What does the future hold for the P&C industry?
Bunch: The future is bright long-term but will have near-term challenges with increased loss costs, Cat Frequency, inflation and talent acquisition shortages.
What are the biggest emerging trends for your agency?
Bunch:Technology integration and functionality is becoming a significant focus alongside affordable qualified talent.
How can the industry better attract and retain the next generation of talent?
Bunch: I think we need our own TV show highlighting the relevancy our industry has in the world. Our version of a “CSI,” “ER” or “LA Law” that led to increased interest in those careers.
Describe the industry’s future in one word:
Bunch: Interesting!
(Credit: Courtesy photo. Background image: backup16/Adobe Stock)
What does the future hold for the P&C industry?
Frees: We live in a world of increasing complexity in both how technology affects and influences our lives. The known and unknown changes will result in increased risk. The P&C industry will be vital in helping to protect people and businesses as we realize these changes.
What are the biggest emerging trends for your agency?
Frees: An emerging trend that we are seeing is the preferred communication methods changing within our agency. Our customer desires range from those who want to be able to self-service their account to those who want a subject matter expert in their agent. Some prefer traditional mail or email, some still want “old-fashioned” house calls, while others prefer text message or video. This range of requests creates a multitude of communication channels and the need for an almost instantaneous response from any inquiry.
How can the industry better attract and retain the next generation of talent?
Frees: We have recently seen how productive business can be whether we are in the office or not. Giving employees the flexibility to work where and how they want will help keep them satisfied with their jobs. It is also important that leadership is receptive to new ideas as to how current business practices can be improved by utilizing new technology.
Describe the industry’s future in one word:
Frees: Opportunity. (Credit: Courtesy photo. Background image: backup16/Adobe Stock)
What does the future hold for the P&C industry?
Mignone: The future is bright for those agencies/carriers who are proactive and willing to adapt and provide the technology and services warranted by our clients who are becoming more aware of pricing and competitive marketplace. They need us because we are their trusted advisors, and we know what they need to protect their assets.
What are the biggest emerging trends for your agency?
Mignone: Three R’s – Finding innovative ways to “Retain, Recognize and Reward” clients and our invaluable staff.
How can the industry better attract and retain the next generation of talent?
Mignone: Create and promote a work environment that challenges their talent which fosters a feeling of ownership as a trusted client advisor.
Describe the industry’s future in one word:
Mignone: Ever-changing!
(Credit: Courtesy photo. Background image: backup16/Adobe Stock)
What does the future hold for the P&C industry?
Mongeon: The future of P&C insurance is very bright. The key for the industry will be to use data to deliver customized products to the consumer at the moment their needs arise.
What are the biggest emerging trends for your agency?
Mongeon: Polly has created a category we call “insurance as an experience.” We believe that when you embed the right insurance products seamlessly into a pre-existing process you can deliver huge value. Independent agents have the ability to deliver the best “phygital (physical + digital)” experiences in the insurance ecosystem. We strive every day to embed choice, transparency and expertise into any milestone purchase.
How can the industry better attract and retain the next generation of talent?
Mongeon: Attracting the best talent and retaining it are different muscles. You start with unshakeable core values that are not just words on paper and then provide an environment ripe with opportunity. It is critical to provide a flexible work environment in tandem with opportunities for personal, professional, and financial growth.
Describe the industry’s future in one word:
Mongeon: Believe!
(Credit: Courtesy photo. Background image: backup16/Adobe Stock)
What does the future hold for the P&C industry?
Pouchak: We will be challenged given changes in the marketplace. Carrier withdrawal and/or consolidation, an underpricing of segments when compared to the cost of loss settlements and loss frequency given malaise in conduct and lapse in care and accountability of one’s actions. It will take the talents of many to shoulder these challenges paired with a purposeful message to change the way people think about insurance by reminding them of our responsibilities to one another.
What are the biggest emerging trends for your agency?
Pouchak: The only trend we’ve seen over the last two years is the need to educate clients to shy away from “sharing” cars, homes, boats, etc. It makes for a very difficult conversation as we try to explain contract, liability, etc. We need to be sure that our insurance contracts are keeping up with the demand for long-term borrowing of cars, homes & boats.
How can the industry better attract and retain the next generation of talent?
