According to a new survey from Aon Programs, an Aon Affinity business that helps agents and brokers develop tailored insurance portfolios, the majority of insurance agents have a positive outlook for 2022.
Around 70% of the participating agents expect their business growth to be on track in the new year, while nearly 20% expect that growth to be “off the charts”.
Chad Levine, executive vice president and chief strategy officer of Aon Affinity said: “Since the start of the pandemic, we’ve seen so many agents cast a critical eye on all facets of their businesses to help their clients make better decisions amid rapid change.
“You can see that trend continue in our survey results as agents fine-tune their business models for growth in 2022.”
The survey asked over 500 insurance agents and brokers on a range of topics, including their 2022 business outlook, product offerings, marketing strategy, and staff recruiting and retention.
It found that product expansion will be a leading strategy for agency growth, with almost 35% of agents noting they will adapt to changing customer needs by adding to their product offerings in the new year.
The top three specialty lines agents plan to add in 2022 includes catastrophe (commercial and personal/private coverage), healthcare (beyond allied health), and nonprofits.
Thirty-six percent of agents are using new channels to connect with prospective employees; nearly 29% have enhanced their compensation and benefits packages; and about 18% have expanded their talent search beyond their immediate geographic region.
They’re also rethinking their criteria for new hires as professionals continue to embrace the virtual workplace and make career changes. Respondents are more open to hiring candidates who are remote, unable to work traditional business hours, don’t have an insurance background, and don’t have the required years of experience, but seem highly trainable.
The pandemic has shaped and reshaped agent marketing strategies, showing that forty percent of agents are expecting social media to give them the biggest marketing boost in 2022, with email marketing in second place at 22%.
In a possible nod to Zoom fatigue, webinars/virtual events, fell to third place this year at 20%. Conversely, interest in direct mail is up 5% year over year, increasing from 8% in 2020 to 13% 2021, which is a possible shift to stand out in a virtual world.
Video marketing tops the list of new marketing tools agents want to explore in 2022, garnering 42% of responses. Search engine marketing (24%), influencer marketing (21%) and audio marketing (14%) round out the list.
Despite the changes, agents continue to lean on traditional fundamentals as they guide clients.
When asked about the most important quality for their brand to express, 43% said commitment to customers; 26% cited authenticity; 15% said responsiveness; and 13% noted innovation.
Levine added: “While the last year and a half has thrown agents many curveballs, these survey results truly showcase their resiliency, adaptability and customer focus.
“We’ve seen agents shine as valued advisors who are helping their clients make better decisions in a complex, evolving world.”
