Progressive joins TrustedChoice.com
The country’s fourth largest auto insurer increases its involvement with the online platform
Progressive Insurance and TrustedChoice.com have announced a new partnership which will see the country’s fourth largest auto insurer commit more resources and access to the online insurance platform of the Independent Insurance Agents & Brokers of America (Big “I”) members. Progressive’s newest commitment will enable Big “I” members that have an agency relationship with Progressive to better connect with consumers by providing greater access to TrustedChoice.com’s programs and resources and enhanced visibility to the website’s more than 450,000 monthly insurance shoppers.
“Since selling our first auto policy through independent agents more than 80 years ago, we’ve become the #1 private passenger and commercial auto carrier for independent agents, measured by written premium, by investing in the technologies and tools that are critical for agent success,” said Karen Bailo, Progressive general manager of agency distribution. “We’re excited to expand our participation in TrustedChoice.com through additional co-op and platform sponsorship as part of a broader investment in our agency business at a time of deepening partnership with and unprecedented growth through independent agents.”
As insurers look for unique ways to foster and deepen relationships with agents and consumers, TrustedChoice.com solutions offer them visibility with both. “From agency programs that drive revenue to welcoming President and CEO Tricia Griffith as a dynamic panelist at Agency Nation’s upcoming Elevate unconference, Progressive continues to drive agent innovation. As our collaboration with Progressive continues to evolve, we’re excited about all the avenues we’re building to support the success of their agents,” said Ryan Hanley, TrustedChoice.com chief marketing officer.
Commenting on Progressive’s new commitment, TrustedChoice.com Chief Executive Officer Chip Bacciocco adds, “While we are a relatively new kid on the insurtech block and Progressive’s track record of supporting Big “I” agents is long-established, our commitment to championing the independent insurance channel is shared. We couldn’t be more pleased to see Progressive expand their agency program from funding agent participation on TrustedChoice.com to broader platform sponsorship to drive additional commercial and personal lines referral traffic, positioning agents to compete in a rapidly evolving marketplace.”
Nationwide will fully transition to independent agency distribution model by July 2020
Nationwide has announced that by July 1, 2020, the company will have transitioned entirely to an independent agency distribution model. The Columbus-based insurer is currently one of the largest carriers in the country that sells its products through both exclusive and independent agents.
“We don’t anticipate any changes for members. Agents will continue to serve members as they have in the past and still have access to Nationwide’s broad range of insurance and financial services products,” said Mark Berven, President & Chief Operating Officer of Nationwide Property & Casualty. “Nationwide is committed to offering members a distribution point that works best for them, while providing long-term growth opportunities for our agents.”
Nationwide will continue to offer direct-to-consumer options for members who choose to do business online or over the phone.
The Benefits of moving to an independent model
Nationwide has been working to provide its exclusive agents with more flexibility and choice over the past several years. In moving to an independent model:
- Agents will maintain access to Nationwide’s breadth of products, while receiving more flexibility to use other carriers.
- Agents will be better able to attract and retain commercial lines business – a segment predominantly served by independent agents.
- Agents can access investment capital in their agencies over the long term and leverage it to drive growth.
- Agent will receive control over succession planning and choice of what to do with policies at a future date.
- Agents will enhance their long-term viability by diversifying their revenue streams and offering their clients access to industry expertise through multiple carriers.
- Agents’ ability to acquire and integrate independent agencies will be near seamless.
Multiple options for consideration
Exclusive agents will have several options to transition to an independent contract by July 1, 2020. As agents transition, they may continue to work as a Nationwide agent and operate as they do today. Once transitioned, agents will be able to broaden their partnerships and the products they offer.
“We’re sharing our plans with agents now so they can have as much time as possible to review their options and plan for the transition,” Berven added. “Market dynamics, customer preferences and increased desire by exclusive agents for more flexibility make now the opportune time to move to a fully independent model. It will create a win-win for our distribution partners, and ultimately, our members.”
III Releases 2018 Fact Book
The Insurance Information Institute has released its 2018 Fact Book. Filled with all sorts of statistics to satisfy every type of appetite, the book covers a wide swath of the insurance industry via matters such as World Insurance Markets, Retirement, Life/Health Financial Data, Property/Casualty Insurance, Incurred Losses, and the various Factors Affecting Insurance Costs.
“The 2018 I.I.I. Insurance Fact Book was developed for use by anyone needing in-depth knowledge of the power that is the insurance industry,” says Sean Kevelighan, Chief Executive Officer of the Insurance Information Institute. “For nearly six decades, the Fact Book has been the essential reference resource on insurance. After record natural catastrophe losses in 2017, it’s more important than ever for audiences to have objective, fact-based content—and know that the insurance industry will emerge from these challenges stronger and better prepared to serve the public.”
Areas that the 2018 Insurance Information Institute Fact Book covers includes:
- Premiums – Net Premiums Written for Property/Casualty and Life/Health, Direct Premiums Written for Property/Casualty and Life/Health
- Leading Companies – Top 10 Writers of Property/Casualty Insurance By Direct Premiums Written
- Mergers and Acquisitions – Reported Global Insurance-Related Mergers and Acquisitions By Sector, U.S. and Non-U.S. Acquirers
- Premium Taxes by State – Premium Taxes by State, Property/Casualty and Life/Health Insurance
- Incurred Losses by State – Incurred Losses by State, Property/Casualty Insurance
- Auto Costs/Expenditures – Average Expenditures for Auto Insurance, Top 10 Most Expensive and Least Expensive States for Automobile Insurance, Average Expenditures for Auto Insurance By State, Private Passenger Auto Insurance Industry Underwriting Expenses
- Homeowners High Risk Markets – Top 10 States By Population Change in Coastal Counties, Estimated Value of Insured Coastal Properties Vulnerable to Hurricanes By State, Insurance Provided by Beach and Windstorm Plans
- Flood Insurance – Homeowners with Flood Insurance, Flood Insurance in the United States
- Earthquake Insurance – Top 10 Writers of Earthquake Insurance by Direct Premiums Written
- Fire Losses – Fire Losses in the United States by line of Insurance, Civilian Fire Deaths and Injuries by Property Use, Top 10 Costliest Large-Loss Fires
- Cybercrime and Identity Theft – Number of Data Breaches and Records Exposed, Top 10 States for Cybercrime, Top 10 Writers of Cybersecurity Insurance by Direct Premiums Written
- Workplace Losses – Top 10 Private Industries by Number of Nonfatal Occupational Injuries and Illnesses, Top 10 Private Industry Occupations with the Largest Number of Injuries and Illnesses
The 2018 Insurance Information Institute Fact Book may be purchased by ordering copies via email at publications@iii.org or from the I.I.I.’s online store at www.iii.org/store. A PDF of the publication may also be downloaded online and is complimentary to I.I.I. member companies.
