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A
NALYSIS OF
A
GENCIES WITH
R
EVENUES
B
ETWEEN
$5,000,000
AND
$10,000,000
B
EST
B
USINESS
P
RACTICES
A
NALYSIS
“Consistency in terms of who services
each account is critical. We are in a
relationship business. If clients
experience regular turnover among those
handling their account, we will lose
them. Much of the business we pick up
comes to us for that reason.”
“A year ago we realized that employees
were using voicemail to as a tool to
manage their workflow, at the expense
of our customers. We have drastically
reduced the use of voicemail to ensure
our customers have access to our people.”
“Making it clear that an owner of our
firm is available to be reached at home
at nights or on weekends has provided a
great sense of security to our key
accounts.”
C
USTOMER
S
ERVICE AND
S
ATISFACTION
Best Practices
agencies in this revenue size group generally have a
very large number of customers to keep satisfied.
To complicate matters even further, these agencies generally have
a number of different customer segments to deal with (program
business, personal, affluent personal, small commercial, large
commercial, etc.), each with very different servicing requirements.
Common
Best Practices
emerge, however, regardless of the actual
levels of servicing required: prompt and fair claims processing,
highly talented and motivated employees, frequent communications,
a commitment to quality, timely transaction turnaround, quality
carrier representation, and a willingness to act as an insured’s
advocate in a time of need.
H
IRING
, D
EVELOPING
,
AND
R
EWARDING
E
MPLOYEES
“Careful screening of all employees with a
psychological evaluation has been key to
getting the right people in place.”
“Thoughtful and fair evaluation of
performance allows us to reward those
achieving top results. We monitor
customer contact and use a peer review
process to evaluate performance. We then
provide bonuses that far exceed the levels
of our competitors.”
“We pay an ‘at-the-market-wage’ and
focus on creating the best possible
environment for our people, i.e. one that is
highly communicative, supportive and
fun. As a result, we never lose people.”
Best Practices
agencies realize that their success is primarily a
function of the quality of their employees. Therefore, it comes as no
surprise that these agencies focus extensively on developing the
highest caliber employees possible.
The
Best Practices
identified in support of this objective include:
extensive pre-employment screening and testing, referral bonuses,
merit-based compensation, extensive professional development
programs, ownership/equity opportunities, an “empowered”
environment, open and honest communications, and procedures for
dealing with ineffective employees quickly.
Although the labor market has loosened a bit recently, finding the
necessary quantity of talented employees remains a significant
challenge, specifically in the sales arena.
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