Young Insurance Agents Opinion Survey 2013

Insurance Journal's Exclusive Young Agents/Brokers Opinion Survey 2013

Young agents and brokers: Who are you? What do you think about your career? How happy are you with your compensation and working conditions? Do you want to be an owner someday or are you already one? What do you think of the industry's public image?

This is a survey exclusively for licensed property/casualty insurance agents and brokers in the U.S. who are 40 years of age or younger. The survey takes only a few minutes to complete. The questions solicit your views on your career, your own agency and the agency system, the P/C industry, the future and more. All individual replies are CONFIDENTIAL. Aggregate results will be reported in Insurance Journal magazine on April 16 and on www.insurancejournal.com later. Have fun and thank you for participating.

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* 1. Are you a licensed property-casualty agent or broker who is 40 years or younger and working in the U.S.

Yes

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* 2. Please indicate your age range.

under 20 years old

20 to 30 years old

31 to 40 years old

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* 3. How long have you been an independent agent or broker?

Less than 3 years

3 to 5 years

6 to 10 years

11 to 15 years

More than 15 years

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* 4. Do you consider insurance to be your permanent career?

Yes

Not sure yet

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* 5. Which of these best describes your status with your current agency/brokerage?

Sole owner

Share ownership with other partner(s)

Not presently an owner

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* 6. If you are not an agency or brokerage owner now, would you like to be an owner someday?

Yes

Not sure

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* 7. How confident are you that you will be an agency owner someday?

Very Confident

Somewhat Confident

Uncertain But Hopeful

Don't Believe It Will Happen

Other (please specify)

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* 8. How were you recruited for your current position?

Family business

Employee referral

Customer referral

Answered job posting

LinkedIn or other social media contact

Used a recruiter

Recruited from college or other school

Met current employer at an industry conference

Worked for a competitor

Other (please specify)

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* 9. Please indicate if these statements ring basically true or basically false based on your experience in the agency/brokerage business.

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* 10. Were you working in the insurance industry during the last hard market?

Yes

Other (please specify)

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* 11. Which of the following tools and activities do you participate in?

Attend local business or community meetings

Attend insurance trade association meetings

Volunteer in my community

Get involved in local politics

Attend church regularly

Participate in a sports league

Belong to country or athletic club

Teach or write articles on insurance

Attend meetings of industries I insure

Speak before business and community groups

Have a Facebook page

Use LinkedIn

Use Twitter

Write a blog

Use an iPhone or other Smart phone device

Use an iPad, Kindle or similar device

Utilize insurance coverage or other checklists

Utilize web conferencing

Utilize a provider of sales leads

Take insurance courses on the Internet

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* 12. Rate the following factors in the agency or brokerage where you work.

	Excellent	Good	Fair	Poor
Quality of agency technology in general	Quality of agency technology in general Excellent	Quality of agency technology in general Good	Quality of agency technology in general Fair	Quality of agency technology in general Poor
Quality of agency management system	Quality of agency management system Excellent	Quality of agency management system Good	Quality of agency management system Fair	Quality of agency management system Poor
Quality of management	Quality of management Excellent	Quality of management Good	Quality of management Fair	Quality of management Poor
Employee compensation and benefits	Employee compensation and benefits Excellent	Employee compensation and benefits Good	Employee compensation and benefits Fair	Employee compensation and benefits Poor
Quality and number of carriers represented	Quality and number of carriers represented Excellent	Quality and number of carriers represented Good	Quality and number of carriers represented Fair	Quality and number of carriers represented Poor
Opportunities for advancement	Opportunities for advancement Excellent	Opportunities for advancement Good	Opportunities for advancement Fair	Opportunities for advancement Poor
Office -- physical environment and location	Office -- physical environment and location Excellent	Office -- physical environment and location Good	Office -- physical environment and location Fair	Office -- physical environment and location Poor
Administrative support	Administrative support Excellent	Administrative support Good	Administrative support Fair	Administrative support Poor
Reputation in the communities and industries agency serves	Reputation in the communities and industries agency serves Excellent	Reputation in the communities and industries agency serves Good	Reputation in the communities and industries agency serves Fair	Reputation in the communities and industries agency serves Poor
Opportunities for educational improvement	Opportunities for educational improvement Excellent	Opportunities for educational improvement Good	Opportunities for educational improvement Fair	Opportunities for educational improvement Poor
Telecommuting/flexibility in hours	Telecommuting/flexibility in hours Excellent	Telecommuting/flexibility in hours Good	Telecommuting/flexibility in hours Fair	Telecommuting/flexibility in hours Poor
Flexibility with work-life balance	Flexibility with work-life balance Excellent	Flexibility with work-life balance Good	Flexibility with work-life balance Fair	Flexibility with work-life balance Poor

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* 13. How many hours a week on average do you work?

