2024 State of Tech in Independent Insurance Agencies Report

The 2024 release of our State of Tech in Independent Insurance Agencies is now available!

We surveyed agencies around the country to learn about the technology they are using and how they feel about it. This report shares findings from the survey and insights on how each area impacts agency value.

What does the data tell us?

• Overall, there has not been any significant improvement in an agency’s use of technology from last year’s report.
• “Getting the most out of the tool” remains a significant challenge for agencies. This highlights the problem of technological redundancy and staff change management. We recommend agencies evaluate their technology stack for overlapping functions and gaps to maximize technology utilization.
• Few agencies see Generative AI (GenAI) as a significant new technology. However, at Catalyit, we strongly believe it will significantly impact agency operations and profitability, surpassing the influence of any other technology in the last 15 years. Pay close attention to Generative AI.
• Since 2022, 16% more agencies have increased their use of Marketing Automation platforms. These platforms are utilized for email and text marketing, prospecting, client retention, pre-renewal processes, cross-selling, and up-selling.
• Reputation Management tools have shown a slight increase from last year’s report. Implementing a reputation management strategy can help agencies generate online customer reviews, which can drive more traffic to their websites for additional information.
• Cybersecurity is a major vulnerability, especially when employees are busier than ever in a hard market, making humans more prone to mistakes. A phishing email or social engineering scam that nobody would typically fall for may become successful because we are human! It’s important to understand that your IT/MSP is probably not the same as a cybersecurity consultant specializing in cyber risks versus day-to-day computer and technology issues.
• Data Analytics tools should be utilized more. With more strategic insights, agencies can make more informed business decisions that improve overall efficiency and performance.
• Development and use of Commercial Lines Quoting/Rating platforms continue to grow, with 24% of respondents using at least one of these solutions. As the number of carriers and lines of business increases, adoption will continue to grow.

Download your copy of the report to see all the results, explore the latest insights, and learn what the data means for independent agencies.