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2007 Best Practices Study | Agencies with Revenues Under $1,250,000 | Producer Info
Agencies with Revenues Under $1,250,000
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
16.7%
Directly From
College or
Graduate
School
16.7%
An
Insurance
Carrier
0.0%
Another
Insurance
Broker
66.7%
New Producer Hiring
Average
+25% Profit
+25% Growth
% of Agencies that Hired New Producers Last Year
16.7%
*
33.3%
# of New Producers Hired Last Year
1.1
*
1.2
Average Annualized Wages per Producer Hired
$31,875
*
$34,167
Future Hiring Plans
Average
+25% Profit
+25% Growth
% of Agencies That Plan to Hire a New Producer
During Current Fiscal Year
36.1%
44.4%
22.2%
Number of Producers to be Hired
1.0
1.0
*
“Successful” New
Producers
83.3%
of producers hired over the
last 5 years have met their
production goals
“My son and daughter work in the business with me. They are the only two
people under 40 in the agency. We’ve got an aging staff and over the next 6
to 9 years, almost everyone, other than my son and daughter, will retire. That
is the reason we hired this young producer, to face that reality head-on. We
are looking at him as a bright spot for us going forward.”
“Outside of Industry” includes other sales (technology, golf,
pharmaceuticals, food, uniforms), IT consulting, hospitality, fund-raising,
banking, manufacturing, telecommunications, environmental, non-profit,
and trucking
*Insufficient Data