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Welcome to ITC's Agent Resource Center, a hub of content for agents who want to learn how to manage, market and grow their agencies in today's insurance industry.

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To search for a specific topic, click the magnifying glass located at the top of every page. Then, type in your topic and hit enter.

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You'll find all sorts of helpful resources in this hub.

Our Operation Agency Success series covers various topics, including marketing in short, helpful videos. 
 

Operation Agency Success

Find out how others in the insurance industry plan their day and achieve success in our This is the Way series. You may see a familiar face. 
 

This is the Way: Mick Becker, CEO of PIA National
 

In-depth eBooks and white papers are detailed, long-form content that cover our most frequently asked questions and popular topics like "How do I use Facebook for my agency?" and "How can I drive more traffic to my agency website?"
 

 
White paper library

If you have only a few minutes a day to learn, here are some good places to start...

• What does it mean to start and run an insurance agency in the 2020s? Our Modern Agency blog series will give you a good idea.
• Stop by the Sales and Rating section for insight from our sales experts. 
• The Marketing section is a cornucopia of helpful information. Start with our most popular posts: Learn how to post to Instagram, create a partner page on your website, and write an effective email. 

If you made it to the bottom of this overview, here's a secret: We put on a free insurance marketing webinar every month. Click below to learn more.  

Masters of Marketing webinar series

Whew, that's a lot of content. Trying to find something and can't? Leave a comment below.

ITC will continue to provide these ongoing weekly weather reports throughout this situation. These reports provide agencies and carriers a general baseline of their operations.

After talking with a few agents, there was a consensus. The long weekend was well needed to recharge our batteries after two months of lockdowns, shelter in place, and closed businesses.

In reviewing last week’s numbers, it seems like consumers are ready for things to get back to normal.

Week of 5/18

Last week, quoting and rating volume was 7.6% below ITC’s baseline rating expectations. A nice improvement from the prior week, where it was 10% below expectations.

Additionally, the Friday before Memorial Day is traditionally a slower day. This year it was even slower as people decided to start the weekend early. (It happened around insurance offices around the nation as well.) Without the lower rating on Friday (-12.6), rating would have only been 6% below expectations.

State of Rating by State

Numbers across all states continued to improve. In states that persist with stricter ordinances, rating continues to be well below the national average. In states that have reopened, rating levels have returned to near or above expectations.

The Forecast

ITC predicts that quoting volumes will continue to remain below the expected quote activity, settling 5% below quoting expectations.

More positive news is starting to filter through the media. A better understanding of infection and mortality rates. A successful reopening of the economy and hopes of a vaccine. Similarly, the news in this weather report will continue to improve.

The impact on insurance has not gone unnoticed. But, it is also important to acknowledge that insurance is somewhat of a protected business.

States and lienholders require consumers to hold insurance on their assets. It is not a “nice-to-have” discretionary spend. It is a hard requirement.

Many other sectors of our economy do fall within that category. They need insurance too. So, should those businesses falter, there will be an echo effect within the insurance industry.

We must do everything we can to prevent this from happening. How can we help our insureds navigate the complicated world of insurance while keeping them covered and financially stable at the same time?

Education.

Through the use of automated marketing platforms, CRMs, and agency management systems, we can share regular guidance and expertise with clients during these difficult times.

How are you helping your clients through all of this? Leave your suggestions and ideas in the comments below.

Next Report

Stay tuned as next week’s report will include the following:

• A recap of this week.
• A reader request, an analysis of impact by age of insured.

Comment below on any other data metrics you want to see in this report series.

Methodology

ITC maintains a regular baseline of expected quoting volume for TurboRater. We also maintain an expectation of submission and traffic upon the Insurance Website Builder, TurboRater for Websites, and TurboRater Rate Engine API platforms. 

We built the baseline on a model that reflects multi-year historical performance, usage of the platform, state demographics, and market conditions using data from ITC’s business intelligence and analytical products.

