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2007 Best Practices Study | Agencies with Revenues Under $1,250,000 | Technology
Agencies with Revenues Under $1,250,000
Appendix
Insurance
Carriers
Technology
Service
Staff Info
Producer
Info
Employee
Overview
Financial
Stability
Revenues/
Expenses
Executive
Perspectives
Profile
Technology
1
Includes hardware/software leasing including offsite applications, supplies, maintenance & maintenance contracts, training, data lines, internet providers,
website development/maintenance, outside consulting fees, computer depreciation, software amortization, and any non-depreciated hardware/software.
Prime 8.6%
Instar 8.6%
Vision 2.9%
MiAssistant 2.9%
AMS360 8.6%
Other 14.3%
Ebix 2.9%
AMS-afw 2.9%
TAM 48.6%
Agency Management
System Utilized
Average
Top 25%
Information Technology FTE
Number
0.4
High
1.5
Low
0.0
Total IT Payroll Expense ($)
$11,076
$28,786
As % of Total Compensation Expense
2.7%
As % of Net Revenues
1.4%
Average
+25% Profit
+25% Growth
Total IT Expenses for Fiscal Year
2.7%
2.1%
2.0%
“Using real-time interface enables us to do
things faster and in more efficient ways. We
cut down our new personal lines process
quoting time in half. Even something as
simple as a billing inquiry is better. I can be
talking with my client and in the 20 seconds it
takes to obtain the real-time billing info, be
finding out whether or not his daughter has
gotten her driver’s permit.”
Scanning & Document Management
% of Agencies that Use
72.2%
% of Users That:
Use an ams for Document Management
63.9%
Use 3rd Party for Document Management
13.9%
Do Front-end (mail room) Batch Scanning 8.3%
Do Back-end (after CSR) Scanning
47.2%
Website
% of Agencies that Have
75.0%
% of Websites That:
Are More than Electronic Yellow Page
52.8%
Used in Prospecting/Sales Efforts
27.8%
Optimized for Search Engines
52.8%
Participate in “Paid” search Programs
5.6%
Is Key Component in Customer
Service Efforts
25.0%
Extend Customer Self-Service
Through Site
11.1%
Used as Vehicle to Provide Helpful
Info and Educate
66.7%