COVER STORY: Meet the New 2024-2025 Board Members
INDEPENDENT INSURANCE AGENTS OF WISCONSIN
725 John Nolen Drive
Madison, Wisconsin 53713
Phone: (608) 256-4429
Fax: (608) 256-0170 www.iiaw.com
2024-2025 EXECUTIVE COMMITTEE
President:
Joanne Lukas Szymaszek | Risk Strategies Company
President-Elect: Dan Lau | Robertson Ryan Insurance
Secretary-Treasurer:
Mike Harrison | R&R Insurance Services Inc.
Chairman of the Board:
Mike Ansay | Ansay & Associates
State National Director: Nick Arnoldy | Marshfield Insurance Agency, Inc.
2024-2025 BOARD OF DIRECTORS
Janel Bazan | Avid Risk Solutions/Assured Partners
Adam Coole | The Insurance Center
Alex Kihslinger | Emerging Leader Chair Liaison | Robertson Ryan Insurance
Beth DeLaForest | Aspire Insurance Group, Inc.
Sean Fitzgerald | SF Insurance Group
Jason Knockel | Kunkel & Associates, Inc.
Andrea Nelson | Unisource Insurance Associates, LLC
Brad Reitzner | M3 Insurance Solutions
IIAW Staff
Matt Banaszynski | Chief Executive Officer 608.256.4429 • matt@iiaw.com
Mallory Cornell | Vice President 608.210.2975 • mallory@iiaw.com
Kim Kramp | Accounting Supervisor 608.210.2976 • kim@iiaw.com
Trisha Ours | Director of Insurance Services 608.210.2973 • trisha@iiaw.com
Evan Leitch | Agency Solutions Advisor 608.210.2971 • evan@iiaw.com
Kim Fiene | Marketing & Communications Director 608.210.2977 • kimf@iiaw.com
Jeff Thiel | Director of Agency Success 608.256.4429 • jeff@iiaw.com
Andrea Michelz | Education & Membership Engagement Coordinator 608.210.2972 • andrea@iiaw.com
Diana Banaszynski | Events Coordinator and HR Business Partner 608.256.4429 • diana@iiaw.com
Ali Smeester | Accounting Specialist 608.256.4429 • ali@iiaw.com
For information on
PRESIDENT LETTER FROM THE
Friends and Colleagues of the Independent Insurance Agents of Wisconsin,
I am honored to serve as the President of the IIAW this coming year. As a board member for the last decade and a career industry broker, I have experienced firsthand and witnessed the value the IIAW brings to constituents in our industry, particularly under Matt’s leadership and the support of the IIAW team. While the history of the IIAW spans over 125 years, the tools, resources, advocacy, and legislative support that exists today are unmatched.
In today’s fiercely competitive and complex insurance market, support for the independent agency is of vital importance for our industry to thrive, grow and serve. The state of the insurance market continues to be influenced by a myriad of factors including economic conditions, regulatory changes, technology advancements, shifting consumer preferences, emerging risks, and an aging insurance workforce. We’re fortunate to have an industryleading association with the forethought to evolve as our needs change.
The IIAW supports member agencies big and small, by tackling today’s challenges through innovative programming and resources.
This is an election year, which brings legislative, regulatory, and economic uncertainty. With a recent trend toward greater transparency around trends, outcomes, and a shift toward consumer protection, the IIAW works with our elected officials at both the state and national levels, representing our industry and those of us here in Wisconsin. Through the association, we have a “seat at the table” on important topics that impact our industry and those we serve. Questions are just a phone call away and regular updates are provided on the issues.
This last year has been like none other. The emerging risks brought on by factors like climate change, social inflation and continued cyber threats impacted the P&C market like we’ve never seen. The IIAW has been there, helping agencies understand carrier ratings, financial stability, and risk appetite; and giving them the tools to communicate with clients. In a first of its kind, the IIAW and PIA are coming together on March 11th and 12th for a joint legislative conference. Given the unprecedented market conditions, bringing our two organizations together to advocate on behalf of our collective members to education
lawmakers on the current insurance and rate environment demonstrates a commitment to our industry and strength in a collective conversation.
Technology in the industry is continuing to evolve at a rapid pace. Changing consumer expectations and carrier response to these places demands on our agencies to meet insureds and carriers where they are in the tech continuum. Catalyit continues to be a resource, helping agencies make tech easy. As independent agencies, it’s hard to determine the What, How and When of technology. It’s expensive and complicated. We don’t have the dollars or expertise to weed through options and decide what’s right for our firms. Catalyit helps agencies through this process, with cost effective solutions. Please join us on November 14th for our first annual Tech Summit in Madison, WI. Your agency will get hands-on training from Applied, Vertafore, or Hawksoft without having to attend a user group conference. The morning will consist of AMS Training and the afternoon will consist of speakers and panels on newly emerging technologies and insights from companies and agents. Visit the IIAW website for more details.
