Over the last decade or so, there has been considerable investment in innovation across insurance, but one group has been hesitant to follow the path into the age of digitization — independent agents.
Independent agents have always tied their strength to their personal relationships — deals made over in-person meetings while grabbing a cup of coffee or lunch. Customer interaction was their bread and butter. Unfortunately for them, COVID-19 has tipped the scales. A business that once thrived on personal connection is now witnessing sales dropping and premiums and commissions decreasing.