Driving Growth by Optimizing the Life and Annuity Agent Experience

by Tom Scales, January 6, 2016
Industry Trends
North America

Abstract

Celent surveyed agents on the important characteristics of their insurer relationships.

The survey included questions covering:

  • Factors in their choice of insurers.
  • How well the insurers were doing in key areas.
  • The areas required for insurer focus and investment.

Celent’s research reinforced some expected results, such as the importance of competitive products and competitive compensation, but also showed a few surprises in key areas.

One surprise was the importance of quality claims service. This would be expected of P&C insurers, but it was the number one result for life & annuity agents.

“We believe the reader will find a number of helpful data points for decision-making,” says Tom Scales, a research director with Celent’s Insurance practice and author of the report. “The survey did reinforce the aging of the agent population, in a very dynamic world.”

This 36-page report contains 24 figures.

Note: While Vertafore sponsored the report and assisted Celent in contacting agents, the content and analysis are entirely Celent’s.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

 

Key Findings

1

Introduction

2

 

Key Research Questions

2

 

About the Report

2

Survey Demographics

3

 

Agency Demographics

3

 

Personal Demographics

4

 

Insurer/Product Demographics

6

Factors in Insurance Company Choice

7

 

Functional Capabilities

11

Top Carrier Performance

14

What Insurers Could Do Better

20

Where Insurers Should Invest

22

Next Steps for Insurers

29

Leveraging Celent’s Expertise

30

 

Support for Financial Institutions

30

 

Support for Vendors

30

Related Celent Research

31

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