Personal lines production seems to be a larger focus now for property/casualty agencies today. A question that our clients often ask us is regarding how to compensate personal lines staff for production. The short answer is it depends on the …
Mergers and acquisitions continue to occur at a very fast pace, despite COVID-19, election results, unemployment, natural disasters, etc. After price and terms are negotiated, and a letter of intent is executed, then it is time for buyers and their …
We all know about the Pareto Principle, the 80/20 rule. It also applies when analyzing the profitability and the work required for an agency’s book of business. Roughly 20% of the accounts generate 80% of the revenue, and 20% of …
The coronavirus pandemic has led to various versions of lockdowns and quarantine orders, which are now being revised during the summer due to a resurgence of cases. Many businesses still have workers who are now required to work remotely. With …
What makes a good and motivating producer compensation model does not need to be rocket science. The key is to pay what the agency can afford to pay and for what the firm is providing the producers. Lastly, the plan …
Life has changed for everyone since the lockdown of US citizens and businesses a few weeks ago by our local and federal governments. No one can really believe that in such a short time, beginning mid-March, that our lives could …
Account managers are the backbone of an agency. Account managers (AM) are also called customer service representatives (CSR) and are critical to the agency’s reputation. Many are the key to retention, and clients look to them to get their needs …
Regardless of agency size, sometimes it is difficult to get access to all the markets that might be needed for the agency’s clients. Most standard markets will have some sort of volume requirement and some might limit the number of …
The insurance industry is so intertwined into the economy and society, that just about any noticeable change in either will have some impact for the insurance industry. That is why it is imperative for agency owners to watch and learn …
As the M&A frenzy continues, buyers keep pushing the envelope when it comes to agency value. The private equity firms were initially paying top dollar to their first acquisition of a large, well-run firm platform acquisition. But now, many of …
