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profit center
Articles tagged with profit center
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A JOINT VENTURE IN A SMALL TOWN by Ron Rensink The heated debate over bank activity in the insurance business has focused primarily on happenings in major metropolitan areas, where huge blocks of bu...
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Here's a letter I received recently:
Dear Dave:
I am the manager of a four-person Life/Benefits department of a P/C agency. The agency is set up with profit centers such as Personal Lines, Commercial Lines, Surety, and Life/Benefits. Each profit center shares in the common overhead of the agency office supplies, salaries, etc.
I have no problem having my department pay for what it uses.
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AGENCY FINANCIAL MANAGEMENT 101 by Bill Schoeffler and Catherine Oak Because most agency owners are former producers, they seldom have financial management expertise. This article focuses ...
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When a bank buys an insurance agency it's a marriage made in heaven. At least, it seems that way. On the agency side, principals have the opportunity to cash out at a time when values are declining. For those wanting to remain in the business, a bank offers a needed infusion of capital.
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BEST PRACTICES OF FINANCIAL MANAGEMENT by Angela Bemiss In today's insurance environment, a successful insurance agent or broker must have good sales management, good operatio...
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BOTTOM-UP PLANNING by Ted Silver When an agency understands what individual agency employees want to accomplish from a production standpoint in terms of new and renewal business as ...
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CUSTOMER SERVICE AS PROFIT CENTER by G. Edward Kalbaugh In a service business, customer relationships fuel the engine of sales. This tenet is especially important for insurance agents, whose...
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EMPLOYEE COMPENSATION At first glance, there seems to be no great secret to employee compensation. We all work to be paid. Pay your people well, and they'll work hard for the agency and stay with yo...
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EMPLOYEE COMPENSATION At first glance, there seems to be no great secret to employee compensation. We all work to be paid. Pay your people well, and they'll work hard for the agency and...
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FRAMEWORK FOR AGENCY SUCCESS by Patty Vaughn Planning agency success is a learning experience. Sharing ideas, taking advantage of opportunities, and tapping untapped resources, with the help of ...