The margin of error for the agency quoting and rating baseline averages less than 1.5%, as calculated daily. The data analysis excludes rates returned without a premium.

The margin of error for the online properties and submission volumes averages less than 5% as calculated weekly.

All models only attempt to predict Monday through Friday. Agency operations over a weekend have too much variability.

As restrictions begin to lift in several areas, we are settling into a COVID-19 world. Insurance agents need to shift email marketing strategies to accommodate the changing insurance landscape and help clients adjust to the new normal.

Here are some ways you can modify your marketing emails to stay relevant and engaging during this time of uncertainty.

Campaign Schedule

COVID-19 has turned just about everyone’s schedules upside-down. So, you may want to revisit the timing and cadence of your email campaigns.

With so many people working from home, people’s schedules have changed. For most of us, that means no more morning commute. It also means personal internet browsing times have changed.  Employees are spending long hours on their computers at home. They are less likely to want to continue online activities after work.

When you send your email campaign is a significant factor in its effectiveness. You don’t want to see your emails buried in the inboxes of your prospects or clients.

The Fix: Test (again). Even if you’ve already spent a lot of time testing to find the optimal days to send your emails, it’s time to gather that data again. I’m confident you’ll see different results.

Content/Topics

As we move into this new time within the COVID-19 pandemic, you need to adapt your email content to the evolving crisis. Initially, your email content may have been about your agency’s office closures or workplace health and safety. Shift your messaging to stay relevant now that we have established routines and systems.

The Fix: Stay aware and positive but move onto more valuable content relevant to the current state of the pandemic. Examples of this could be ways your clients can cope with the new normal, how they should prepare to return to the public workforce, etc.

Value Proposition

With the economy at a low point and unemployment rates increasing, motivations are changing. Consumers who may have been focused more on the relationship may be price-focused now.

The Fix: Agents should shift their email conversations. Press pause on the long-term value of an experienced independent agency strategy. Make a transition to more cost-centric propositions. Remind consumers that you can price match and provide the best value at the best rates.

An Important Note

While we are in unpredictable times, the world will return to an altered sense of normalcy. Independent agents should re-evaluate their email marketing needs periodically to keep up with the evolving insurance landscape post-COVID-19.

Has your agency needed to adjust additional email marketing strategies? Comment below.

ITC will continue to provide these ongoing weekly weather reports throughout this situation. These reports provide agencies and carriers a general baseline of their operations.

Something is different.

When I look back at March and early April to paint the picture of my feelings at the time, the picture is filled with cold, dark rain clouds. My mind, body, and soul were locked up in fear of that weather.

Today, as I began the process of writing this week’s report, I took a fresh look at my mindset and realized that the picture has drastically changed.

Have I thrown caution to the wind and ventured outside without practicing social distancing? No. Have they announced a vaccine? Not yet.

However, the sun is out. My mind is clear. My soul is hopeful.

Things are not just improving; they are returning to normal. It is just a new normal.

Week of 5/11

This week, quoting and rating volume was 10% below ITC’s baseline rating expectations. A slight decline from last week where it was 9.7% below expectations.

Overall, agent quoting continues to trend upward slowly.

State of Rating by State

Last week we re-analyzed state-by-state differences. We concluded that local, state, and federal shelter-in-place directives had a significant impact on state-by-state rating volumes.

The disparity between states that still have strict lockdown requirements (e.g., California, Illinois, and Washington) and states that do not (e.g., Georgia, Oklahoma, and Texas) is clear.

One example is Nevada, which “reopened” during the review period. Prior to the lifting of restrictions, Nevada was 27.4% below expected rating numbers. Nevada improved to 17.5% below expected volumes after the restrictions were lifted, roughly a 30% improvement.

Conclusion: As states continue to re-open, insurance quoting will quickly recover, but they will not return to normal quoting levels for a significant period of time.

The Forecast

ITC predicts that quoting volumes will continue to remain below the expected quote activity settling between 8% and 10% below quoting expectations.

