Independent Agencies Continue to Dominate Commercial Insurance, but Play a Lesser Role in Personal Lines

Insurance may be sold to the policy holder directly by the underwriting company, or by various types of agents or agencies. Independent agencies are businesses that are not connected to any insurance underwriter. Independents typically represent several insurance companies at once and are paid on a commission basis. In contrast, a “captive” or “exclusive” agency is independent, but it represents only one insurance company. Examples of underwriters selling through captive agencies are State Farm and Farmers Insurance Group.

Insurance agencies vary widely in size and scope, from one-person offices to multi-state operations employing large numbers of people. Some agencies write insurance of all types; others specialize in certain types of insurance such as commercial, marine or aviation insurance. An insurance underwriter that sells through agencies is often called an “agency company.” A company that primarily sells directly to the customer, via direct mail, telephone, in-house agents or e-commerce, is often called a “direct company.”

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Independent Agencies Continue to Dominate Commercial Insurance, but Play a Lesser Role in Personal Lines, Business and Industry Trends Analysis

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