93 / 204
2013 Best
Practices Study
Agencies
with Revenues
Between
$2,500,000 and
$5,000,000
93
Analysis of Agencies with Revenues Between $2,500,000 and $5,000,000
Key Benchmarks
Mgmt. Perspectives
Profile
Revenues
Expenses
Profitability
Employee Overview
Producer Info
Service Staff Info
Technology
Insurance Carriers
Appendix
Average
Top 25%
Information Technology Employees (FTE)
Number
0.8
High
2.0
Low
0.1
Total IT Payroll Expense ($)
$46,506
$98,157
As % of Total Compensation Expense
2.3%
As % of Net Revenues
1.3%
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 a custom agency management
system.
Technology
Agency Management
System Utilized
Average
+25% Profit
+25% Growth
Total IT Expenses
1
(as % of net revenues)
2.2%
2.1%
1.8%
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
54.3%
72.7%
72.7%
Comparative Rating
17.4%
9.1%
18.2%
Real-time Connectivty/Download to Carriers
26.1%
36.4%
45.5%
Web Portal (Client Payments, Billing Inquiry, Quotes, etc.)
32.6%
27.3%
18.2%
Internet Marketing/Social Media
65.2%
54.5%
63.6%
Business Intelligence/Dashboards/Reporting
13.0%
9.1%
0.0%
Producer Automation
32.6%
36.4%
36.4%
Data Privacy Compliance
13.0%
0.0%
9.1%
Disaster Recovery
10.9%
0.0%
9.1%
Application, Database & Network/Server Security
26.1%
36.4%
18.2%
E-initiatives (eSignature, Electronic Policy Delivery, EFT, etc.)
15.2%
9.1%
0.0%
Other
8.7%
9.1%
0.0%
TAM
46.7%
Sagitta
2.2%
EPIC
6.7%
Vision
6.7%
AMS
360
33.3%
AFW
2.2%
Other
2.2%
Other included hardware updates, Image Right software, data analytics, video conferencing capabilities, and website
upgrade.