These weekly weather reports started with doom and gloom. Continuous rain in the forecast. The dreariest of outlooks. Those clouds have begun to move away.

We must all find our sunny spot in the COVID-19 pandemic. The improvements we are seeing from agents and carriers have warmed our expectations. We hope this report has helped you as well.

Next Report

Stay tuned as next week’s report will include the following:

• A recap of this week.
• Comment below on any other data metrics you want to see in this report series.

Methodology

ITC maintains a regular baseline of expected quoting volume for TurboRater. We also maintain an expectation of submission and traffic upon the Insurance Website Builder, TurboRater for Websites, and TurboRater Rate Engine API platforms. 

We built the baseline on a model that reflects multi-year historical performance, usage of the platform, state demographics, and market conditions using data from ITC’s business intelligence and analytical products.

The margin of error for the agency quoting and rating baseline averages less than 1.5% as calculated daily. The data analysis excludes rates returned without a premium.

The margin of error for the online properties and submission volumes averages less than 5%, as calculated weekly.

All models only attempt to predict Monday through Friday. Agency operations over a weekend have too much variability.

Google Ads can be a useful and effective marketing tool for your agency. The features and functionalities of a well-strategized Google Ad campaign can help your agency draw in new leads by actively targeting people who would be interested in your products.

But, even the best ads don’t convert new leads if your landing page isn’t put together correctly.

It doesn’t matter how good your copy is or how high your insurance agency website ranks. If your landing page doesn’t convert, there’s no point in running an ad.

Before You Build a Landing Page

Ideally, your pay-per-click (PPC) campaign is ready to go before creating a landing page. When you’re creating a landing page for a completed campaign, you’ll have a clearer understanding of how you need to construct your landing page. Why? Your Google Ad campaign will serve as your roadmap. The landing page is the last stop on that road.

With the foundation of the campaign completed, you’ll already know what products you want to feature, how many landing pages you’ll need, and what your call to action (CTA) should be.

Plan out your campaign first. Check out my Master of Marketing webinar, The Basics of Pay Per Click Marketing. It will help you get started with your PPC campaign. For help creating a PPC campaign action plan, read my blog post A Plan for Your Insurance Agency’s Pay Per Click Advertising.

If you’ve already created your PPC campaign, you’re ready to get started building your landing page. Here are four guidelines that will improve the effectiveness of your Google Ads at creating new leads using well-constructed landing pages.

1: Do Your Research About Landing Pages

A well-informed strategy is a good strategy. So, research is the must-do first step before getting started with your landing page.

Start with researching your competitors. It may seem odd to snoop around on the competition, but there’s value in knowing the marketing strategies of other agencies. You’ll find out where you’ll either need to improve or where you have an advantage.

Make a list of competitors. Find some that are doing well in PPC. On the flip side, find a few that aren’t doing so hot.

This strategy will help you learn what works and what doesn’t. Make a list of the commonalities and differences in your competitors’ landing pages. That data will help you find out:

• How you can build a landing page that is more effective than your competitors
• How you can target a different or more specific audience
• How you can present your agency’s offer as the best offer

There’s still more to find out before creating your landing page.

Make an informed decision on who you want to target with your ad. What are the demographics you want to target? What keywords are getting search volume that may not have as much bidding competition? Do your research to see what your target audience is searching for and take it from there.

Your landing page should reflect the intentions of your ad.  Figure out what your offer is and how it’s different or better than your competitors.

2: Keep Your Ad in Mind

First things first. It’s essential to have a goal in mind for your ad campaign. Always create an action plan for achievable goals. Don’t make your targets too lofty. Objective driven, deliberate goals will translate into an actionable and compelling CTA.

If your ad is promoting a singular product (and it should), the purpose of your landing page should be to sell that one product. In other words, your landing page should have one job, not two, three, or four. You may want to get as much as you can for your money, but a diluted ad is a less effective ad.

