2004 Best Practices Study
AGENCIES WITH REVENUES BETWEEN $2,500,000 AND $5,000,000
PRODUCER INFORMATION A. New Producer Hiring
"Although it is counterintu- itive, we have two produc- er/owners who are no longer focusing on per- sonal production of new business. Instead, one owner is focused on men- toring/ coaching new pro- ducers and the other is focused on agency work- flows (which support the new producers)."
% of Agencies that Hired a New Producer During Last Fiscal Year
Number of New Producers Hired
Average Annual Compensation Per New Producer
Where New Producers Were Found
Outside of Industry* 30.7%
Directly from college or graduate school 5.3%
“Successful” New Producers 72.6% of producers hired over the last 5 years have met their production goals.
An insurance carrier 14.9%
Another insurance broker 49.1%
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
90.6% 100.0% 100.0%
Number of New Producers to be Hired
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