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2007 Best Practices Study | Agencies with Revenues Between $5,000,000 and $10,000,000 | Producer Info
Agencies with Revenues Between $5,000,000 and $10,000,000
Appendix
Insurance
Carriers
Technology
Service
Staff Info
Producer
Info
Employee
Overview
Financial
Stability
Revenues/
Expenses
Executive
Perspectives
Profile
Producer Information
Where New Producers Were Found
Outside
of Industry
17.8%
Directly From
College or
Graduate
School
12.3%
An
Insurance
Carrier
29.5%
Another
Insurance
Broker
40.5%
New Producer Hiring
Average
+25% Profit
+25% Growth
% of Agencies that Hired New Producers Last Year
66.7%
87.5%
87.5%
# of New Producers Hired Last Year
2.0
2.0
1.9
Average Annualized Wages per Producer Hired
$52,825
$52,857
$46,857
Future Hiring Plans
Average
+25% Profit
+25% Growth
% of Agencies That Plan to Hire a New Producer
During Current Fiscal Year
83.3%
100.0%
87.5%
Number of Producers to be Hired
1.7
1.4
1.6
“Successful” New
Producers
64.2%
of producers hired over the
last 5 years have met their
production goals
“We’re committed to hiring two new producers per year. To get the kind of
quality we’re looking for, we are typically having to interview as many as 50
people to hire a single producer. It is not easy, but it is critical to our success.”
“We are not good at training employees
without insurance experience. For that
reason, we focus on experienced people
and have to offer them a better value
proposition than their current employer.”
“Outside of Industry” includes other sales (technology, golf,
pharmaceuticals, food, uniforms), IT consulting, hospitality, fund-raising,
banking, manufacturing, telecommunications, environmental, non-profit,
and trucking