May 2020 - Agents are looking to partner with insurers that have strong digital experiences which support placing new business, communicating value to prospects, and retaining clients at a time of loss or renewal.

Enhancing portal capabilities for agents is a focus area in commercial insurance. Many insurance advisors and carriers seek to achieve their growth goals by focusing on risks that can be written using a businessowners policy (BOP) product. Quoting and issuing are core to agents’ portal experience; capabilities that improve placing business, communicate policy value, and support servicing clients can create a differentiating experience.

This report is based in part on survey data from Novarica’s 400 Under 40 community of young agents.

Key Points and Findings

• Agents expect a comprehensive set of digital experience capabilities. Insurers that provide capabilities to assist agents with closing the sale can differentiate and influence behavior.
• Emphasis on transparency of customer engagement data. Agents are interested in customer engagement insights to assist them in improving the overall customer experience and increasing retention.
• Real-time commissions are likely to influence future behavior. More than two-thirds of agents indicate that this would influence their placement of BOP business.