Independent Agencies Hit Hard by Covid-19: Agencies report decreased revenue and loss of commercial lines clients.

AuthorVoss, Doug

Is the majority of your staff still working remotely? No 43.5% Yes 41.0% No remote staff 15.5% If YES to the above Question, do you plan to have your, staff to continue remote work once the pandemic is over? Some, but not all 46.8% No 31.8% Unsure 12.9% Yes 9.9% Note: Table made from bar graph. * A national survey of Big "I" leadership agencies by the Independent Insurance Agents & Brokers of America (the Big "I") has revealed that the COVID-19 pandemic continues to have a significant impact on the day-to-day operations of independent insurance agencies as the crisis lingers.

Top findings from the survey include:

Almost half of agencies transitioned all or most of their staff to remote work.

Nearly half of agencies report decreased revenue for 2020.

46% of agencies have experienced a loss of commercial lines clients.

The survey also found that about 70% of agencies have received a PPP loan (grant) or other grants or financial assistance during the pandemic. In more than 41% of responding agencies, the majority of staff is still working remotely, while 43% of respondents said most their staff is currently working in their offices.

Survey respondents identified areas they would find most beneficial during and after the pandemic in order to continue agency operations. Top responses were assistance with building or enhancing an online presence for marketing, guidance and talking points about the crisis and coverages for their clients, assistance with home-based technology for remote workers and assistance with online business tools.

"The Big T has resources and expertise to help our members in these areas where their businesses need it most," says Madelyn Flannagan, Big "I" vice president for agent development, education and research. "Despite their challenges, independent insurance agents are proving they're strong and nimble during troubled times, working hard to sustain their own businesses while at the same time assisting many of their clients who are in crisis."

In April, The Big "I" established the Trusted Choice[R] COVID-19 Disaster Relief Fund through generous donations of more than $2 million from carrier partners. To date, it has processed more than 2,000...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT