Agency Management News

Survey: Who’s Worth What in the Independent Agency System?

For the second year in row, salaries and total compensation rose in independent insurance agencies across the nation. That’s according to Insurance Journal’s annual Agency Salary Survey 2014. This year all levels of agency personnel averaged between a 2 percent …

Burand’s Agency E&O Blog: Tip #54

Fees & Agency’s Standard of Care. An agency’s Standard of Care requirement has many moving parts and variables. Simple answers generally do not exist because the applicable standard is case and fact specific. However, a key to making the agency’s …

Missteps in Employee Hiring Costly for Agencies: MarshBerry

For most lines of insurance business, commission income is growing and most insurance agents and brokers expect profits to be similar or better in 2013 compared to 2012. That’s according to the 28th Annual Market & Financial Outlook Survey by …

The Fight for Policy Ownership

There are times when what agents don’t know can hurt them. And this is one of them. I refer to the all-too-often overlooked, and recently targeted, ownership of policy “expirations” — policy, policyholder and account information. At the crux of …

Want to Make More Money in the Insurance Business? Specialize.

Insurance producers who specialize in an industry or insurance product line make more money than those who don’t. Likewise, agencies that encourage their producers to specialize bring in more revenue than those agencies that are content with generalization. That’s according …

Commentary: Notifying Excess Insurers for Additional Insureds

An interesting case was recently decided by the Georgia Court of Appeals. In Garner and Glover Co. v. Barrett, 738 S.E.2d 721 (Ga. App. 2013), the issue was the duty of an insurance producer to notify an excess insurer when …

Social Media Is Here to Stay, Texas P/C Professionals Say

The value of social media as a tool for marketing and selling property/casualty insurance may be a matter of debate but one thing is for certain: While the nature of social media may be evolving, it’s not going away. Many …

Positioning with Companies as the Market Changes

A huge amount of press has been devoted to how important price is to insurance buyers — and it clearly is. But this is not specific to insurance. Price is a key factor in almost all buying decisions, excluding medical …

Insurance Journal Co-Sponsors MarshBerry Market & Financial Survey

MarshBerry, in partnership with Insurance Journal, has launched its 28th Annual Market & Financial Outlook Survey. This exclusive survey compiles anonymous general agency information along with financial, market, carrier and technology data and then summarizes the findings in a State …

Most Insurance Agencies Say Technology Helped Fiscal Growth: Survey

The majority of insurance agencies (77 percent) directly attribute their fiscal growth during 2012-2013 to the use of technology, according to a new industry survey. The survey, conducted by Vertafore at this year’s NetVU (Network of Vertafore Users) conference, was …