2007 Best Practices Study
Agencies with Revenues Over $25,000,000
Executive Perspectives
Profile
Revenues/ Expenses
Financial Stability
Employee Overview
Producer Info
Service Staff Info
Technology
Insurance Carriers
Appendix
Producer Information
New Producer Hiring
Average
+25% Profit
+25% Growth
% of Agencies that Hired New Producers Last Year
96.0%
85.7%
85.7%
# of New Producers Hired Last Year
8.4
12.3
7.3
Average Annualized Wages per Producer Hired
$87,111
$55,474
$94,425
Where New Producers Were Found
“Successful” New Producers 55.4%
Outside of Industry 14.8%
Directly From College or Graduate School 5.5% An Insurance
Another Insurance
of producers hired over the last 5 years have met their production goals
Broker 67.5%
Carrier 11.8%
“Outside of Industry” includes other sales (technology, golf, pharmaceuticals, food, uniforms), IT consulting, hospitality, fund-raising, banking, manufacturing, telecommunications, environmental, non-profit, and trucking
“No question the key to our future growth is the ability to continue to recruit and develop producers. Our challenge is that we believe we’ve already attracted the best insurance people in our community. This means that we’re going outside of the industry more and more often. As we are doing this, we are realizing that producer training and development is a critical success factor, more than in the past.”
Future Hiring Plans
Average
+25% Profit
+25% Growth
% of Agencies That Plan to Hire a New Producer During Current Fiscal Year
92.0%
85.7%
71.4%
Number of Producers to be Hired
6.7
4.5
7.0
165 2007 Best Practices Study | Agencies with Revenues Over $25,000,000 | Producer Info
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