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Analysis of Agencies with Revenues
Between $500,000 and $1,250,000
“We add together our carrier profit
sharing dollars and our net increase in
commission income from the prior year.
A percentage of that total is set aside for
our bonus pool. Then I prorate the bonuses
paid to each person based on their salary
and some other factors. I feel that my
folks are excited about writing good
quality business because they know their
bonuses come out of that pool.”
“We just hired a lady from our local bank
who had an incredible customer service
attitude. She now handles all our
claims.”
Employee turnover is low at
Best Practices
agencies due in great
part to their work environment.
The agencies interviewed indicated that they try to create a happy,
friendly environment where people feel empowered to do their jobs,
are supported and encouraged to grow both personally and
professionally, and are rewarded for high performance.
Both monetary and non-monetary reward systems are used as
incentives. Monetary rewards are structured to control expenses if
goals are not met but to reward generously when they are
exceeded.
C
OMMUNICATIONS
–
“At our monthly roundtable discussions
we discuss a potpourri of things – carrier
appetites, market changes, new
discoveries from CE classes, things that
went wrong and how they could have
gone right. We revitalize ideas that we
haven’t been using, what ever has gotten
each of our attentions over the last 30
days.”
“Each month we send one of four letters to
specific groups of clients; for example,
thanking new clients for their business.
All of them have satisfaction response
cards enclosed. We get a tremendous
number back. I share the results of the
cards at our staff meetings. What a
great way to keep employees motivated
and to communicate the importance of
our service.”
“We email newsletters and other general
information but always give the client or
prospect the option to have their name
removed from the list.”
E
MPLOYEE
, C
LIENT
,
AND
C
ARRIER
Because of the close relationships that
Best Practices
agencies
have with their employees, clients, and carriers, they tend to be
good communicators. A variety of vehicles are used with
employees including regular meetings to share ideas, address
problems and concerns, and monitor progress on goals. Financial
information is shared to help clarify agency goals, successes, or
problem areas. Employee manuals and reviews are also used to
help communicate and clarify important themes, procedures, and
behaviors.
Frequent contact is viewed as critical in successful client
communications and is achieved in a variety of ways including
newsletters, regular face-to-face meetings, surveys, telephone calls,
and regular correspondence.
Technology permeates most of the day-to-day communications with
insurance carriers – voice mail, email, fax, and upload – but,
regardless of the vehicles used, the top agencies stressed the
importance of open and honest communications with their company
partners.
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