Neither innovation nor chasing new business rank high on the list of priorities for independent property and casualty insurance agents, a study from Accenture reveals. The majority of these agents focus on servicing existing customers even though they are increasingly aware that competition from online direct sales threatens their book of business.

Accenture surveyed more than 1,100 P&C agents, asking them a range of questions related to their business. Nearly three-quarters said online direct sales were putting pressure on pricing, and nearly four in 10 of respondents cited such online selling as their No. 1 competitor for new business. Nearly half said online marketers were developing strong brands and effective sales techniques that were proving to be difficult to compete against.

These agents listed "web-based service and claims" and of "web-based quoting" as their top digital capability priorities, ranking mobile and social media solutions much lower.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dan Cook

Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.