Encouraging independent agency owners to take a fresh look at the opportunity presented by personal lines of insurance, a powerful and motivated coalition within the Independent Agency System recently announced the launch of the Personal Lines Growth Alliance (PLGA).
The PLGA will bring a unique focus to personal lines in the distribution channel by showing independent agents and brokers the potential for growth, sharing knowledge and resources, and positioning them with their consumers. The Alliance consists of a growing cadre of agents, carriers, service providers and trade associations.
The personal lines segment is ripe for market share growth within the Independent Agency channel. While independent agents and their carriers command 80% of all commercial lines, they only write 34% of personal lines. Moreover, commercial lines is mired in a prolonged soft market, and recent economic worries have put downward pressure on premiums, with reduced payrolls, inventories, auto fleets, and other soft conditions.
Steve Brooks, chairman of the PLGA, says the Alliance will operate as a virtual association, leveraging the strong resources and educational material already available by its partners. “We won’t compete with other associations or reinvent the wheel, although we do intend to move the wheel forward. The Alliance will be a leverage point to highlight personal lines-focused growth tools available to agents from carriers, associations, and education organizations.”
Membership in the Alliance initially is free and open to interested parties.
