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2007 Best Practices Study | Agencies with Revenues Between $2,500,000 and $5,000,000 | Executive Perspectives
Appendix
Insurance
Carriers
Technology
Service
Staff Info
Producer
Info
Employee
Overview
Financial
Stability
Revenues/
Expenses
Executive
Perspectives
Profile
Agencies with Revenues Between $2,500,000 and $5,000,000
Gaining a Competitive Edge
For these Best Practices agencies, competitive
advantage is critical. It gives them the upper hand in
retaining business and writing new business. In the
sports world, competitive advantage comes from
being bigger, stronger, faster and smarter. The Best
Practices agencies report that the greatest competitive
advantage comes from having outstanding insurance
carriers and superior relationships with them.
Competitive advantage also comes from having
superior personnel and an outstanding environment
within which their employees work. These agencies
also report that competitive advantage comes from
their having superior expertise, which frequently
results from agencies having areas of concentration, or
specific practice groups. Their concentration and focus
allows them to have better industry expertise, but also
gives them the ability to more efficiently handle and
service these accounts.
Finally, these agencies report that their reputation and
visibility can give them a competitive advantage, as
can the quality of the products and services that they
provide.
Keys to Achieving a
Competitive Advantage
(Top 5 Listed in Order of Frequency Mentioned)
1. Quality markets
2. Superior personnel
3. Agency expertise / industry
specialization
4. Outstanding reputation
5. Excellent products and services