How do 8,000 Independent Insurance Agents Rank Property and Casualty Insurance Carriers? New Report Details The Competitive Advantages of Ease of Doing Business
Ease of Doing Business is critical for property and casualty insurance carriers because of its importance in independent agents' buying decisions. This benchmark report is based on 36,200 ratings of the Ease of Doing Business performance of over 220 property and casualty insurers by more than 8,000 agents in 2007. 74 charts and tables along with agents' written comments and expert analysis and commentary provide insights into industry performance. The report concludes with lists of top performers and Deep Customer Connections' expert recommendations.
Acton, Mass. (PRWEB) January 22, 2008 -- More than 8,000 independent agents and brokers rated the importance of each of eleven Ease of Doing Business (EDB) Factors, developed by Deep Customer Connections, Inc., and assessed the performance of over 220 property and casualty insurance carriers against those EDB Factors in 2007. Each agent rated insurance carriers of their choice in the survey and added their written suggestions about what carriers could do to improve EDB performance. Deep Customer Connections, Inc., (DCC) is publishing their fifth annual EDB survey, Benchmark Report 2007: Ease of Doing Business for Property and Casualty Insurance Carriers.
"In the past five years, more than 20,000 agents have provided some 90,000 ratings of carriers' EDB performance," said Nort Salz, President of DCC. "Ease of doing business enables a carrier to gain a competitive advantage with agents; fully 99% of those agents say that EDB is critical to their buying decision."
The Report answers questions such as
| | - How does ease of doing business affect your agents' buying decisions?
- How can carriers measure their EDB performance?
- Who are the top performing carriers in each EDB Factor?
- Where should carriers target scarce improvement resources to grow their businesses? and
- What do agents say carriers should do to improve their EDB performance?
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"The Report documents EDB performance broken out in several useful ways," said Paul Croke, DCC Co-Founder. "For example, breakouts by carrier size show that a benchmark group of national carriers enjoys an EDB advantage in technology, but DCC has determined that the very large regional carrier benchmark group has not leveraged their size to gain the same advantage."
Data are also parsed by agent demographics such as geography, role, and line of business. These breakouts illustrate the report's conclusions such as the greater importance commercial lines agents place on underwriting flexibility as compared with the EDB priorities of personal lines agents.
The Report's 74 charts and tables include EDB Factor Importance and carrier Performance ratings for each breakout group as well as industry-wide. DCC developed the Ease of Doing Business IndexSM to identify priority opportunities and make group-to-group comparisons, including the top ten performers nationally in each EDB Factor.
EDB is critical for carriers because independent agents--the primary decision makers in the buying decision--select a carrier based on performance in several EDB Factors. A carrier's EDB performance substantially affects agency productivity and profitability as well as the quality of agents' work lives. The Report concludes with specific recommendations for how carriers can make it easier for their agents to work with them and grow their businesses.
About Deep Customer Connections, Inc.
Deep Customer Connections, Inc. (DCC) specializes in helping property and casualty carriers achieve profitable growth by making it easy for their agents to work with them. DCC's EDB IndexSM is an industry benchmark of carriers' EDB performance. To get your copy of Benchmark Report 2007: Ease of Doing Business for Property and Casualty Insurance Carriers, visit www.deepcustomerconnections.com or contact DCC directly at 978-263-6100.
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