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profit margins
Articles tagged with profit margins
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One of the toughest financial decisions agency owners face is how much to pay themselves. It's especially tricky for agencies with multiple principals, because it's rare that all owners make identical contributions to the organization. Deciding what's equitable compensation for each individual may cause unnecessary conflict.
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PRODUCER COMPENSATION: REALITY CHECK by Chris Burand Before setting your producer compensation plan, read this article. Past articles in industry publications abou...
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PRODUCER RELATIONS by Carol Hammes Despite tough market conditions and economic recessions, some insurance agencies are thriving. While the average agency has grown at an annual r...
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SERVICE EXCELLENCE: ANTICIPATING NEEDS by Mary Beth Bolen Making a movie requires several types of people-directors, producers, actors, and crew members-who have specific roles to play in expedi...
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SEVEN MANAGEMENT KEYS GO BEYOND SURVIVAL by John Jaques For independent agencies to thrive in today's tough economic environment, agency management must actively and strongly implement sev...
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SEVEN MUSTS FOR INSURANCE AGENCIES TO SURVIVE AND THRIVE by Bobby Reagan Some independent agents wonder, 'What will it take to be around for another 100 years?' This seems a litt...
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Are independent insurance agents on the verge of extinction? On the MisFortune 500 list of endangered occupations? You might think so after reading some of the press. For a different perspective, Kevin Stipe offers his observations of current and past trends and market conditions to prove that we’re not necessarily going the way of the dinosaur and the door-to-door encyclopedia salesman.
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THE NEGLECTED ART OF SALES MANAGEMENT -HOW MUCH IS IT COSTING YOU? by Bill Hoos Why your agency cant afford not to have an effective sales manager. Im c...
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We all know the value that cross-selling brings to agencies. According to industry statistics, profit margins on the second sale are two to three times higher than the first and retention is 60% higher. Yet the average independent agency’s number of policies per customer hasn’t changed in 20 years. How can such a vital, well-publicized goal remain so elusive for so long? It’s as if we all know how to become millionaires but ignore the facts. The truth is that cross-selling is a complex process that can fail for a number of reasons.
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TO BOOST PROFITS, CUT AGENCY EXPENSES: PART I by Jack Fries and Gary Holgate For your agency to survive, and thrive, youll need to implement effective expense con...