View this article online: https://www.insurancejournal.com/news/national/2005/03/03/52140.htm
The National Alliance Research Academy will once again be conducting its Growth and Performance averages will be provided, as well as high- performance standards for agencies in the top 25 percent of their class.
In the same way a GPS unit gives guidance for trekkers and pilots, The Academy’s GPS study provides direction for independent insurance agency owners and managers. The study includes income and expenses averages, balance sheet ratios, and productivity measures for agencies of various sizes and regions. Agencies can compare their results to their peer group averages and also compare to the top-performing agencies.
Some survey results from the 2002 GPS study display critical performance indicators based on agency averages and the top 25 percent of agencies:
· Annual growth in revenues was 10% for all GPS agencies and 24% for the top 25% of agencies.
· Retention of commercial lines accounts averaged 90% for all agencies and 96% for the high performance agencies.
· Pre-tax agency profit was 9.80% on average and 19.61% for the top 25% of agencies.
· Productivity, as measured by revenues per person, was $96,334 on average and $137,363 for agencies in the top 25%.
Independent agencies now have the opportunity to participate in this year’s study. Survey participants will receive an Executive Summary of the Survey Results, and the option for a half-price copy of the new publication.
To participate in the survey, go to www.TheNationalAlliance.com/GPS, send an e-mail to tdeocampo@scic.com, or call 800-633-2165. For further information, contact Jim Cuprisin, research director, jcuprisin@scic.com.