Under 35 hours per week

35 to 40 hours per week

41 to 45 hours per week

46 to 50 hours per week

51 to 55 hours per week

56 to 60 hours per week

More than 60 hours per week

Comment

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* 14. How optimistic are you about the following?

	Very Optimistic	Optimistic	Cautious	Not Optimistic
Your own career as an independent agent	Your own career as an independent agent Very Optimistic	Your own career as an independent agent Optimistic	Your own career as an independent agent Cautious	Your own career as an independent agent Not Optimistic
Keeping your current job	Keeping your current job Very Optimistic	Keeping your current job Optimistic	Keeping your current job Cautious	Keeping your current job Not Optimistic
Your 2013 income will be greater than it was in 2012	Your 2013 income will be greater than it was in 2012 Very Optimistic	Your 2013 income will be greater than it was in 2012 Optimistic	Your 2013 income will be greater than it was in 2012 Cautious	Your 2013 income will be greater than it was in 2012 Not Optimistic
The future of the independent agency system	The future of the independent agency system Very Optimistic	The future of the independent agency system Optimistic	The future of the independent agency system Cautious	The future of the independent agency system Not Optimistic
The U.S. economy in 2013	The U.S. economy in 2013 Very Optimistic	The U.S. economy in 2013 Optimistic	The U.S. economy in 2013 Cautious	The U.S. economy in 2013 Not Optimistic
The industry's ability to attract quality talent	The industry's ability to attract quality talent Very Optimistic	The industry's ability to attract quality talent Optimistic	The industry's ability to attract quality talent Cautious	The industry's ability to attract quality talent Not Optimistic
Your agency's ability to attract quality talent	Your agency's ability to attract quality talent Very Optimistic	Your agency's ability to attract quality talent Optimistic	Your agency's ability to attract quality talent Cautious	Your agency's ability to attract quality talent Not Optimistic
Independent agents' ability to grow commercial lines market share	Independent agents' ability to grow commercial lines market share Very Optimistic	Independent agents' ability to grow commercial lines market share Optimistic	Independent agents' ability to grow commercial lines market share Cautious	Independent agents' ability to grow commercial lines market share Not Optimistic
Independent agents' ability to gain personal lines market share	Independent agents' ability to gain personal lines market share Very Optimistic	Independent agents' ability to gain personal lines market share Optimistic	Independent agents' ability to gain personal lines market share Cautious	Independent agents' ability to gain personal lines market share Not Optimistic
The soft market will end within in the year	The soft market will end within in the year Very Optimistic	The soft market will end within in the year Optimistic	The soft market will end within in the year Cautious	The soft market will end within in the year Not Optimistic
The financial stability of P/C insurers	The financial stability of P/C insurers Very Optimistic	The financial stability of P/C insurers Optimistic	The financial stability of P/C insurers Cautious	The financial stability of P/C insurers Not Optimistic
Independent agency channel’s ability to advance in technology use	Independent agency channel’s ability to advance in technology use Very Optimistic	Independent agency channel’s ability to advance in technology use Optimistic	Independent agency channel’s ability to advance in technology use Cautious	Independent agency channel’s ability to advance in technology use Not Optimistic

Comment

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* 15. Which of the following do you see as the biggest challenges for your agency or brokerage?

Attracting new customers

Retaining existing customers

Finding good employees

Competing with online and direct sales

Finding quality carriers with competitive products and prices

Upgrading technology

Controlling expenses

Selling value over price

Education and training

Obtaining expertise in a market

Acquiring other agencies

Better use of technology

Streamlining agency processes

Comment

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* 16. Which segment of the property/casualty business are you primarily involved in?

Commercial Lines

Personal Lines

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* 17. Please indicate the size of your agency/brokerage in annual property/casualty premium volume.