We know you may have the itch to cross-sell. Don’t scratch it. Google ads are not the venue for cross-selling. Your goal is to show a consumer shopping for insurance that your agency is the best at providing the service they need.

The beauty of obtaining a new lead is you’ve added their information to your CRM or agency management system. Once they’re in your ecosystem, you can cross-sell them on other products. The moral of this story is to focus your landing page on the goal of an individual ad in your PPC campaign.

When planning your landing page, your focus should always be:

• Your product
• Your target audience
• Your top keywords
• Your call to action (CTA)

Are you collecting data, or are you selling rainbow-colored shoes? The content in your PPC ads should inform your approach to building a landing page.

3: Create a CTA That Increases Conversion

Knowledge is power. A landing page is more powerful if you’ve created it for the correct audience.

Think about it this way.

If ten people saw your ad, who would you want them to be? What product would they be looking for? Your CTA should entice them to become a client.

Attracting the right people to your landing page is the purpose of your ad. Converting those people to leads is the purpose of your landing page.

When thinking about a CTA, most people think of a button with a catchy phrase like, Learn More or Buy Now. An engaging CTA button is, in fact, an essential piece to the puzzle. It should be eye-catching and in striking colors (stick to your branding).

However, your CTA is more than that. A landing page with a quality CTA is a combination of many factors. For example, your product offering, your messaging, and the value proposition of your agency.

If you want people to ask for a quote for auto insurance, then you want your landing page to reflect that. Use imagery that is pleasing to the eye and mirrors the messaging on your landing page. Share why they should choose you to help them find an excellent auto insurance policy.

Start by identifying what your CTA should be, then develop your copy to support the decision to click.

Good CTA-driven landing page copy should include the following:

• Short, direct sentences. No wordy paragraphs.
• Your top keywords. Stick to the keywords that will resonate with your audience.
• Statistics that your audience will want to see.
• Supporting imagery that mirrors your messaging.

Remember, your landing page is your last pitch. Make it count.

4: Learn What Makes You Unique

Your ads are competing with other insurance providers. Your landing page needs to show how your agency is unique. What do you offer that no one else does? Understanding how to market this can be your key to success.

Just like your website, a goal of your landing page is to establish trust with prospects. You need to put your expertise on display and give the impression of authority with your audience.

Let’s say your primary line is auto insurance, and you have a proven track record of getting your clients the best policy at a great value. If your landing page doesn’t provide evidence of your accomplishments, your prospects won’t know.

Make sure you include supporting evidence that adds authority to your claims. Reviews are a great way to accomplish this. Reviews provide the social proof consumers like to see online as to why they should trust you. If you’re successful in earning a consumer’s trust, you are more likely to get a lead.

The landing page for your Google Ad can set you apart from the competition.

First, do your research. Second, always keep your ad in mind when creating your landing page. Don’t lose focus on what is truly important. Like, for instance, your audience. A landing page should be designed for a specific audience to achieve the highest conversion rate. Lastly, make it a priority to show how your agency is unique. These tips together create a successful landing page and a more successful ad.

ITC will continue to provide these ongoing weekly weather reports throughout this situation. These reports provide agencies and carriers a general baseline of their operations.

It has been an emotional experience over the past two months as we continue to cope with the coronavirus pandemic. This roller coaster has had many twists and turns with way too many downhills.

And, though there were a few ups near the end of April, things were still not looking terribly positive.

This week’s report changes that. While the news is encouraging, there are quite a few takeaways that are enlightening as to how we as an industry can recover.

Week of 5/4

Overall, agent and carrier quoting activities continued to improve, beating our predicted expectations. During the first full week of May, quoting and rating volume was 9.7% below ITC’s baseline rating expectations. A marked improvement from last week’s 21.3% below the baseline.

Many agents experienced a surge of quote requests during the first week of a month. This is typical even in normal conditions. So, the increase in volume this week could be due in part to this normal surge.

