2004 Best Practices Study
AGENCIES WITH REVENUES BETWEEN $5,000,000 AND $10,000,000
PRODUCER INFORMATION A. New Producer Hiring
"We got over our love affair with acquisitions and began focusing on young producers. We wasted a lot of time and money doing bad deals with tired pro- ducers. We do much better in attracting and developing young kids who still have some gas in their tanks."
% of Agencies that Hired a New Producer During Last Fiscal Year
67.7% 37.5% 62.5%
Number of New Producers Hired
Average Annual Compensation Per New Producer
Where New Producers Were Found
Outside of Industry* 25.3%
Directly from college or graduate school 8.0%
“Successful” New Producers 76.3% of producers hired over the last 5 years have met their production goals.
Another insurance broker 47.7%
An insurance carrier 19.0%
SERVICE STAFF INFO
*Other industries mentioned most often include Financial, Stock Brokerage, Manufacturing, Medical/Pharmaceuticals, and Office Equipment/Furniture.
Future Hiring Plans
% of Agencies that Plan to Hire a New Producer During Current Fiscal Year
87.1% 87.5% 87.5%
Number of New Producers to be Hired
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