Run Time: 46:57
Agents Fight Through Personal Lines Stresses
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Our guest on this lively episode is Pat Sullivan with Risk Information, a firm analyzing trends in auto and home insurance. He is bullish on the future of independent agents. Why? “In part because products have gotten better, lives have gotten more complex, and people need help.” Renters, too, have kids, cars and a small business, Pat says. “They need a package. The IA is great for servicing somebody in this sweet spot.” He raves about Progressive’s growth via independent agents. It has passed State Farm (the last big captive carrier left) in private-passenger auto market share. Progressive is “in the middle of one of the greatest runs in American business in the last 100 years,” Pat says. “They’re firing on all cylinders. They are incredibly focused. They are better at failure; they’re better at iteration.” Agents are struggling with bundling home and auto because each has its own issues, Pat says. Consumers are frustrated with premiums. Pat thinks carriers could gain goodwill by proactively sharing risk management and claims data—and speaking directly with policyholders and agents. “AI is the step change that’ll allow carriers to unlock and share that information securely and at scale to make the world a better place.”
