165 / 186
PRODUCER INFORMATION
A.
New Producer Hiring
Where New Producers Were Found
Future Hiring Plans
AGENCIES WITH REVENUES OVER $25,000,000
164
EXECUTIVE
PERSPECTIVES
PROFILE
REVENUES/
EXPENSES
FINANCIAL
STABILITY
EMPLOYEE
OVERVIEW
PRODUCER
INFO
SERVICE
STAFF
INFO
TECHNOLOGY
INSURANCE
CARRIERS
APPENDIX
“We are making out-
standing profits. If we
want to grow in the
future, though, we are
going to have to invest
these profits into busi-
ness development,
especially hiring new
producers.”
Average
+25%
Profit
+25%
Growth
% of Agencies that Hired
a New Producer During
Last Fiscal Year
93.3% 75.0% 100.0%
Number of New
Producers Hired
6.3
5.7
8.5
Average Annual
Compensation Per New
Producer
$87,009 $63,333 $80,800
“Successful” New
Producers
71.3%
of producers hired over the
last 5 years have met their
production goals.
Another
insurance broker
53.0%
An insurance
carrier
19.2%
Directly from college
or graduate school
13.8%
Outside of Industry*
14.0%
*Other industries mentioned most often include Financial, Stock Brokerage, Manufacturing,
Medical/Pharmaceuticals, and Office Equipment/Furniture.
Average
+25%
Profit
+25%
Growth
% of Agencies that Plan to Hire a New
Producer During Current Fiscal Year
93.3% 100.0% 100.0%
Number of New Producers to be Hired
4.2
3.0
7.5