Doubters have been projecting the demise of the independent agent for years, citing disruptive forces the evolution of insuretech and the global boom in mergers and acquisitions (M&A) as a few key opponents. But while the large agency distribution channel is potentially shrinking, the number of local agencies (those under $500,000 of revenue) seem to be growing in their ranks. This is mostly driven by exclusive agents choosing to go independent, according to Matt Masiello, CEO of Strategic Insurance Agency Alliance (SIAA), the largest partnering independent agency alliance in the US.
Sharing his exclusive insight with Insurance Business, Masiello (pictured) said independent agents are in a great position for the future, but they need to embrace changes, invest in technology and evolve their businesses.
“Agents must have the mindset and a plan to evolve, and that’s difficult when they have to continue running their agency and transact business on a daily basis,” he said. “They must find time each day to work on their business and make sure they’re evolving. This relates to how they use technology, how they interact with their clients, the products they offer, and searching for new revenue sources to offset commission reductions.”
Read the full article, written by Matt Masiello, CEO of SIAA, published January 7, 2019 on insurancebusinessmag.com.