personal / private coverage); 2. health care (beyond paramedical health); and 3. not-for-profit organizations.
  • As the Great Resignation continues, Agents are improving their recruiting and retention game. Thirty-six percent use new channels to connect with potential employees; nearly 29% improved their compensation and benefits; and about 18% have broadened their talent search beyond their immediate geographic region. They’re also rethinking their criteria for new hires as professionals continue to embrace the virtual workplace and make career changes. Respondents are more open to hiring applicants who are distant, unable to work traditional office hours, have no insurance training and do not have the required years of experience, but appear highly apt for training.
  • The pandemic has shaped and reshaped the marketing strategies of agents. Forty percent of agents are betting on social media to give them the biggest marketing boost in 2022, with email sendings in second place at 22%. In a possible nod to Zoom’s fatigue, webinars / virtual events, which ranked first in Aon Programs’ 2020 survey, have slipped to third place this year at 20%. Conversely, interest in direct mail is up 5% year over year, from 8% in 2020 to 13% in 2021 – a possible change to stand out in a virtual world.
  • The officers are ready for their moment in front of the camera. Video marketing tops the list of new marketing tools agents want to explore in 2022, garnering 42% of responses. Search engine marketing (24%), influencer marketing (21%), and audio marketing (14%) round out the list.

Despite the changes, the survey reveals that agents continue to rely on traditional fundamentals when guiding clients. When asked what is the most important quality to express for their brand, 43% said they are committed to customers; 26% cited authenticity; 15% said responsiveness; and 13% noted the innovation.

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