The need for next generation talent in our industry has never been so pronounced. I’m excited to see where the partnership with Marquette University takes us and how the insurance focused curriculum within their business school evolves. This could be a groundbreaking opportunity to get young talent interested in insurance sales and account management. Our participation in the program, by giving students an opportunity for internships within our agencies, will help its success. Let’s make this a huge success.
Every year, I look forward to our IIAW Annual Convention. Networking and learning is always a highlight of the year. Join us at American Family Field May 7-8.
I approach this next year with optimism and enthusiasm and look forward to the opportunities it will bring.
My best,
Joanne
Joanne Lukas Szymaszek Risk Strategies Company President, Independent Insurance Agents of Wisconsin
MEET THE IIAW'S
NEWEST BOARD MEMBERS
Adam Coole Senior Vice President, Partner, The Insurance Center
Tell us a little about yourself.
I am a husband of 18 years to Laura Kay and a father of two boys, Crosby (13) and Tytan (11). We have a 6-year-old golden retriever named Coney and a 1-year-old Guinea pig named Sid. We love the outdoors, sports, our church community, and spending quality time with family & friends. Recent humbling moment, I experienced my first middle aged injury hurting my lower back shooting hockey pucks last week.
What do you hope to accomplish while on the IIAW Board of Directors?
I hope to bring whatever knowledge & experience I have in the insurance industry to the independent insurance agent community here in Wisconsin. I look forward to learning from the incredible individuals who are already on the IIAW board and give back any way I can. I also look forward to meeting and learning from more great people in our insurance community.
What unique perspective or skillset do you bring to the IIAW Board of Directors that will be valuable in achieving the Association’s goals?
I believe the insurance profession is one of the best kept secrets in today’s workforce. We have the joy of working with people every day and learning their stories. We help people identify & manage their risk so they can stay safe and
profitable. The fruits of our business are the meaningful relationship we build with our clients and the significant purpose we serve protecting them. Most (if not all) of my skillsets for this industry have come from the selfless people that have poured into me throughout my career. I am grateful for those that have served me and hope to spend the rest of my career serving others.
What do you see as the biggest challenge and opportunity facing the IA channel currently or in the future?
I believe the greatest challenge and opportunity for the IA channel is recruiting more early career professionals to join our industry. There are incredible young people throughout our universities and across other industries who do not understand how great this career path can be. It is up to all of us to educate the next generation on what a great purpose the insurance industry serves, and the balance that can be achieved both personally & professionally.
Any life advice or favorite quote?
“Be yourself, everyone else is taken.”
-Justin Michael
A book you recommend people read?
High Road Leadership by John C Maxwell
Non-insurance Prediction for 2024-2025?
I have an amazing track record to predict sporting events…and then be wrong. Therefore, I predict the MN Wild will win their first Stanley Cup and the MN Vikings will finally win their first Super Bowl. Credibility lost from the readers?
NEWEST BOARD MEMBERS
Sean Fitzgerald Sr. Premier Agent, SF Insurance Group
Tell us a little about yourself.
My name is Sean Fitzgerald, and I am the CEO of SF Insurance Group. We have multiple offices in Western Wisconsin, as well as in Minnesota.
I did not grow up thinking I was going into the insurance industry. I attended college at UW River Falls, and I was planning on becoming a dentist. However, during those college years I was always intrigued by business and after graduation, I decided to stay focused on business. With a family friend that was in the insurance business and learning how insurance operated, I decided the insurance field would be a good fit for myself.
I started learning the insurance industry in 2004 working as an agent. Then in 2013 I started SF Insurance Group with a vision and sitting at a card table as my desk.
My family is also a big part of my life, and I enjoy spending time with my wife and my 3 children. We are very busy supporting our children as they play multiple sports. I have enjoyed watching and coaching them as they compete at the youth level, as well as my daughter now competing at the college level.
What do you hope to accomplish while on
the IIAW Board of Directors?
I am very compassionate about the independent insurance industry, and I want to contribute in any way I can to keep us going in the right direction. I want to help with its current products, as well as help develop more resources to provide to the agents.
What unique perspective or skillset do you bring to the IIAW Board of Directors that will be valuable in achieving the Association’s goals?
I started my agency from the ground up, so I know the work it takes to reach your goals and the challenges you face when starting something new. I understand the importance of learning from failures and pressing on during difficulties.
What do you see as the biggest challenge and opportunity facing the IA channel currently or in the future?
I think we are seeing too many people retiring and not enough young people joining the industry. We are going to see a shortage of agents and customer service people which I think is already starting to happen. If we can educate some of the colleges on how important and rewarding this industry is, we can positively change the outcome.
Any life advice or favorite quote?
“You can do anything you set your mind to.”
Non-insurance Prediction for 2024-2025? Packers will win the Super Bowl.
Alex Kihslinger Agent and Vice President, Robertson Ryan Insurance
Tell us a little about yourself.