But, what was interesting in our data this week was how the day-to-day variability in quoting volume decreased. This provides confidence that the numbers are improving as time goes on.

State of Rating by State

In the second weather report, we analyzed state by state differences. We concluded that local, state, and federal shelter in place directives had a significant impact on state by state rating volumes.

At the time, rating volumes were depressed nationally by 32.4%. The impact was universally felt. As the situation matured, states took decidedly different directions with their response. Often discussed in detail throughout the media.

As rating improved over the past two weeks and some states reopened themselves to commerce, it was time to revisit this review. The data was telling.

In states such as Texas and Georgia where statewide shelter-in-place directives expired as of April 30, quoting volumes improved well against the baseline model and exceeded the national performance. For the week of 5/4, Texas and Georgia were respectively 2.6% and 5.2% above expected quoting volumes.

Conversely, in states such as California and Illinois where statewide shelter-in-place directives continued or even were additionally tightened, quoting volumes improved only slightly while still being well below the national averages.

For the week of 5/4, California and Illinois were 18.7% and 29.8% respectively below expected quoting volumes.

Conclusion: As states lift shelter in place directives, quoting volumes will improve drastically.

The Forecast

ITC predicts that quoting volumes will continue to remain below the expected quote activity settling within the mid-teens throughout the week.

While ITC is not advocating for the premature lifting of restrictions, we expect quoting volumes to improve quickly as those restrictions are lifted.

As trusted advisors, it is important that we advise not only our clients but also local and state leaders as to how we can return the economy back to normal.

The future of the industry and many agencies and carriers within it depend on it.

Next Report

Stay tuned as next week’s report will include the following:

• A recap of this week.
• Comment below on any other data metrics you want to see in this report series.

Methodology

ITC maintains a regular baseline of expected quoting volume for TurboRater. We also maintain an expectation of submission and traffic upon the Insurance Website Builder, TurboRater for Websites and TurboRater Rate Engine API platforms. 

We built the baseline on a model that reflects multi-year historical performance, usage of the platform, state demographics, and market conditions using data from ITC’s business intelligence and analytical products.

The margin of error for the agency quoting and rating baseline averages less than 1.5% as calculated daily. The data analysis excludes rates returned without a premium.

The margin of error for the online properties and submission volumes averages less than 5% as calculated weekly.

All models only attempt to predict Monday through Friday. Agency operations over a weekend have too much variability.

We've updated the below ACORD forms for the users of our agency management system InsurancePro.

Forms with New Revision Date

67 UT 2020/06 replaces 2020/03- Utah Auto Insurance Supplement Personal Injury Protection Coverage Waiver of Loss of Income Benefits (for use on or after 5/31/2020)

A of couple months ago, I spoke with an agent who was considering cutting back his monthly budget for pay-per-click (PPC) advertising. He is not alone. Many insurance agencies are tightening their belts when it comes to PPC due to COVID-19.

However, they should be doing the opposite. If you’re going to find money in the budget for something, it should be to position your brand digitally.

Consumers find faith in brands that are resilient and capable of weathering storms. A digital presence makes your brand appear stable. Your agency must remain relevant in the eyes of your target audience. It’s okay to admit that the current situation has been hard on all of us, while also maintaining brand awareness.

Here are four digital marketing best practices that will help you do just that.

(1) Maintain PPC – Lower Your Bids – Not Your Spend.

Constant analysis of the situation at hand is essential.

Many organizations are pausing their ads on search engines. This means the few that keep their ads active can bid lower and still reach their intended audience.

Source Wordstream

Instead of pausing your campaigns, you should optimize them. If you’re not already, start tracking your ad campaign’s performance. Take the time to determine what days of the week and time of day garner the best results. If you’re going to spend the money, you want to get the best return on investment (ROI). Metrics like these are important for getting the best ROI.

In Google Ads, set up Smart Bidding. This feature uses machine learning to find better placement for your ads based on where the algorithm thinks your ad will have the highest conversion and by price.

