2004 Best Practices Study
AGENCIES WITH REVENUES BETWEEN $1,250,000 AND $2,500,000
PRODUCER INFORMATION A. New Producer Hiring
% of Agencies that Hired a New Producer During Last Fiscal Year
"Our greatest effort this year will be the upgrading of our producer staff."
38.7% 50.0% 62.5%
Number of New Producers Hired
Average Annual Compensation Per New Producer
$37,800 $34,500 $36,900
Where New Producers Were Found
Directly from college or graduate school 20.5%
Outside of Industry* 34.6%
“Successful” New Producers 71.5% of producers hired over the last 5 years have met their production goals.
An insurance carrier 12.5%
Another insurance broker 32.3%
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
74.2% 75.0% 87.5%
Number of New Producers to be Hired
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