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2007 Best Practices Study | Agencies with Revenues Between $10,000,000 and $25,000,000 | Producer Info
Agencies with Revenues Between $10,000,000 and $25,000,000
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
31.3%
Directly From
College or
Graduate
School
4.0%
An
Insurance
Carrier
22.6%
Another
Insurance
Broker
42.1%
New Producer Hiring
Average
+25% Profit
+25% Growth
% of Agencies that Hired New Producers Last Year
90.0%
75.0%
87.5%
# of New Producers Hired Last Year
3.3
4.2
3.6
Average Annualized Wages per Producer Hired
$67,108
$51,684
$68,525
Future Hiring Plans
Average
+25% Profit
+25% Growth
% of Agencies That Plan to Hire a New Producer
During Current Fiscal Year
86.7%
62.5%
75.0%
Number of Producers to be Hired
3.3
5.4
3.0
“Successful” New
Producers
59.7%
of producers hired over the
last 5 years have met their
production goals
“Our biggest growth problem is with our gray-hairs. The young producers ‘get
it.’ They, by nature of their own financial needs, are focused on writing new
business. We have too many fat and happy middle-aged producers. Even
worse, many of them are owners in the business. Their example is not lost on
the rest of the organization.”
“Outside of Industry” includes other sales (technology, golf,
pharmaceuticals, food, uniforms), IT consulting, hospitality, fund-raising,
banking, manufacturing, telecommunications, environmental, non-profit,
and trucking