2004 Best Practices Study
2004 BEST PRACTICES STUDY - APPENDIX
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. 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. 3. 24/7 Customer Service - The capability of providing customer service 24 hours a day, 7 days a week.
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.) the highest results achieved in the peer group for a particular factor
the lowest results achieved in the peer group for a particular factor
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.) 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.) 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.)
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