Analyzing Agency Management Benchmarks
I have been analyzing agencies for a long time, and I believe it is extremely safe to say that no two agencies are the same. At least I have never found two agencies to be the same. This is the …
If an Agency Were a Person
Most agencies are managed from the perspective of the shareholders and executives. But what would an agency want if it were a shareholder? 1. Good health. The foundation of agency health is the balance sheet. The most important measure on …
Perpetuation: It Isn’t Just a Money Thing
When agency owners think of perpetuation planning, they often think only of the financial aspect: Selling their agencies. In some circles, among some advisors, perpetuation planning is really another term for acquisitions. But perpetuation is much, much more than buying …
Perpetuation: It Isn’t Just a Money Thing
When agency owners think of perpetuation planning, they often think only of the financial aspect: Selling their agencies. In some circles, among some advisors, perpetuation planning is really another term for acquisitions. But perpetuation is much, much more than buying …
The Competitive Advantage: Procedural Consistency and Agency E&O
I have often been asked why procedural consistency is important for reducing errors and omissions (E&O) exposures. Another way of asking the question is, “Why is inconsistency an issue?” Let’s first consider the strict legal perspective. The most applicable case …
Procedural Consistency: A Good Defense for Agency E&O
I have often been asked why procedural consistency is important for reducing errors and omissions (E&O) exposures. Another way of asking the question is, “Why is inconsistency an issue?” Let’s first consider the strict legal perspective. The most applicable case …
Writing Small Accounts Profitably
Someone once said: “Every agency should write small accounts because one or two will eventually turn into big accounts.” If I had a dime for every time I’ve heard this, I could make a healthy contribution to the federal deficit. …
Easy Ways to Increase Revenue and Profits with Little and Preferably No Effort
Editor’s Note: This article originally appeared in Insurance Journal’s Satire Issue, August 15, 2011. The content in this issue is not real and is not to be taken seriously. It’s supposed to be humorous. Seriously. I am frequently asked how …
Denialism: It’s a Win-Win Situation
Within confines, people can succeed without accepting reality. The Western church succeeded in building itself into a hugely successful entity while denying the world was round for 1,000 or so years. Many banks and bankers denied making bad loans, first …
Are You a Sales Builder or a Business Builder?
Are you a great producer running an agency on the side or are you an executive running an agency where one responsibility is making sales? There has always been too much truth to the old adage that doctors are the …