Understandably, not all consumers are ready to spend. But, PPC is a good strategy for keeping your message and name out there.

(2) Create Organic, Relevant Content

Organic search is at an all-time high, but that does not mean that you take a break from content creation. The use of search engine optimization best practices is still necessary when writing content for your website. Continue to improve your organic benchmarks.

Refine your content strategy to make sure your messaging is appropriate for COVID-19. Consumers and businesses alike are going through difficult times right now. Your content should strike a balance between business and empathy.

If you’re having trouble deciding where your content lies on that scale, lean towards empathy. It is possible to create content that can entertain, educate, and inspire people at home.

It is never a good idea for organizations to profit from a major crisis. Highlight your brand’s position and how you can help. Remember to be positive. Be human on all accounts. Use your organization’s core values to drive your message home. Clearly outline how your brand can help existing clients. Make it easy for your clients. Minimize how many times a user must click through to find information.

(3) Use Social Media to Make an Impact Locally

Your agency may not be in a position at the moment to devote a portion of your budget to PPC. In the interim, social media is an excellent (and free) way to bridge the gap for creating brand awareness. Now more than ever, people are seeking information on Facebook, Twitter, and Linkedin.

If your business is local, focus your content in your community radius. Be inclusive of local users in your content efforts with mentions of cities and local events. Share your local content on social media.

It is also essential that you contribute to local communities in other ways. This could be through advocacy groups. Or, by sharing information to educate and encourage compliance with safety guidelines.

(4) Start Thinking About Your Digital Future

COVID-19 is having a profound effect on consumer norms.

There is more focus for businesses on using digital tools to solve some of the problems we are facing today. Agencies that have depended more on walk-in traffic are having to figure out how to deliver services in alternative ways.

Clients expect your agency to have a certain level of technology in place to continue to deliver services. While delays are expected, customer loyalty isn’t what it used to be. Consumers won’t wait forever. They’ll go to a competitor.

At the beginning of April, things were not looking great. Quoting volumes were 32.4% below expected numbers.

The second week of April looked even worse. Quoting numbers had fallen to 34.7% below expectations. The industry was reeling. The next two weeks signaled a marked change with the introduction of stimulus checks. Consumers were building confidence and were starting to shop. Rating activities for the weeks of 4/13 and 4/20 ended at 22.9% and 25.1%, respectively.

However, just last week, agent and carrier activities improved to its best level since the initial drop seen in the week of 3/16. The week of 4/27 was only 21.3% below ITC’s baseline rating performance number.

Even during March, when many insurance agents who rely on walk-in traffic were really feeling the effects of COVID-19, there was a noticeable data trend. The volatility seen in March does not show up in online quote requests. During this period, online submissions were up 0.1% versus the baseline.

Website quoting and visitor activity have not been significantly affected by COVID-19. Consumers continue to use online methods for requesting quotes and services. There may have been some drop off due to confidence about COVID-19. But, new users visiting an insurance agency website to take care of their insurance needs offset this.

Smart agencies are planning for a future where people can get what they want, when they want it, wherever they are. No, your insurance agency doesn’t have to be Amazon. But, it is advisable that you begin thinking about the strength of your digital presence.

Yes, offices will re-open. However, consumers are now conditioned to interact with you digitally. You will not be able to go back to the way you did things before and continue to grow.

Your digital presence is more important than ever. Although it may seem risky, your PPC budget is a powerful tool for your agency. Less expensive methods of engaging with your target audiences - like blogs and social media - are also excellent ways to create brand awareness. Regardless of circumstances, prepare for the future by increasing your digital presence.

ITC will continue to provide these ongoing weekly weather reports throughout this situation. These reports provide agencies and carriers a general baseline of their operations.

April is now gone, which means it is time for the second full month review within this weekly weather report.

At the beginning of April, things were looking dire. Quoting volumes were 32.4% below expected numbers.