I am a soon-to-be father, husband, hunter, golfer and second-generation insurance agent; although not necessarily in that order of importance (but it’s close). My father has been an agent for over 40 years, so it feels like I kind of grew up around the insurance industry, however it wasn’t in my plans to join it until the relatively recent past. I started my first “real” job in banking and slowly moved over to insurance by chance more than anything. After a couple of years with other brokers, I eventually made my way over to Robertson Ryan Insurance and began working with my father and his team. It’s been one of the best decisions of my life and I’m grateful for it every day. Robertson Ryan is the largest P&C agency in the state and I have been with them for over 3 years now. We have an eclectic book of business which certainly keeps us on our toes!
What do you hope to accomplish while on the IIAW Board of Directors?
I hope to bring more attention to the insurance industry in regards to young professionals looking for a meaningful career. Throughout high school and college, other professional pursuits are well discussed but insurance seems to get passed over frequently. I think insurance provides opportunities that are not always available in other sectors and should be one of the most pursued financial careers.
What unique perspective or skillset do you bring to the IIAW Board of Directors that will be valuable in achieving the Association’s goals?
The marketplace for young professionals has changed drastically over the last 5 to 10 years. I think sometimes more seasoned agents and executives can struggle to understand the obstacles that are facing a young person trying to make their way in our industry. My perspective as someone who is fresh out of that phase of life and starting to create my own career can help shed light on what we really need to do in order to recruit and keep the best talent coming up.
What do you see as the biggest challenge and opportunity facing the IA channel currently or in the future?
One of our biggest challenges going forward has been one of our biggest strengths in the IA channel and that is carrier partnerships. With labor costs increasing, competition tightening, and margins being cut everywhere, it’s going to be more and more compelling for carriers to invest in direct-toconsumer options. Across the board we’re seeing incredible investments into technologies that are actively trying to replace agents, and many of these efforts are from carriers that also sell through the IA channel. It’s a frustrating reality sometimes but we as agents need to remember who is truly committed to our industry and who is using our expertise and reach just to push their own products.
Any life advice or favorite quote?
"It’s a great life if you don’t weaken." -Paul Kihslinger
A book you recommend people read?
The Giannis Antetekounmpo biography. Great story, even better guy.
Non-insurance Prediction for 2024-2025?
Packers beat the Bears both times we see them. It’s all I want for Christmas.
AMS Training Breakout Sessions
9:00AM-12:00PM - Grand Ballroom & Prairie A
HawkSoft 6 Training
Paul Hawkins | Co-Founder and CEO
Join us for the “HawkSoft 6 Training” session, tailored for users looking to maximize their utilization of HawkSoft 6. This training will delve into essential functionalities like tasks and activity tags, and advanced reporting, while also covering crucial mini topics such as migration, downloads, policy changes, and database maintenance. Gain practical insights and learn best practices to enhance your operations.
Mastering AMS360
Sydney Roe | Director of Agency Marketing
Olivia Schmitt | Manager of Solution Consulting
Justin Lair | Director of Networks and Associations
Michelle Perez | Customer Consultant II
Tailored for users aiming to enhance their proficiency with this robust management platform, the session will delve into best practices, automations, reporting, advanced features, and integrations. We’ll also introduce AgencyOne (NEW!) and AgencyZoom, providing an in-depth look at these new tools.
Unlocking the Full Potential of Applied Epic
Applied Systems Trainer and Agency Poweruser
Designed for users who want to elevate their use of this powerful management platform, this session will showcase best practices and highlight lesser-known but valuable features. This session will feature both Applied experts and speakers from the Applied Client Network community, offering a comprehensive view of the platform’s capabilities. Gain insights from Applied themselves and hear firsthand experiences from users who have successfully integrated Applied Epic into their business operations. Our presenters will share tips and tricks to optimize your workflow, providing you with ideas, inspiration, and practical advice you can immediately apply to your work. Learn how to leverage Applied Epic’s capabilities to manage your entire business more efficiently and effectively.
Panels Schedule
1:00PM-4:30PM - Grand Ballroom
1:00-1:50 PM
Agency Panel: How Successful Tech Adoption Can Help an Agency
Panelists: Beth DeLaForest - President of Aspire Insurance Group, Matt Schulz - Director of Innovation at Ansay & Associates, Amber Seitz - M3 Insurance
2:00-2:30 PM
Disaster Planning for Cyber Risks in Modern Agencies
Presenter: Nick Oliver, President, Redbird Security
2:30-3:00 PM
Your Tech Resource Hub: Catalyit
Presenter: Casey Nelson, Director of Consulting Services, Catalyit
3:10-4:10 PM
Carrier Panel: Exploring New Carrier Technology
Moderated by Matt Banaszynski
Panelists: Acuity Insurance, Central Insurance Companies, Grange Insurance
4:00-4:30 PM
New Tech Platforms to Help Save Your Agency Time and Money
Presenters: Matt Banaszynski and Evan Leitch
4:30-5:30 PM
Networking Reception Refreshments and hors d’oeuvres
A REMINDER ON DECISION RIGHTS: AGENCY INVOLVEMENT IN CLIENT CLAIMS
There are several questions we regularly encounter when working with employees at independent insurance agencies. “How do we provide advice or feedback when an insured calls with a claim incident?” It is essential to remember that as an agent, you do not have decision rights on whether a claim is paid or denied and it is important that an insured understands this as well. Typically, the agency does want to remain involved in a claim to manage and grow their relationship with the client, but the agency’s level of involvement should be carefully considered.
