Intermediary Views on Doing Business

By: Erin Bowler, MBA, Senior Analyst, Distribution Research, LIMRA and LOMA

March 2024

The third-party distribution landscape has been growing and evolving in recent years due to mergers and acquisitions (M&A) as well as redirected focus from traditional selling methods to those using advanced technology. Despite challenges the insurance and financial services industry faces, such as an aging producer population, there are opportunities when it comes to financial planning services, recruiting, and intermediary versus carrier service and support.

From 2022 to 2023, sales growth expectations remained strong, with 68 percent of intermediaries — brokerage general agencies (BGAs) and independent marketing organizations (IMOs) — expecting an average 19 percent growth year over year. Today, the business mix of most intermediaries is life insurance followed by annuities. However, sales and revenue from life insurance have been decreasing since 2021, while that of annuities has been increasing. Additionally, challenges in the economy have shifted consumers’ attention away from ...

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