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Analysis of Agencies with Revenues
Between $5,000,000 and $10,000,000
E
FFECTIVE
P
ROCEDURES
/P
ROCESSES
At this size, there is no room for flying by the seat of the pants when
it comes to procedures and policies.
Best Practices
agencies report
that frequent changes in technologies and products require a more
“dynamic” approach to establishing and managing procedures and
policies – the days of a somewhat “static” procedures manual are a
distant memory.
“
Procedures must be written and people
must be held accountable for abiding
by them.”
“Procedures are continuously updated.”
The
Best Practices
surrounding this critical area include: a
dedicated “Quality Control” manager or committee, periodic E&O
audits by a third-party, a procedures platform (online manual,
Intranet site, etc.) that is easy to update and access, an ongoing
commitment to reviewing procedures to ensure they remain current,
ongoing training for producers and support personnel, a cooperative
partnership with the agency’s technical employees, and the
unwavering support of upper management.
C
ARRIER
R
ELATIONSHIPS
The
Best Practices
used to ensure carrier and vendor relationships
remain maximized tend to revolve around a partnership paradigm in
which shared values and objectives serve as the foundation.
“We never, ever burn a bridge with an
insurance carrier, even when a contract is
terminated, recognizing that there will
probably come a day when we will need
each other again.”
“The same fundamentals that support
good employee and good customer
relationships support carrier relationships.
Relationships should be established at
multiple levels and should be built upon
mutual respect, clear communication,
and integrity.”
“We try very hard to find those partners
who share the same values we do.”
Carriers still complain about inadequate volume and agents still
complain about constantly changing carrier appetites, but at this
size and with this much volume at stake, agents and carriers find
themselves with a tremendous incentive to truly partner with one
another. Many
Best Practices
agencies in this size group report that
their key carrier business partners serve as active participants in
their own agency planning process.
Other
Best Practices
identified include: frequent social gatherings,
multi-tiered company relationships throughout the agency, a limited
number of markets that are supported, partnerships for niche and
program development, and frequent and open communications.
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