Every agency who would like to assist an insured in the claims process, should carefully outline the level of involvement for their employees. This should include that a claim should never be confirmed or denied and the agency should always provide the customer with accurate information regarding why the claim should be turned into the company. While it is the ultimate decision of the insured as to whether they are going to pursue an insurance claim, the following information should be accurately communicated and documented with the insured.
1. Coverage Activation
Reporting a claim initiates the process that allows the insurance company to evaluate the situation and determine whether the claim is covered under the client's policy. It is not the agency or client’s responsibility to interpret coverage.
2. Compliance with Policy Terms
Most insurance policies have specific requirements regarding the time frame within which a claim must be reported. Failing to report a claim promptly could lead to denial of coverage or reduced compensation.
3. Damage Assessment
The insurance company will typically send an adjuster to assess the damage or situation. This helps ensure
that the claim is fairly evaluated, and that the client is compensated for covered losses. Remember, in short timeframe that a client may be providing details of the situation, it is possible that the agency is not getting all of the information.
4. Legal and Financial Protection
Reporting the claim ensures that the client is protected legally and financially. If a client delays reporting a claim, they may be held responsible for additional costs or liabilities that could otherwise have been covered by the policy.
5. Prevent Further Losses
In some cases, timely reporting can prevent further losses or damages. The insurance company may recommend or provide immediate steps to mitigate ongoing damage (e.g., sending a contractor to fix a leak).
6. Claim Assistance
Reporting a claim opens up access to the insurance company's resources, such as legal assistance, customer service, or emergency support, which can help the client navigate the process and reduce stress.
Reporting an insurance claim ensures that the client receives the protection and compensation outlined in their policy and helps avoid any complications or financial burdens that could arise from not notifying the insurer. While it may result in underwriting action or an increase in premium, the insured should be given all of the necessary information to make their own decisions.
> Mallory Cornell, Vice President, IIAW
FROM THE ARCHIVES
MORE HOMEOWNERS SHOP FOR COVERAGE BUT MOST STAY PUT
Homeowners and renters have faced insurance rates above the overall rate of inflation in 2024, according to the "2024 U.S. Home Insurance Study" from J.D. Power. Yet, while these rate increases are straining customer satisfaction and resulting in a sharp increase in the percentage of customers shopping for new policies, many are deciding to stay with their current policy.
“The average shopping rate among home insurance customers has climbed to a record high of 6.8% through the second quarter of 2024, up from 5.9% two years ago," said Breanne Armstrong, director of insurance intelligence at J.D. Power.
Thirty-seven percent of home insurance customers who saw their rates increase were likely to shop for a new policy, according to the report. Further, among those customers who saw a rate increase, customer satisfaction dropped to 594 on a 1,000-point scale—92 points lower than among customers who did not receive an insurer-initiated rate increase.
But while a record 6.8% of all home insurance customers are actively shopping for new policies, only 2.2% of homeowners switched policies as a result, down from 2.5% two years ago, the report said.
“Many shoppers have ended up staying put because there are so few alternatives available, but carriers need to recognize that steady rate increases put policy retention at risk and has a negative effect on customer satisfaction," Armstrong said.
In addition, bundling home and auto products has declined significantly in 2024 compared with 2023, with customers looking to switch auto insurance without switching their home insurance. Specifically, 21% of customers say they “definitely will" also switch their
home insurance if they switch their auto insurance, which is down from 24% a year ago.
However, the likelihood that home insurance customers will shop for a new policy following a rate increase is significantly mitigated by clear communication. Customers who receive a rate increase and understand the reason for the increase are 14% less likely to shop for a new policy than those who do not understand the reason for the rate increase.
During these dynamic times, independent agents can prove their value to their clients and improve retention by conveying the reasons behind rising premiums and what they should expect at renewal time. The Hard Market Toolkit, released by Trusted Choice® and recently expanded, assists Big “I" member agencies in navigating the current insurance market and helps them effectively communicate with their clients about its complexities.
Meanwhile, there is some good news for the homeowners market. U.S. property insurance rates saw a 0.94% decrease in the second quarter of 2024, the first decrease in almost seven years after insurers returned to profitability amid lower losses tied to catastrophes, according to a property market report from Aon Plc.
“Rate moderation is expected to continue in the current quarter and could persist if losses tied to catastrophes remain low during the last months of the year," said Vincent Flood, U.S. property practice leader, Aon.
This article was originally featured on iamagazine.com in September 2024.
> Olivia Overman
When Main Street is the main focus.