The second week of April looked even worse. Quoting numbers had fallen to 34.7% below expectations. The industry was reeling. Carriers were offering refunds to customers under the scrutiny of lower claim numbers. The industry was being reactive.

The next two weeks signaled a marked change with the introduction of stimulus checks. Consumers were building confidence and were starting to shop. Rating activities for the weeks of 4/13 and 4/20 ended at 22.9% and 25.1% respectively.

Agents and carriers began asking if these were our new norms and if there was improvement on the horizon.

Week of 4/27

Agent and carrier quoting activities improved to its best level since the initial drop seen in the week of March 16. This week was only 21.3% below ITC’s baseline rating performance number.

At 21.3% below expectations, a new baseline for the industry has emerged in the low 20s.

Full Month of April

Throughout April quoting volumes have consistently improved.

A noticeable bump in the middle of the month signals that consumers are still out there. It is the financial hardships consumers are feeling that is depressing insurance spending.

ITC expects the upward trend that started in April to continue through May. However, it will be months, if not the rest of the year, for quoting volumes to return to pre-COVID-19 levels.

Non-Standard Markets

According to J.D. Power, non-standard markets could be adversely affected above and beyond the current impact of the industry. Their report shows a couple factors driving this. Like non-standard shoppers being less aware of premium relief or more likely to encounter financial hardship. Both of which cause a higher incidence of shopping.

This argument is flawed by one component. Non-standard consumers are the regular and savvy price shoppers. Therefore, there is already higher quoting and rating activities in non-standard markets.

An argument can be made that non-standard agencies are better prepared for a shift in buying habits. In the same J.D. Power report, consumers are looking to their agents and carriers for better rate management options. These include reducing premiums, missed payment forgiveness, and suspending coverages at will. These actions are nothing new to agencies focused on volume sales.

I’ve had discussions with agencies across the nation. Those focused on non-standard shoppers have seen a minimal downturn in business. Active renewal, rewrite and education campaigns have replaced any decrease in quoting.

Agencies that have focused on value selling are now facing the reality that their long-term clients have become price shoppers. These agencies will need to use assistive technologies to aid their client base at scale.

Knee Jerk Carrier Reactions

As reported in week three of the State of Insurance COVID-19 Weather Report, many carriers raced to be the first to refund money. That reaction might have been premature.

There is mounting evidence that the windfall many carriers initially saw was a momentary blip. That frequency remained unchanged while severity is on the rise due to open roads increasing the incidence of speeding.

This leads to the suggestion that everyone should continue to take a diligent look at data and not make knee jerk reactions to news or events. That is why ITC provides these reports… to provide an additional data point to help agencies and carriers make informed long-term decisions.

The Forecast

ITC predicts that quoting volumes will continue to remain below the expected quote activity settling between 21% and 24% for the week.

Many people have said that the world has changed. That things will never be the way they were. In many respects that might be true. Work from home and air travel are examples.

But, people still need to drive. Whether they go to the grocery store or have their groceries delivered, driving is a critical and essential part of life in the United States.

All of us – agents, carriers and technology vendors – have a job to do. We must be ready to help this industry recover quickly and for the mutual benefit of our real customers… the consumer.

Next Report

Stay tuned as next week’s report will include the following:

• A recap of this week.
• Comment below on any other data metrics you want to see in this report series.

Methodology

ITC maintains a regular baseline of expected quoting volume for TurboRater. We also maintain an expectation of submission and traffic upon the Insurance Website Builder, TurboRater for Websites and TurboRater Rate Engine API platforms. 

We built the baseline on a model that reflects multi-year historical performance, usage of the platform, state demographics, and market conditions using data from ITC’s business intelligence and analytical products.

The margin of error for the agency quoting and rating baseline averages less than 1.5% as calculated daily. The data analysis excludes rates returned without a premium.

The margin of error for the online properties and submission volumes averages less than 5% as calculated weekly.

All models only attempt to predict Monday through Friday. Agency operations over a weekend have too much variability.