Le Lézard
Classified in: Transportation, Business, Covid-19 virus
Subjects: SVY, ECO

Are Independent Agents Meeting Customer Needs? New Study Identifies Potential Gaps


COLUMBUS, Ohio, Aug. 6, 2020 /PRNewswire/ -- The latest in Nationwide's Agent Authority research found that economic uncertainty and unpredictable markets have forced business owners and consumers to reevaluate their finances and insurance needs. This requires insurance agents to navigate unique challenges when helping customers interpret their property and casualty policies. But even up against these new obstacles, agents have a compelling opportunity to serve as a knowledgeable resource for current and prospective customers to strengthen and grow their portfolio or business.

Nationwide uncovered four themes in this study:

"Our latest research shows some emerging opportunities in the agent-customer relationship particularly when navigating this current environment and economy," said Jeff Rommel, Senior Vice President of Property and Casualty Sales at Nationwide.  "But while the data pinpointed gaps, agile agents will see ways to address their clients' concerns, enhance retention and grow their business."

These and other important insights came out of the summer survey of the Agent Authority research series conducted by Nationwide, which includes samples of independent insurance agents, consumers and business owners. The research was developed to uncover unique challenges property and casualty agents encounter and create subsequent guidance.

A Perception Gap
The Agent Authority research identified a perception gap in the value agents believe they are bringing to their customers. Agents are confident they are meeting the needs of their customers, yet some business owners and consumers have a different perspective on the services agents should provide. In areas where agents gave themselves higher marks than consumers and business owners, agents can lean in and proactively close gaps, effectively strengthening their relationships and improving their brand.

Quick tip for agents:

What Customers Want:
To support agents in closing this perception gap, the research identified areas where agents can go above and beyond traditional insurance guidance. While most customers seek counsel on conventional insurance, some business owners are looking for help on succession planning, disaster recovery and employee benefits. Additionally, general property and casualty customers are asking agents about retirement and banking advice.

Quick tips for agents:

A Shared Challenge:
The research identified two consistent challenges across all audiences surveyed ? understanding policy coverage and finding the best price.

Many customers also wrestle with understanding different types of coverage, the time it takes to settle a claim, insurance terminology and understanding how much coverage they need.

Agents reported it particularly challenging to:

Quick tips for agents:

An Economic Outlook:
Over half of agents think their clients feel uncomfortable talking about economic uncertainty. However, more than half of business owners and consumers feel like their agent was prepared to have these discussions.

Quick tips for agents:

Methodology:
Nationwide commissioned Edelman Intelligence to conduct a 20-minute quantitative online survey among a sample of 2,600 U.S. independent insurance agents, small business owners, mid-market business owners, mid-market business owners with fleet vehicles, African American business owners, Hispanic business owners and general consumers between June 9 ? June 25 to understand what business owners and consumers value when buying or renewing insurance policies, explore the different challenges each audience faces around insurance, gauge perceptions of the economy and how each audience is managing uncertainty, and find out the actions business owners and consumer have taken as a result of COVID-19 and the conversations they're having with agents. As a member of CASRO in good standing, Edelman Intelligence conducts all research in accordance with Market Research Standards and Guidelines.

About Nationwide 
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by both A.M. Best and Standard & Poor's. The company provides a full range of insurance and financial services, including auto, commercial, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; banking and mortgages; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com.

Contact:
Mike Switzer 
(614) 249-6349
[email protected]

 

SOURCE Nationwide


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