Pouchak: We have to restore the energy depleted by a changing employment climate that promoted a lackadaisical work ethic that doesn’t match our needs or culture. We’ll need to promote a camaraderie of people with a strong worth ethic, who choose to perform purposeful work and who take pride in helping others and who want to learn and grow every day. There aren’t many careers that promote helping someone rebuild their life after loss. We take pride in who we are and what we do. We want to surround ourselves with the same type of people. Do for others what you would hope would be done for you.
Describe the industry’s future in one word:
Pouchak: Resilient.
(Credit: Courtesy photo. Background image: backup16/Adobe Stock)
What does the future hold for the P&C industry?
Susman:The property and casualty industry is changing quickly. As independent insurance agents we need to reach back to our roots and remember why our clients came to us to begin with. They wanted personal contact, a connection, a friend in the insurance business. We need to be that for them.
What are the biggest emerging trends for your agency?
Susman: Having a distributed workforce allows our agency to find the best talent wherever they may be. Thanks to technology, we no longer are limited by proximity to our home office for our team; instead, they are, and can be, anywhere.
How can the industry better attract and retain the next generation of talent?
Susman: As an industry we need to seek out talented people and show them what an incredible opportunity it is to work in the insurance business. We must make a concerted effort to pass on our genuine adoration for what it is we do.
Describe the industry’s future in one word:
Susman: Connection.
(Credit: Courtesy photo. Background image: backup16/Adobe Stock)
What does the future hold for the P&C industry?
Tanner: Uncertain times in the world go hand in hand with the uncertain times in the industry. The adaptability of the industry has allowed for us to meet the needs of the public. The nature of our industry is to address uncertainty and to provide stability. In the past we have shown that we have been able to respond to these needs and I’m confident that we’ll be able to respond in the future. As a result, we can have difficult times but in the short- and long-term we can and will provide that stability.
What are the biggest emerging trends for your agency?
Tanner: There are emerging trends from a product perspective, such as cyber, and the constant change, such as Directors and Officers liability. It’s not just a fire policy anymore and there are many more challenges and changes from a casualty perspective. From an operational perspective — HR and attracting human resources as well as the work from home challenges and adapting to these by losing the team concept.
How can the industry better attract and retain the next generation of talent?
Tanner: The insurance industry has been stereotyped as old and stodgy but I believe the opposite to be true. We are adaptable, flexible and very responsive to the constant change. We need to better communicate and market the attractive career opportunities in the industry.
Describe the industry’s future in one word:
Tanner: Resiliency.
(Credit: Courtesy photo. Background image: backup16/Adobe Stock)
1. Technological development & data security – keeping pace. 2. Consumer segmentation – convergences and divergences in behavior and preferences across generations and adapting to them. 3. Supply chain challenges – Underlying shortages and costs of staffing, home materials and auto materials, etc., impacting the ability to service and for carriers to keep their promise of timely repair/replacing covered losses without undue premium increases.
How can the industry better attract and retain the next generation of talent?
Yun: Insurance is exciting. The career path spokes that lead to the hub of P&C insurance provide an array of opportunity for young, career-minded people, from marketing to science and from sales to cutting-edge AI & technology, there is a plethora of range to help people with their lives and well-being, help the planet and be on the forefront of innovation in doing so.
Describe the industry’s future in one word:
Yun: Transformative
(Credit: Courtesy photo. Background image: backup16/Adobe Stock)
Despite predictions of pending doom in the face of digital trends, insurance agents continue to be a vital piece to the industry’s distribution and a trusted source of expertise during policyholders’ most difficult times.
In fact, 65% of consumers across cohorts said they plan to use an insurance agent in the future. On top of this, the vast majority of policyholders that have worked through agents in the past plan to do so in the future, according to a survey from Agentero.
Recognizing the importance of agents to the property & casualty insurance industry, The Travelers Companies, Inc. recognizes a handful of individuals each year with its Personal Insurance Agent of the Year Award. The honorees exhibit best-in-class customer service and long-term profitable growth, according to Travelers. This year’s recipients are:
“We are fortunate to partner with thousands of outstanding agents, but this particular group of individuals has distinguished themselves by always putting the needs of our customers first,” Michael Klein, executive vice president and president of personal insurance at Travelers, said in a release. “We appreciate their dedication and commend them for their achievements. We look forward to continuing and growing these successful relationships.”
Some of the 2022 award winners shared insights with PropertyCasualty360.com on the future of P&C insurance and the biggest trends hitting their agencies.