Running a successful small business is hard work, but finding the right insurance program for your client is easy with West Bend.
Our business insurance program covers liabilities and expenses specifically designed for small business operations.
• Great pricing and exceptional coverage
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• Convenient options for reporting losses – available 24/7
Learn more about the variety of business line coverages available through West Bend by visiting thesilverlining.com.
The worst brings out our best.®
Local Presence. Regional Strength.
Penn National Insurance sells property-casualty insurance in 12 states by partnering with more than 1,200 independent agency operations.
In 2012, we affiliated with Wisconsin-based, Partners Mutual Insurance Company. As one company, we bring the personal attention and local focus of a regional carrier, along with the quality of products and services of national carriers.
Financial Strength
Penn National Insurance has an A.M. Best Rating of A (Excellent). This rating is assigned by A.M. Best to companies that have an excellent ability to meet their ongoing insurance obligations.
Claims Service
Penn National Insurance has achieved a “Superior Rating” for Personal Lines Claims Customer Experience for five consecutive years.
Products
We offer an array of comprehensive commercial insurance solutions to fit the needs of your business, including Businessowners, Commercial Auto, Property, General Liability and Workers’ Compensation.
In addition, we offer personal auto and homeowners insurance.
Interested in partnering with us?
We are looking for select commercial lines agencies in Wisconsin.
Vicki Lentz
262-432-3420
vlentz@pnat.com
Clay Zogata
715-383-5454
czogata@pnat.com
KEY TRENDS FACING THE FUTURE OF THE SURETY BOND MARKET
The global surety market was valued at $18.19 billion in 2023 with surety revenue expected to grow to $27 billion by 2030, according to WTW. The market is experiencing continued growth in the construction sector primarily due to the Infrastructure Investment and Jobs Act (IIJA)—which targets federally owned projects, such as roads, bridges, transit systems and energy infrastructure—injecting over $850 billion in funding into the industry.
Further, federal government legislation such as the Inflation Reduction Act (IRA) and the Chips and Science Act (CHIPS Act)—which directs $280 billion over the next 10 years for research and development—has impacted the surety market by driving demand through increased infrastructure and technology projects.
For surety carriers, this has meant that the continued strong fiscal performance experienced over recent years is expected to continue, according to the National Association of Surety Bond Producers (NASBP) “Surety Industry Survey Summary Report."
“A combination of increased federal outlays and inflation in the construction value chain are the largest drivers of growth in contract surety premiums," says David Gonsalves, CEO at BondExchange. “While legislation is always a risk factor to the growth of surety requirements, the Surety & Fidelity Association of America (SFAA) has done an excellent job of educating lawmakers on both sides of the aisle about the value of surety."
Additionally, further growth is expected due to “a disturbing increase of fraud in the economy, which we believe the surety industry is naturally positioned to combat, potentially increasing bond requirements and therefore surety premium," Gonsalves says. And “on the commercial side, inflation has increased many license bond requirements," all leading to an increase in the demand for bonds.
The soft market for bonds has been underpinned by sufficient reinsurer capacity and new surety company entrants into the market. However, changes are afoot within the market, with some indications that the market is hardening.
“In the past year, carriers have started to see losses in
contract surety, likely driven by inflation and a hangover from a stimulus-fueled 2021," Gonsalves says. “The long soft market led to some relaxing of underwriting standards that are just now starting to reflect in loss ratios. We're seeing this dynamic even in the traditionally low-risk small commercial space, such as freight broker bonds."
The realization of losses transferred to reinsurers, especially losses in small and mid-sized surety markets, is having an impact on reinsurer behavior with increased retentions, higher attachment points, and exclusions of certain bond types, according to the NASBP report.
“Reinsurers are demanding higher retentions and, in many cases, lower ceding commissions following increased claims activity," Gonsalves says. “We believe the treaty negotiations in 2024 will have a modest impact on the primary market. However, the capacity outlook could get worse if losses continue to tick up against a backdrop of higher retentions."
What could further slow growth is the time it takes for the market to adapt to technology, like blockchain and artificial intelligence (AI). For the surety market, this includes uploading data directly into AI-enhanced underwriting systems and bonds being issued electronically.
“The surety market has been generally slow to adopt technology with many surety carriers only recently adopting conventional tools like automated underwriting and electronic signatures," Gonsalves says. “For those that have adopted some form of automated underwriting, the technology is generally limited to 'instant-issue' type bonds that require no underwriting or a tertiary review of a credit report."
For the surety industry to continue to grow, it must embrace technology. Implementing technology innovations will “allow for a more seamless application process, better data, fewer change requests and more complete underwriting, leading to lower prices for the consumer," Gonsalves says.
This article was originally featured on iamagazine.com in September 2024.
> Olivia Overman
The right choice for trucking
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Delivering positive, long-term results for employers.
