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3. Customer Service & Processing -
Includes activities such as processing new and renewal accounts, issuing
endorsements/ID’s/certificates of insurance, file maintenance, speaking with customers on the phone, company
correspondence, invoicing, etc.
4. Administrative/Other -
Includes any time spent on non-customer service functions such as training,
education, receptionist duties, internal meetings, agency matters, general clerical duties, etc.
T
ECHNOLOGY
1. Real-Time Interface -
An interactive interface that the agency accesses to conduct a transaction or make
inquiries. Accessed through either a proprietary carrier website or agency management system software.
2. Total IT Expenses -
Includes computer hardware/software leasing, computer supplies, maintenance and
maintenance contracts, employee computer training, website development/maintenance, data communications
lines, computer depreciation, and software amortization.
3. 24/7 Customer Service -
The capability of providing customer service 24 hours a day, 7 days a week.
I
NSURANCE
C
ARRIERS
1. Carrier Service Center Use -
Carriers with whom agency has the option of placing policies in their service
centers (i.e., the carrier will assume the role of providing customer service to the policyholder).
O
THER
T
ERMS
In addition to the average results for each study group, the study provides insights on how the “best of the best” are
operating. This table will help you understand the terms used to report this information.
2004 BEST PRACTICES STUDY - APPENDIX
184
HEADING
REFERS TO
Average
the average results achieved by all the firms in the study group for a par-
ticular factor.
(Extreme high and low results distorting the average have
been excluded.)
High
the highest results achieved in the peer group for a particular factor
Low
the lowest results achieved in the peer group for a particular factor
Top 25%
the average results achieved by the Top 25% of the firms in the group for
that particular factor or line item.
(The firms comprising this group will be
different for each factor or line item.)
+25% Profit
the average results achieved by the 25% of firms having the greatest pro
forma profitability as a percent of net revenues.
(The firms comprising
this group will be different for each factor or line item.)
+25% Growth
the average results achieved by the 25% of firms experiencing the greatest
growth in net revenues.
(The firms comprising this group will be different
for each factor or line item.)