Agent Satisfaction Shifts: Commercial Lines Top Personal Lines in 2024 J.D. Power Study
The 2024 U.S. Independent Agent Satisfaction Study by J.D. Power reveals a significant shift in agent satisfaction. For the first time, commercial lines satisfaction has surpassed personal lines, with commercial lines scoring 781 out of 1000, a 19-point increase from last year. Personal lines satisfaction stood at 774.
A growing trend among agents is actively comparing different carriers to find better coverage options or lower rates for their clients. This increased shopping around, however, presents a higher switching risk for insurers that fail to maintain responsiveness.
Stricter underwriting standards and less flexible onboarding processes are making insurer-agent collaboration more challenging. Despite these hurdles, independent agents report high satisfaction with their carrier partners, particularly in commercial real estate lines.
Erie Insurance and AmTrust Financial topped the charts for personal and commercial real estate lines respectively, with scores of 862 and 844. Carriers like Auto-Owners Insurance, maintaining the top spot in commercial real estate lines for four consecutive years, attribute their success to robust quoting tools, ongoing communication, and incentives for agents.
The study underscores the importance of proactive carrier support in maintaining strong relationships with agents. As competition intensifies, carriers that actively assist agents may stand a better chance of becoming the 'go-to' partner in the market.
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