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 …
Typically, financial management is learned on the job rather than through formal training. Agency owners frequently start off as producers, so selling is their strength, not dealing with credits and debits. It is not unusual for some business owners to …
When it comes to business management, there are “best practices, “bad practices” and then there is “what works for the business at the time.” Every business has its unique characteristics due to size, location, products and services, clients, and especially …
Sales are the lifeblood of any business. So, one would think that each company will have a well-thought-out sales strategy. The reality is that most insurance agencies have, at best, a general outline of a sales strategy. More often than …
Let’s face it, insurance is a commodity. The insurance consumer will not see any significant value difference between insurance companies and insurance agencies. Products, price and service are roughly the same. Consumers have new options to access insurance through, as …
