Independent Agents can Enhance Growth Opportunities by Writing More Commercial Insurance According to IIABA’s 2023 Best Practice Study, small agencies (defined as under $1.25 million in revenue) on average generate 43.9% of overall revenue from commercial P&C. Within SIAA, the national average of overall revenue from commercial P&C is 40%. And although there are exceptions, […]
To successfully achieve annual new business plans, small business insurance producers should understand five key metrics and concepts to be effective. Agency/Producer Hit Ratio Tracking the hit ratio (aka closing ratio) overall and by class of business can help producers identify where to focus. Low hit ratios may be the result of not having the […]
Low unemployment and increasing wages make attracting and retaining talent more difficult than ever. Employees have more options when choosing where they want to work. A recent hire told me they chose our office between six different offers that they got in their first two weeks of looking for a new job! With all that […]
Policy renewal increases and customer quote requests are keeping agents busier than ever. With a finite amount of time available and knowing that it is unrealistic to expect agents to apply equal attention to all incoming work, effective prioritization becomes critical. One way to address this challenge is by developing a segmentation approach for Personal […]
With auto insurance premiums increasing by an average of 15%, consumers will look to agents for ways to respond. While independent agents can remarket accounts, the resulting disruption and potential to face increases again with another carrier at the next renewal may necessitate finding another alternative. Carrier telematic programs offer agents a better way to […]
Creating a successful growth agency starts with having a focus on recruiting and hiring. Building upon that for the long-term, successful agency owners make ongoing training and internal development a priority. Integrating training and development into an agency’s overall operations can be challenging. The components and resources available will vary from agency-to-agency. Typically, best practice […]
There are several things to think about if you are a captive insurance agent who is considering becoming an independent agency. You are not a novice. You have the advantage of industry knowledge because you have worked in the insurance industry for a long time. Nevertheless, there will be some difficulties. However, with great preparation […]
How can an owner grow their agency most effectively? Hiring and developing qualified staff is a key differentiator between successful growth agencies and their peers. For many owners an essential starting point begins with a focus on recruiting and hiring. Agencies that grow faster than their peers prioritize revenue-generating activities. Growth can be achieved by […]
Successfully Navigating through a Volatile Insurance Market Inflation and higher gas prices continue to drive cost increases and volatility. It’s important to learn how our agents are navigating a volatile insurance market. Personal and commercial insurance premiums will continue increasing (10% and greater) as carriers cite underlying factors such as material shortages (car and parts […]
Having an established new client onboarding process is an essential foundational element that impacts retention and client loyalty (see article: Key Performance Indicator – Understanding the Impact of Retention and Renewable Income on Agency Growth). Determining what makes a successful client onboarding program varies from agency to agency. A few questions to consider with respect […]