Under $1 million in premium

$1 million to $10 million in premium

$11 million to $25 million in premium

$26 million to $50 million in premium

$51 million to $100 million in premium

More than $100 million in premium

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* 18. Which of the following describes your agency or brokerage?

Privately-held

Public company

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* 19. Is your agency or brokerage family-owned?

Yes

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* 20. In what state is the agency or brokerage you work for?

State:

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* 21. Please rate the property/casualty industry in the following areas?

	Excellent	Good	Fair	Poor
Customer service	Customer service Excellent	Customer service Good	Customer service Fair	Customer service Poor
Public image	Public image Excellent	Public image Good	Public image Fair	Public image Poor
Treatment of employees	Treatment of employees Excellent	Treatment of employees Good	Treatment of employees Fair	Treatment of employees Poor
Professionalism	Professionalism Excellent	Professionalism Good	Professionalism Fair	Professionalism Poor
Opportunities for advancement	Opportunities for advancement Excellent	Opportunities for advancement Good	Opportunities for advancement Fair	Opportunities for advancement Poor
Ethics	Ethics Excellent	Ethics Good	Ethics Fair	Ethics Poor
Career attractiveness to young professionals	Career attractiveness to young professionals Excellent	Career attractiveness to young professionals Good	Career attractiveness to young professionals Fair	Career attractiveness to young professionals Poor
Use of technology	Use of technology Excellent	Use of technology Good	Use of technology Fair	Use of technology Poor
Marketing and advertising	Marketing and advertising Excellent	Marketing and advertising Good	Marketing and advertising Fair	Marketing and advertising Poor

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* 22. What is your gender?

Male

Female

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* 23. What was your individual TOTAL compensation in 2012 as an independent agent or broker, including all commissions, salary, bonuses, fees and profit-sharing?

Under $30,000

$31,000 to $50,000

$51,00 to $75,000

$76,000 to $100,000

$101,000 to $125,000

$126,000 to $150,000

$151,000 to $200,000

$201,000 to $250,000

$251,000 to $300,000

$301,000 to $400,000

$401,000 to $500,000

More than $500,000

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* 24. Would you recommend that a younger person consider a career as an independent insurance agent/broker?

Yes

Not sure

Feel free to add comments

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* 25. What is the highest level of education you have completed?

Grade school

High school

Two-year college

Four-year college

Master's degree

Doctorate or other advanced graduate degree

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* 26. What do you like the MOST about being an independent agent or broker?

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* 27. What do you like the LEAST about being an independent agent or broker?

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* 28. How did you get into the insurance agency business? Please share your story.

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* 29. Other than your job, what other professional interests or activities do you have? Are you involved in professional sports, arts, music, writing, entertainment, politics, community activities or other field? Are you involved in any type of competition? Tell us about your non-insurance side.

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* 30. All responses will remain confidential. However, if Insurance Journal may contact you for additional information and/or comments on your experience as a young independent insurance agent. Also, to receive a complimentary copy of the Young Agents Survey report please include your email below. Thank you!

Name:

Company:

Address:

Address 2:

City/Town:

State:

ZIP:

Email Address:

Phone Number:

