Ward Insurance Billing Practices

Overview

Agency Management & Compensation Market Practices Study

An in-depth study on the Agency function at P&C insurance carriers. This report provides an in-depth study on the Agency Management function at P&C insurance carriers. The study focuses on Agency Management Staffing, Expenses, Business Practices, Commission Rates/Practices, Agency Tiering/Scoring, and Agency Incentives.

Published: July 2023

The report is available for $5,000.

Buy Now

What's covered in each report?

The study focused on the following areas:

Staffing
Expenses
Commission Rates and Practices
Agency Management Business Practices
Agency Tiering / Scoring
Agency Incentives

Profile of Study Participants

The findings of this study are based on information from 57 property-casualty insurance leaders representing a wide range of carriers.

	Captive Agency	Independent Agency (IA)	Small IA	Mid-Size IA	Large IA	Personal IA	Commercial IA
Number of Companies	7	50	15	19	16	16	34
Average DPW (Millions)	$922	$1,657	$152	$620	$4,300	$3,209	$927
Personal Lines DPW %	73%	45%	34%	39%	47%	64%	15%
Commercial Lines DPW %	27%	55%	66%	61%	53%	36%	85%
Premium Growth	5.8%	8.3%	8.2%	6.5%	10.6%	7.3%	8.8%

Number of Licensed States	15	24	11	20	41	18	26
Number of Active States	5	17	7	12	31	17	16
Carriers with State Expansion	0%	12%	0%	21%	13%	0%	18%

2022 Combined Ratio	103.2%	101.4%	105.2%	101.6%	97.6%	106.6%	98.9%
2022 Loss and LAE Ratio	73.8%	69.4%	69.2%	72.8%	65.6%	74.1%	67.2%

Personal Lines Policy Retention	89.4%	86.2%	88.0%	88.7%	85.3%	85.7%	89.5%
Commercial Lines Policy Retention	89.9%	84.4%	86.6%	86.1%	84.0%	84.1%	84.8%
Personal Lines Policy Growth	-1.2%	1.2%	-1.2%	-0.2%	1.5%	0.9%	3.3%
Commercial Lines Policy Growth	1.9%	1.0%	1.7%	0.6%	1.0%	-0.9%	2.8%

Report Pricing

Purchase the report today for $5,000.

BUY NOW

Scroll

Ward Agency Management & Compensation Market Practices Study

Overview

What's covered in each report?

Profile of Study Participants

Report Pricing