Big T and Future One Release 2022 Agency Universe Findings.

* The number of independent insurance agencies has increased and business conditions for agencies remain favorable, according to the 2022 Agency Universe Study. While the majority of agencies experienced increased revenue, that percentage was lower than in the previous study in 2020.

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 2022 Agency Universe Study shows the resiliency of the independent agency system as it continues to grow and adapt through the challenges of the last couple years," says Bob Rusbuldt, Big "I" president & CEO. "It is amazing that during the pandemic the independent agency system added nearly 4,000 new agencies. The study also offers insights on how agencies can better prepare themselves for the future. Staffing and marketing are issues for agencies, and the Big T continues its support of independent agencies through resources, programs and guidance to face these challenges head-on."

The study looks at many 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.

"As the independent agency channel recovers from the coronavirus pandemic and weathers economic uncertainties, technology adoption continues to prove itself critical to continued success," says Chris Boggs, Big "I" vice president of agent development, education and research. "Agencies are demonstrating flexibility and progress in digitalization as the insurance industry works together to incorporate tech solutions that support agents' roles as trusted advisors."

KEY FINDINGS FROM THE 2022 AGENCY UNIVERSE STUDY INCLUDE:

* The number of independent agencies has increased. In 2022, the estimated total number of independent property-casualty agents and brokers in the U.S. stands at 40,000, an increase from 36,000 in 2020. While mergers & acquisitions activity continues to impact the agency channel, the increase in the number of agencies is driven by small agencies, as agents continue to establish their own agencies or move from the captive to independent space.

* Business conditions continue to be generally favorable. The majority of agencies--62%--report increases in total...