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Will Buying Commercial Insurance Direct Impact Independent Insurance Agencies?

Author PhillipFloresCM , 12/10/2014

I recently received a piece of direct mail from my personal insurance provider, which is a major carrier, trying to solicit my business insurance. After some digging I found that most carriers are now targeting consumers to buy commercial insurance direct and online—eliminating the independent insurance agents all together. Some of the big carriers offer quotes on their website while others refer you to one of their agents or a call center.

I got curious, how many business owners would actually consider purchasing their commercial insurance coverage direct and why?

After some research I found a study done by Deloitte in July 2013.

Of 751 respondents:
  • 51% said they are very likely or somewhat likely going to purchase business insurance online directly from the insurer.
  • 49% of respondents said they were not likely going to buy online or direct from the carrier.
  • Of the 51% that would purchase direct and online, ¼ of the individuals would expect a discount of 10% or less and 1/3 of the individuals would expect a discount between 11% and 15%.
  • The most popular line of service to be purchased online, of the respondents, is 67% general liability.

With the sudden interest in purchasing commercial insurance direct and online what are your thoughts for the industry? Will it affect independent insurance agents? Will consumers purchase online?

Below is the letter I received in the mail.


Have you Heard? Walmart is in the Insurance Business

Author ErinCarlson , 5/8/2014
The retail giant, Walmart, has expanded yet again. Walmart has teamed up with Autoinsurance.com and Tranzutary Insurance Solutions to offer “everyday low prices,” for auto insurance. 

5 Lessons - The Modern Fundamentals of Insurance Agency Marketing

Author AdrianHolloway , 3/5/2014
An adapted post about the fundamentals of marketing and communications for an insurance agency (or any consumer facing business's marketing). In my opinion, if you can stick to nurturing these fundamentals regularly, then all the advanced and future enhancements will come naturally. It doesn't matter whether the role you play in the agency is Principal, Producer, CSR, Admin or any customer facing role, in more ways than one, these fundamentals should apply to you.

CompleteMarkets Announces its Greatest Product Ever.... "Agent Newsletters"

Author JasonJohnson , 10/3/2013
CompleteMarkets is pleased to now offer its members the opportunity to purchase monthly insurance newsletters that they may customize and send out to clients or prospects using their website or social media platform.   

To Blog, Or Not To Blog?

Author DaveGrummer , 6/13/2013
Do you regularly read any blogs?  Why?  Do you get anything out of them?  What purpose do they serve?  Have you ever authored a blog yourself?  Why not?

News and Content You Can Use…

Author DaveGrummer , 5/23/2013
Where would a doctor go to interact with his peers and/or learn about the latest medical techniques?  Should he attend a medical conference or seminar?  Read trade journals or other published material?  Or should he just hang out at the local “watering hole” or golf course?

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