2004 Best Practices Study

AGENCIES WITH REVENUES BETWEEN $500,000 AND $1,250,000

Keys to Maximizing Productivity The utilization of new technology contributed to the success of agencies in this revenue category. Integrating with carrier websites through both the internet and agency management systems has increased efficiency. Being automatically directed to the correct forms and applications has

EXECUTIVE PERSPECTIVES

increased speed and reduced training time for CSRs. Electronic communication with carriers has also increased accuracy. Technology is allowing for the streamlining of everyday work functions. In many cases, the agencies are light years ahead of their carriers. Best Practices agencies are volunteering to be beta testers for carrier downloads. The move toward the paperless office has drastically reduced time spent on paperwork and has increased productivity. A reliance on advances in technology has given producers and CSRs time to maintain the relationships that brought the customers in the door in the first place.

PROFILE

Keys to Maximizing Productivity (Top 5 Listed in Order of Frequency Mentioned)

1. Use of automation to standardize workflows, improve accuracy, track activities & results 2. Hire the right people & reward them for high performance 3. Hold regular staff meetings to review proce- dures, expectations 4. Develop extensive referral network in community 5. Represent a limited number of stable companies

REVENUES/ EXPENSES

FINANCIAL STABILITY

EMPLOYEE OVERVIEW

Keys to Achieving a Competitive Advantage "It is the personal touch that sets us apart." You could hear any of these Best Practices Agencies say this exact phrase. Every client is different; and the ability and willingness to personalize an agency's service to the specific customer need is the heart and soul of this revenue category. The "value-add" approach leads to higher retention rates, increased customer satisfaction and ultimate- ly a competitive advantage in the market.

PRODUCER INFO

SERVICE STAFF INFO

Agencies are utilizing both monetary and non-monetary rewards. In general, mone- tary incentives are tied to performance to ensure "you get what you pay for" out of producers. Managers are also quick to point out the non-monetary rewards that motivate employees. Empowering people to handle more responsibility has proven to be an effective motivator within the Best Practices agencies. Furthermore, creating a team oriented, family friendly atmos- phere can lead to lower turnover and increased profitability.

Keys to Achieving a Competitive Advantage (Top 5 Listed in Order of Frequency Mentioned)

1. Reputation and active presence in local community 2. Experienced, quality staff 3. Credibility with limited number of good companies 4. Aggressive commitment to customer service 5. Focused approach to clients, carriers, business written - being selective

TECHNOLOGY

INSURANCE CARRIERS

APPENDIX

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