Hard Market
Equip
Selling
Driving
Stopping
7 FINDINGS FROM THE 2024 AGENCY UNIVERSE STUDY
Despite the hard market, business conditions for property & casualty independent insurance agencies continue to be favorable with the number of agencies experiencing revenue gains up significantly, according to the 2024 Agency Universe Study. However, the number of independent p&c agencies in the U.S. has dropped slightly from the previous study in 2022.
Future One, a collaboration of the Big “I" and leading independent agency companies, has released key findings from the recently completed Agency Universe Study, hailed as the most comprehensive look at the independent agency system.
“The 2024 Agency Universe Study once again shows the independent agency channel's capability to adapt and overcome challenges, as agents across the U.S. continue to improve operations and client communications during the hard market, even with the difficult headwinds they have confronted," says Charles Symington, Big “I" president & CEO.
The study also identifies key areas in which agencies need support, including market and product access, client communication and technology—underscoring the importance of maintaining strong agency-carrier relationships, especially in the current market.
“Independent agencies are essential partners in the insurance distribution ecosystem and the Big 'I' is proud to support them with the resources and guidance they need to serve their communities," Symington says.
The study looks at statistics about independent agencies operating in the U.S., including their numbers, revenue base and sources, number of employees, ownership, mix of business, diversification of products, technology uses, non-insurance income sources and marketing methods.
“This year's study provides a valuable look at the independent agency ecosystem as it gains distance from the coronavirus pandemic and navigates the obstacles presented by the hard market," says Jennifer Becker, Big “I" senior director of agent development, research and education. “Technology adoption continues to prove itself as a key strategy for success."
“This year's study saw significant increases in adoption of digital communication tools, with many changes in service and operations prompted by the hard market and its impact," Becker says.
Key findings from the 2024 Agency Universe Study include:
1) The number of independent agencies dropped slightly. In 2024, the estimated total number of independent p&c agents and brokers in the U.S. stands at 39,000, a decrease from 40,000 in 2022. Mergers & acquisitions activity and perpetuation challenges continue to impact the agency channel with 1 in 3 agencies expecting an ownership change in the next five years.
2) Most agencies make revenue gains despite business conditions. Three in 4 agencies (75%) saw revenue gains in the 2024 study—significantly higher than the 2022 study, in which 62% saw gains. Meanwhile, 12% of agencies saw decreases in revenue, with an average decrease of 24%. Personal lines revenue has grown significantly more in the 2024 study than in 2022, with 72% of agencies reporting an increase compared to 60% in 2022. Commercial lines revenue grew as well, with 68% of agencies reporting an increase compared to 57% in 2022.
3) The hard market is top of mind for agencies. More than half (56%) of agents say that developing talking points for customers about the hard market and coverages is the most important factor to succeed, surpassed only by identifying operating efficiencies (63%). More than 1 in 4 agencies have made digital service and digital interaction operating changes due to the hard market.
4) Agencies outline market challenges. Agencies are appointed with an average of 17 carriers. As many as 21% of agencies say carriers are meeting the market challenges extremely poorly, while 68% believe carriers are meeting the market challenges moderately well. However, 11% percent of agencies believe carriers are meeting the challenges of the hard market extremely well.
When asked what their No. 1 challenge is, 56% of agencies said it was finding carriers that will maintain their commitment to their market, up from 31% in 2022. The second most pressing challenge was “having carriers that are addressing new personal lines risks by adding new products, services or coverages," at 49%. Finding and screening job candidates with strong potential was the third most challenging issue at 46%.
5) Agencies continue to adopt technology. The use of electronic communication tools has increased significantly, with the use of agency e-signature tools increasing to 70% in 2024 from 61% in 2022. The use of direct bill commission statements has also risen since 2022, at 52% in 2024 versus 45%. More than half of agents are likely to agree that insureds are just as likely to accept e-documents as paper. Nearly half— 46%—agree they have seen significant cost savings by using carriers' paperless communication options.
However, challenges with technology continue. Dealing with multiple carrier interfaces was the No. 1
technology issue for agents, followed by marketing their agency effectively on the internet.
6) Social media continues to be an important marketing activity. More than half of agencies (56%) say social media is a top marketing activity, a slight decrease from 62% in 2022. Agencies most often rely on Facebook, LinkedIn and Instagram. Social media is primarily used to build the agency's brand (87%) and attract prospects (79%).
7) Emerging purchase channels remain a concern. Agencies continue to express concern about emerging purchase channels and their impact on their business. One-third believe their agency will be impacted by personal lines and small commercial lines products purchased directly through insurance companies, non-insurance websites and emerging online channels. However, nearly half of agencies believe the independent agency channel is extremely resilient to marketplace changes.
The Agency Universe Study was first conducted in 1983. Since 2002, the study has been completed biennially. Since 2004, the Agency Universe Study has relied on internet data collection. In total, 1,269 respondents were included in the 2024 study, conducted by Zeldis Research in cooperation with Future One.
