One of the most common questions that agency owners ask about their producers is how they are doing compared to their peers. Is the new business commission they are bringing in more or less than average? Is their total book size similar to other producers? According to a recent Big I best practice studies, producers […]
What is the biggest challenge your agency faced in the past year? The biggest challenges for KLT Insurance this first year has been learning to service policies without the trusted account manager that I had worked with the past five years. I did not realize how much I utilized her and how much she had […]
Understanding and tracking commission revenue per employee can be a valuable key performance indicator (KPI) and benchmark. For an agency owner, maximizing revenue per employee is also critical in driving healthy operating margins. For producers and accounts managers/CSRs, it can be useful in evaluating individual performance and value to the agency. According to best practice […]
What is the biggest challenge your agency faced in the past year? The biggest challenge we’ve experienced over the past year was purchasing an agency and then integrating that book of business into my current business. Beyond the actual purchase, which involved quite a bit itself, we had to be efficient as we connected with […]
What is the biggest challenge your agency faced in the past year? The biggest challenge for us has been the way we conduct meetings with new and current clients, transitioning away from in-person meetings to virtual Zoom meetings. The current pandemic has forced us to change the way we present quotes to new prospects and […]
Successful agents track and understand close ratios as a critical KPI (key performance indicators) to help determine where to focus sales and marketing efforts. The challenge is knowing what constitutes an optimal close rate. Top-performing agents with sufficient lead sources, targeted focus, and a solid portfolio of carriers can consistently drive 40% to 70% close […]
Independent insurance agencies typically average anywhere from 1.3 – 1.7 policies per customer. High-performing multi-line agencies exceed an average of 2 policies per customer. Knowing and monitoring this number may help identify initiatives to improve your agency’s success. It is one of the easiest KPIs (key performance indicators) to calculate. Simply take your total policies […]
What is the biggest challenge your agency faced in the past year? The COVID-19 Pandemic is the largest challenge faced this year. Yet we all know life must go on. We hired a new producer as all of this was developing and the challenges involved with communication, training, and encouraging her were unique. With […]
The framework of an independent insurance agency positioned to grow in 2020 looks vastly different than it did just a few years ago. Consumers buying habits constantly evolve, prompting agency owners to consider increasing familiarity with various business communication tools. Here are some examples of the types pf tools you should be utilizing in your […]
What is the biggest challenge your agency faced in the past year? We put together a solid agency structure and culture. However, our biggest challenge has been trying to find effective insurance producers. While there are a limited number of insurance producers that could be available, it has been a struggle to find one with […]
