2020 was a tough year on a lot of industries, and the insurance industry was no exception. Agents were forced to take a pay decrease because of businesses being shut down and the economy struggling with the COVID 19 virus. And yet, agents have been more satisfied with their job and compensation despite the struggles. The Insurance Journal published a report showing that their reports from their Annual Agency Compensation Satisfaction Index show the highest score that they have collected in more than five years.
The insurance business is a competitive one. Agents work hard for their customers, and they want to get their customers the best deal possible for their coverage. Agents aren’t just getting their customers insurance, they are working on building relationships with their customers and understanding what type of coverage they need. They want their customers to have all the coverage that is necessary so that if anything were to happen, the customer would be assured that it wouldn’t ruin them or their business. Insurance is more about the relationships that are built. It is from these relationships that agencies will see the profits. They truly care about their customers and want to make sure they are doing everything they can to benefit them.
Businesses have had to adapt over the past year while the economy has dealt with the blows from the COVID 19 Virus. It has impacted where businesses are able to operate; many had to switch to remote working. They have learned to work within the parameters set by local governments, and still have managed to meet the needs of their customers. Even though business may have been slowing down or premiums were being cancelled, agents are still feeling satisfied with their employment and are looking for the positive ways they can continue to build relationships with their customers and help their agency stay afloat.
Insurance rates have risen over the past little bit and they will most likely continue to rise for the rest of 2021. These increases are due to the fact that there have been many losses on the hard market, which affects premiums unfortunately. The insurance industry is full of ups and downs, the market is ever changing. Looking ahead it seems as though property increases won’t be as high as they were predicted to be. They should continue with a steady decrease, which is good news. The market is becoming more predictable and orderly, some lines will still continue to have a higher increase, but fluctuation is normal in this industry.
The ups and downs of the market can greatly affect insurance agencies. During these unprecedented times, agents have really stepped up. They have learned to adapt and go with the flow and continue providing excellent customer service. They know that their customers have had to change the way they do business with the global pandemic. Everyone has had to adapt and try to make the best out of a terrible situation. Agents will continually be there and show up for their customers, because that is what they do.