In addition to the Big “I," the Future One coalition includes the following company partners: Amerisure; Central Insurance Companies; Chubb; CNA; Foremost, A Farmers Insurance Company; The Hanover Insurance Group; Hartford Steam Boiler (HSB); Liberty Mutual Insurance/Safeco/State Auto Insurance; National General, an Allstate Company; Nationwide; Progressive Insurance; Selective Insurance; Travelers; and Westfield Insurance.
To order a copy of the 2024 Agency Universe Study Management Summary, which provides an overview of the highlights from the complete study, visit the Big “I" Agency Universe Study webpage.
This article was originally featured on iamagazine.com in September 2024.
> AnneMarie McPherson Spears
WISCONSIN STATE SENATE ELECTION PREVIEW
Wisconsin's newly redrawn legislative maps are set to reshape the political landscape this November, likely narrowing the current 22-11 Republican majority in the state Senate. Sixteen of the 33 Senate seats are up for election in 2024, with three considered highly competitive "toss-ups." Two additional races lean in favor of Democrats, while the remaining 11 contests are not expected to be closely fought. Although it’s mathematically impossible for Democrats to reclaim the majority this cycle, they do have the potential to significantly close the gap and make a majority possible in 2026. However, it won’t be an easy roadRepublicans have incumbent senators running in two of the three toss-up races. A minimum of 17 seats are needed to control the Senate.
Democratic Strategy
Democrats are aiming for a clean sweep of the three toss-up seats. If successful, this would raise their Senate member total to 15 seats - their highest number since losing the majority back in 2010. Reaching 15 seats would not only put a 2026 majority in play, but it would also make it challenging for Republicans to pass legislation without unanimous support within their caucus.
Republican Strategy
For Republicans, winning two of the three toss-ups would allow them to maintain a comfortable 20-seat majority, securing their position for the upcoming legislative session, and likely quelling any 2026 talk of a Democratic takeover. This would also give the GOP some breathing room for internal disagreements and maintaining their ability to control legislative priorities.
Key Races to Watch
Senate District 8
Republican Sen. Duey Stroebel (R-Saukville) is seeking re-election in a redrawn district that has become more competitive, now leaning just 51% Republican.
This district covers parts of southern Washington and Ozaukee counties, as well as northern portions of Milwaukee and Waukesha counties. Stroebel faces environmental attorney Jodi Habush Sinykin, who narrowly lost a 2023 special election to Sen. Dan Knodl. With redistricting combining parts of Stroebel's and Knodl’s districts, Knodl has opted to return to the State Assembly, leaving Stroebel to defend the new seat. Given Habush Sinykin’s name recognition and strong showing in the special election, this race is expected to be one of the most expensive and hotly contested battles of the year.
Senate District 14
Incumbent Sen. Joan Ballweg (R-Markesan) is seeking re-election in a district that has shifted significantly under the new maps. Previously a largely rural, conservative area, the district now includes parts of Columbia, Sauk, and Richland counties and stretches into Democratic-leaning Dane County, covering part of Madison. With the new 14th District now leaning 52% Democratic, Ballweg will need to reintroduce herself to new voters of which two-thirds of the district is new territory. Her challenger, Sarah Keyeski, a mental health professional from Lodi, is betting on the district's recent Democratic lean, with both Joe Biden and Mandela Barnes having won here in 2020 and 2022, respectively. Ballweg’s experience and incumbency could be key factors in this closely watched race.
Senate District 18
The newly created 18th District, which spans from Appleton to Oshkosh along Lake Winnebago, is expected to be a significant battleground. Republican physician Anthony Phillips won his party’s primary and will face Appleton City Council member Kristin Alfheim. With the district leaning 54% Democratic, Alfheim has been running an aggressive campaign for months, giving her a head start. Insiders predict this race will likely favor Democrats, but it could still be competitive depending on voter turnout and local dynamics.
Senate District 30
A significant redistricting shake-up has left the 30th District without an incumbent Republican. The district, which includes Green Bay, De Pere, and several surrounding communities, was previously represented by three different senators - Eric Wimberger, André Jacque, and Rob Cowles - all of whom opted to move to more Republican-friendly districts or retire (Cowles is retiring at the end of this year). This has made the 30th a true toss-up seat, with Democrat Jamie Wall, a business consultant, facing Republican Jim Rafter, a local village board member. Both candidates are wellknown locally, and this race is expected to be a nailbiter, potentially going down to the wire. Again, voter turnout and local dynamics will ultimately decide the outcome of this race.
Senate District 32
Incumbent Sen. Brad Pfaff (D-Onalaska) will be defending a seat in western Wisconsin that includes La Crosse and stretches southward through Vernon County. The district leans 54% Democratic, blending rural areas with the more urban La Crosse region. Pfaff is facing Republican Stacey Klein, a county board
member who initially launched a U.S. Senate bid before shifting to this state race. Although incumbents usually enjoy an advantage, the new district boundaries and broader political dynamics could make this race more competitive - especially if Republicans perform well statewide with Trump at the top of the ticket. That said, barring a significant Republican surge, Pfaff is expected to hold onto his seat for another four-year term.
