Independent Agents Poised to Gain Greater Market Share, Says SIAA Panel

September 30, 2022

Even with economic headwinds and the amount of merger and acquisition (M&A) activity in the insurance sector, the independent agency channel is getting bigger and better, according to panelists who took part in SIAA’s IA Evolve virtual conference.

For as long as he has been in the industry, Matt Masiello, chief executive officer, SIAA, has heard that independent agencies will diminish. “I’ve been told that we’re dinosaurs, that we don’t deliver a value proposition to the consumer, that carriers don’t need us and that banks, Insurtechs and everyone else is going to put us out of business. This is the strongest I’ve ever seen the channel. We are converting exclusive channel business over to the independent agency channel.”

While he would not go so far as to say direct writers are plateauing, he does think their limited product offerings are problematic for some consumers. “We’re seeing carriers double down on their independent agency investment. We’re seeing technology partners invest significantly into the channel. There are thousands of people starting agencies right now because it’s a great opportunity,” said Masiello.

Read the full article, published September 30, 2022 in The Standard. Reprinted with permission from The Standard, Copyright 2022, Standard Publishing Corporation, Boston, MA. All rights reserved.