Most independent agents and producers have a choice of carriers with whom they can place their business. For insurers, understanding what influences independent agents' selection is crucial in a market where the number of independent distribution channels continues to rise.Providing the proper mix of products and services is an effective way to build producer loyalty, according to a survey of 450 independent agents and producers conducted by Celent Communications Inc., a Boston-based financial services research and advisory firm. Survey results also indicate that improving cycle times is particularly important for independent agents and producers, especially for such products as personal, commercial and workers' compensation.
Claims handling (63%), new business and underwriting support (57%) and underwriting speed (46%) are the top three differentiators among carriers, according to survey results.
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