	Basically True	Basically False	No Opinion
As a younger agent, I have to work harder to gain the confidence of clients.	As a younger agent, I have to work harder to gain the confidence of clients. Basically True	As a younger agent, I have to work harder to gain the confidence of clients. Basically False	As a younger agent, I have to work harder to gain the confidence of clients. No Opinion
I fear that my career will be hurt by a merger or sale of my agency.	I fear that my career will be hurt by a merger or sale of my agency. Basically True	I fear that my career will be hurt by a merger or sale of my agency. Basically False	I fear that my career will be hurt by a merger or sale of my agency. No Opinion
I wish I could specialize more than I am now permitted to do.	I wish I could specialize more than I am now permitted to do. Basically True	I wish I could specialize more than I am now permitted to do. Basically False	I wish I could specialize more than I am now permitted to do. No Opinion
Much of my production supports older producers in the agency.	Much of my production supports older producers in the agency. Basically True	Much of my production supports older producers in the agency. Basically False	Much of my production supports older producers in the agency. No Opinion
During my career, I have worked for more than one agency.	During my career, I have worked for more than one agency. Basically True	During my career, I have worked for more than one agency. Basically False	During my career, I have worked for more than one agency. No Opinion
While in my present position, I have been offered a job with another agency.	While in my present position, I have been offered a job with another agency. Basically True	While in my present position, I have been offered a job with another agency. Basically False	While in my present position, I have been offered a job with another agency. No Opinion
Some of my best friends are other independent insurance agents.	Some of my best friends are other independent insurance agents. Basically True	Some of my best friends are other independent insurance agents. Basically False	Some of my best friends are other independent insurance agents. No Opinion
Success in this business is mostly about building relationships.	Success in this business is mostly about building relationships. Basically True	Success in this business is mostly about building relationships. Basically False	Success in this business is mostly about building relationships. No Opinion
Success with 40 and younger clientele is built first by relationships online.	Success with 40 and younger clientele is built first by relationships online. Basically True	Success with 40 and younger clientele is built first by relationships online. Basically False	Success with 40 and younger clientele is built first by relationships online. No Opinion
Efficiency and effectiveness are more important than relationships to succeed in this business.	Efficiency and effectiveness are more important than relationships to succeed in this business. Basically True	Efficiency and effectiveness are more important than relationships to succeed in this business. Basically False	Efficiency and effectiveness are more important than relationships to succeed in this business. No Opinion
I propose new ideas but our firm rarely seems to get to them.	I propose new ideas but our firm rarely seems to get to them. Basically True	I propose new ideas but our firm rarely seems to get to them. Basically False	I propose new ideas but our firm rarely seems to get to them. No Opinion
The agency ranks could use more women and minorities.	The agency ranks could use more women and minorities. Basically True	The agency ranks could use more women and minorities. Basically False	The agency ranks could use more women and minorities. No Opinion
I have already completed or am working to complete a CPCU, CIC, ARM or other insurance designation program.	I have already completed or am working to complete a CPCU, CIC, ARM or other insurance designation program. Basically True	I have already completed or am working to complete a CPCU, CIC, ARM or other insurance designation program. Basically False	I have already completed or am working to complete a CPCU, CIC, ARM or other insurance designation program. No Opinion
I have benefited from having another agent serve as a mentor to me in my career.	I have benefited from having another agent serve as a mentor to me in my career. Basically True	I have benefited from having another agent serve as a mentor to me in my career. Basically False	I have benefited from having another agent serve as a mentor to me in my career. No Opinion
I wish my agency would expand into new markets.	I wish my agency would expand into new markets. Basically True	I wish my agency would expand into new markets. Basically False	I wish my agency would expand into new markets. No Opinion
Despite automation, there is still too much paperwork in my job.	Despite automation, there is still too much paperwork in my job. Basically True	Despite automation, there is still too much paperwork in my job. Basically False	Despite automation, there is still too much paperwork in my job. No Opinion
I think my compensation is fair.	I think my compensation is fair. Basically True	I think my compensation is fair. Basically False	I think my compensation is fair. No Opinion
I think I deserve more recognition for what I do.	I think I deserve more recognition for what I do. Basically True	I think I deserve more recognition for what I do. Basically False	I think I deserve more recognition for what I do. No Opinion
I think my agency's management is fair.	I think my agency's management is fair. Basically True	I think my agency's management is fair. Basically False	I think my agency's management is fair. No Opinion
I believe advancement is based on relationships more than performance.	I believe advancement is based on relationships more than performance. Basically True	I believe advancement is based on relationships more than performance. Basically False	I believe advancement is based on relationships more than performance. No Opinion
I am looking for a better job in the insurance industry.	I am looking for a better job in the insurance industry. Basically True	I am looking for a better job in the insurance industry. Basically False	I am looking for a better job in the insurance industry. No Opinion
I am looking to get out of the insurance industry.	I am looking to get out of the insurance industry. Basically True	I am looking to get out of the insurance industry. Basically False	I am looking to get out of the insurance industry. No Opinion
I would change agencies if not for my non-compete agreement.	I would change agencies if not for my non-compete agreement. Basically True	I would change agencies if not for my non-compete agreement. Basically False	I would change agencies if not for my non-compete agreement. No Opinion
I would like to increase the time I spend on sales versus servicing or administrative tasks.	I would like to increase the time I spend on sales versus servicing or administrative tasks. Basically True	I would like to increase the time I spend on sales versus servicing or administrative tasks. Basically False	I would like to increase the time I spend on sales versus servicing or administrative tasks. No Opinion