Boston, October 21, 2015 – The U.S. property and casualty industry is less optimistic than it was in 2014 as the large agencies start to feel the impact of commoditization, disruptors (such as aggregators), and new potential threats (such as big-box stores). Large agencies are financially positioned to overcome these challenges by focusing on technological advances, while smaller agencies are focusing on customer relationships and building loyalty. But are agencies utilizing the right tools to fight this battle?
This research outlines agencies’ new tools and how the P&C industry is innovating. It provides a year-over-year comparison of business plans, optimism, and usage of technology and devices as well as detailing changes in technology budgets and identifying disruptors. It is based on a September 2015 Aite Group online survey, sponsored by Vertafore, among 200 principals or producers from independent P&C insurance agencies in the United States.
This 40-page Impact Report contains 34 figures. Clients of Aite Group’s P&C Insurance service can download this report.