As trying as the financial crisis and soft market have been to insurance carriers, it has been more so to independent agents. Shrinking premium volumes hurt both agent’s top and bottom lines, notes a new report from SMA, a Boston-based strategic advisory firm.
The report, “Fronting the Wave: Agent Technology Spending, Drivers & Approaches,” queried 64 agencies, including six managing general agencies about their plans for IT spending. The macroeconomic climate and lingering soft market continue to impact spending decisions, with 55% of respondents describing their operational mode as “sustaining.”
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