Overall, while Republicans will likely maintain control of the State Senate, Democrats are poised to make gains that could reshape the balance of power in future elections. With several key races in play, particularly in districts affected by redistricting, both parties are preparing for a fiercely competitive 2024 cycle.
Next month will have a preview of key Wisconsin State Assembly races.
> Misha Lee IIAW Lobbyist
Members in the
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ACUITY EMPLOYEES SUPPORT LOCAL STUDENTS WITH SCHOOL SUPPLIES
Acuity Insurance announced that employees donated over 1,000 items in its recent school supply drive. All contributions were provided to the Sheboygan County Health and Human Services Department to benefit local students.
“Acuity comes through once again to start the school year off on the right foot and help children have the correct supplies, a new backpack, and a good attitude for the academic environment,” said Pat Prigge, Social Worker at the Sheboygan County Health and Human Services Department.
“Thanks go out to Acuity employees not just from our department, but also from all of the children and families who received crayons, pens, erasers, pencils, calculators, a backpack, note cards, notebooks, folders, and so much more from Acuity,” she added.
Acuity Insurance is a leading provider of insurance solutions, delivering exceptional coverage and customer service to individuals and businesses in 32 states. With over
$3 billion in annual written premium, the insurer manages assets exceeding $7 billion and is rated A+ by AM Best and S&P. Headquartered in Sheboygan, Wisconsin, Acuity employs over 1,700 people.
JM WILSON HIRES MADDEN AS ASSISTANT BROKERAGE UNDERWRITER
PORTAGE, MICHIGAN, JUNE 2024 – J.M. Wilson is pleased to announce the addition of Brandon Madden as Assistant Brokerage Underwriter. Brandon is responsible for providing vital support to underwriters with a diverse range of new and renewal professional and brokerage accounts.
Brandon joins JM Wilson with prior experience in the technology, financial services, and insurance industries where his latest role was a Benefits Specialist with eHealth Insurance. He is currently working towards a bachelor's degree in Cybersecurity.
JM WILSON HIRES AMBAYE AS PERSONAL LINES UNDERWRITER
PORTAGE, MICHIGAN, JULY 2024JM Wilson is pleased to announce the addition of Yonata Ambaye as Personal Lines Underwriter. Yonata is responsible for underwriting a wide variety of new and renewal personal lines risks, as well as strengthening relationships with independent insurance agents and company underwriters
in all states that JM Wilson writes in.
Yonata joins JM Wilson with a wealth of experience in consumer lending, having previously served as a Wealth Management Associate at Morgan Stanley and a Credit Analyst at Upstart Holdings. He graduated from Ohio State University with a Bachelor of Art degree in economics.
JM WILSON HIRES WHITAKER AS BROKERAGE MANAGER
PORTAGE, MICHIGAN, JULY 2024 – JM Wilson is pleased to announce the addition of Misty Whitaker as Brokerage Manager. Misty is responsible for the day-to-day operations of the Brokerage Department, managing the staff, and developing relationships that foster growth with carrier partners and independent insurance agents in all states that JM Wilson writes.
Misty brings a substantial background in underwriting, leadership, and project management to JM Wilson. Her career has encompassed diverse roles including Member Support Leadership, Systems Analyst, Sales and Support and most recently, Underwriting Practices Manager. Misty has consistently emphasized customer success in each of her roles.
JM WILSON PROMOTES HAGAN TO FLEET TRANSPORTATION UNDERWRITER
PORTAGE, MICHIGAN, JULY 2024 –
J.M. Wilson is excited to announce the promotion of Brendan Hagan to Fleet Transportation Underwriter. He is responsible for underwriting a wide variety of new and renewal fleet transportation risks (11 or more power units), as well as nurturing relationships with carrier underwriters and independent
insurance agents in all states that JM Wilson writes.
Brendan joined JM Wilson in August 2023 as an Assistant Fleet Transportation Underwriter, where he provided a vital role in supporting the Fleet Transportation team. A Central Michigan University graduate, he holds a bachelor’s degree in management and spanish.
JM WILSON HIRES HUDSON AS ASSISTANT PROPERTY & CASUALTY UNDERWRITER
PORTAGE, MICHIGAN,
AUGUST 2024
– JM Wilson is pleased to announce the addition of Lisa Hudson as Assistant Property & Casualty Underwriter. In this role, Lisa is responsible for providing vital support to underwriters with a wide variety of new and renewal property and casualty risks, as well as strengthening relationships with independent insurance agents and company underwriters in Wisconsin and Minnesota.
Prior to joining JM Wilson, Lisa gained experience in the insurance industry working as a Medicare Insurance Agent for three years.
Founded in 1920, JM Wilson is a family owned and operated Managing General Agency and Surplus Lines Broker providing independent insurance agents access to A rated specialty markets. JM Wilson offers coverage for standard and hard-to-place Commercial Transportation, Property & Casualty, Brokerage, Marine, Personal Lines and Surety accounts in 47 states across the U.S.
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