SALES
CLIENT EXPECTATIONS GROW FOR INSURANCE AGENTS Commercial lines and personal lines clients expect and need their insurance agents’ advice on a wider variety of business solutions than last year, according to a Nationwide survey, which means agents have more cross-selling opportunities. The latest Nationwide Agency Forward survey found that insurance consumers are looking for counsel from agents as they continue to worry about the ongoing coronavirus pandemic’s impact. The reliance on agents comes with consumers’ growing confidence in their agent’s ability to help protect them—90% of midsize business owners (up 7% from June 2020) and 69% of personal lines consumers (up 8%) say their agent regularly works with them to ensure they have the right coverage for their needs.
Among personal lines consumers, 29% indicated they are interested in retirement topics from their agent. When it comes to cybersecurity, 41% of midsize businesses, 28% of small businesses, and 20% of personal lines consumers express interest in receiving resources and advice about how to safeguard themselves. One area that saw a significant growth of interest across the board was banking. Midsize business owners’ interest jumped from 12% in 2020 to 52% in 2021. Small business owners interest gained 7% to hit 18% in 2021, and consumer interest gained 6% to reach 24%.
However, increased cross-selling opportunities are irrelevant if agents can’t reach their clients— and shifting consumer locations mean agents must implement digital tools to do so. More than Employee benefits is the nontraditional product 1 in 3 personal lines consumers plan to move most likely to catch a business owner’s eye, with away from their current location in the next five 59% of midsize business owners indicating they years, with 1 in 4 of those saying the pandemic are interested in employee benefits. Among small impacted their decision. And 1 in 5 business business owners, 37% are interested in employee owners intend to reduce, move or eliminate benefits, a 15% increase since the same time last offices in the next five years—with middle market year. business owners being three times more likely than small business owners to say the pandemic Additionally, 39% of midsized businesses are influenced their plans. interested in retirement products. Thirty-two percent of small business owners said they are interested—a 14% increase since last year. 32 | DECEMBER 2021 |
wisconsin INDEPENDENT AGENT
