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2013 Best
Practices Study
Agencies
with Revenues
Between
$1,250,000 and
$2,500,000
61
Analysis of Agencies with Revenues Between $1,250,000 and $2,500,000
Key Benchmarks
Mgmt. Perspectives
Profile
Revenues
Expenses
Profitability
Employee Overview
Producer Info
Service Staff Info
Technology
Insurance Carriers
Appendix
Average
Top 25%
Information Technology Employees (FTE)
Number
0.6
High
1.4
Low
0.1
Total IT Payroll Expense ($)
$23,806
$43,963
As % of Total Compensation Expense
2.6%
As % of Net Revenues
1.4%
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.
Other included Xanatek-IMS.
Technology
Agency Management
System Utilized
Average
+25% Profit
+25% Growth
Total IT Expenses
1
(as % of net revenues)
3.1%
2.6%
3.6%
Average
+25% Profit
+25% Growth
Top Priorities for Software/IT Investments in Coming Year
(% of agencies indicating investment as one of top 3)
Agency Management System
32.4%
37.5%
50.0%
Comparative Rating
23.5%
25.0%
25.0%
Real-time Connectivty/Download to Carriers
14.7%
12.5%
0.0%
Web Portal (Client Payments, Billing Inquiry, Quotes, etc.)
23.5%
25.0%
25.0%
Internet Marketing/Social Media
52.9%
62.5%
62.5%
Business Intelligence/Dashboards/Reporting
26.5%
12.5%
37.5%
Producer Automation
41.2%
25.0%
62.5%
Data Privacy Compliance
5.9%
0.0%
12.5%
Disaster Recovery
14.7%
12.5%
25.0%
Application, Database & Network/Server Security
8.8%
12.5%
0.0%
E-initiatives (eSignature, Electronic Policy Delivery, EFT, etc.)
32.4%
37.5%
37.5%
Other
8.8%
12.5%
12.5%
TAM
48.5%
EPIC
6.1%
AFW
3.0%
Instar
3.0%
Hawksoft
3.0%
AMS
360
33.3%
Other
3.0%
*
Other included computer hardware, website updating and CSR Certtrax.