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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.)