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2007 Best Practices Study | Agencies with Revenues Over $25,000,000 | Producer Info
Agencies with Revenues Over $25,000,000
Appendix
Insurance
Carriers
Technology
Service
Staff Info
Producer
Info
Employee
Overview
Financial
Stability
Revenues/
Expenses
Executive
Perspectives
Profile
Producer Information
New Producer Hiring
Average
+25% Profit
+25% Growth
% of Agencies that Hired New Producers Last Year
96.0%
85.7%
85.7%
# of New Producers Hired Last Year
8.4
12.3
7.3
Average Annualized Wages per Producer Hired
$87,111
$55,474
$94,425
Future Hiring Plans
Average
+25% Profit
+25% Growth
% of Agencies That Plan to Hire a New Producer
During Current Fiscal Year
92.0%
85.7%
71.4%
Number of Producers to be Hired
6.7
4.5
7.0
Where New Producers Were Found
“Successful” New
Producers
55.4%
of producers hired over the
last 5 years have met their
production goals
“No question the key to our future growth is the ability to continue to recruit
and develop producers. Our challenge is that we believe we’ve already
attracted the best insurance people in our community. This means that we’re
going outside of the industry more and more often. As we are doing this, we
are realizing that producer training and development is a critical success factor,
more than in the past.”
Outside
of Industry
14.8%
Directly From
College or
Graduate
School
5.5%
An
Insurance
Carrier
11.8%
Another
Insurance
Broker
67.5%
“Outside of Industry” includes other sales (technology, golf,
pharmaceuticals, food, uniforms), IT consulting, hospitality, fund-raising,
banking, manufacturing, telecommunications, environmental, non-profit,
and trucking