"Agents also have to be more digital and more connected.... It’s getting harder to compete as a mom-and-pop agency if you don’t have the kind of digital platform, the digital tools, the analytics to understand customers that everybody else has."
As competition heats up, a simple policy add-on that costs just a few dollars each year is a hidden tool in the agent’s toolbox: the roadside assistance policy rider.
Even though agents are thriving, direct distribution will significantly increase, insurtech will play a big role in reshaping distribution and big tech companies will enter the space.
"Many agencies will say, well, we have two policies per client, so we've done a really good job because the industry average is around 1.62. But if my agent only has two policies with me, he's left well over half my business on the table."