Something for Everyone

Enron, WorldCom, Tyco, ImClone Systems and Adelphia Communications have become household names in the world of corporate mismanagement, poster companies for greed and corporate fraud run amok. True, you may agree, just before you ask: What do those companies have to do with me, the insurance agency owner/manager/agent?

The answer can be found in the “management” part of the word “mismanagement.” Because what those companies listed above lacked was good management. The kind of management that seeks long-term solutions, remembers that what’s good for the organization is actually good for its own self-interests and keeps in mind that management and personnel go hand in hand in developing, growing and sustaining a dynamic, successful company.

Even a team of 15 year-old volleyball players (like those on my daughter’s high school team) realize that no matter how talented they are as individual players, they’ll never get anywhere without the direction of an experienced, knowledgeable coach who sets goals and provides guidance for achieving them. So it is with professional organizations. Yet as one of our contributors, Michael Weinberg, tellingly admits: managing an agency goes beyond knowledge of insurance. So where does an agency principal go to learn about how to lead his or her company to success?

One place to start is Insurance Journal. One of our goals is to provide more information and resources on agency management. So we’ve brought together a group of experts to share their insights on how to coach your organization to success in financial terms and to create an interesting, dynamic environment that makes you and your employees want to get out of bed and go to work everyday.

Regular IJ columnists Bill Schoeffler and Catherine Oak tackle growth issues by first asking the question: Is it better to sell one product to lots of people or many products to a few customers? The answer(s) may be surprising.

Weinberg, managing director of Gateway Insurance Agency in Fort Lauderdale, Fla., examines management problems in the insurance industry that extend all the way up the ladder from the smallest independent agencies to top management of large insurance carriers.

Difficulties in hiring and keeping qualified, experienced agency personnel plague the insurance industry across the U.S. Calling the problem a marketing issue, Sharon Cunningham, president of Business Management Group, explores the process of selling the company to potential and existing employees.

Finally, processes and procedures are the focus of agency operations expert Jack Fries’ analysis of how an agency can most effectively and efficiently boost its bottom line. He sets forth not only the four “cornerstones” of effective management but describes the steps necessary to achieve the goal of agency profitability.

With this issue, we hope, and believe, we’ve included something for everyone. As always, your feedback is welcome, so let us know how we’re doing.