Many consumers prefer working with an agent or broker for insurance, despite direct-to-consumer platforms that offer an alternative. (Photo: fizkes/Shutterstock.com)
It's a new era for independent insurance agents and brokers. There are challenges with the continued economic turmoil, rising premium costs and changing customer needs. They're also facing increased competition. The estimated total number of independent insurance agencies in the U.S. grew from 36,000 in 2020 to more than 40,000 in 2022 — a 9% increase. Many independent insurance agents and brokers have needed to adapt and do things differently to maintain their success. It has been a wake-up call. They can no longer avoid disruption or change.
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