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... the training experience. Offer incentives. Give your employees rewards or payoffs for their participation in training programs. These incentives can be either financial or non-monetary perks (dinners, entertainment tickets, and so forth) . Reinforce the learning experience so the employee wants to repeat it. Leverage training. Whenever an employee gains a valuable insight during a training session, encourage them to share this information with co-workers who might be affected by it. Multiply the impact of training by having workers use what they've learned to help your agency run more effectively. Don Phin, JD, CPCM is president of HR That Works, Inc., a firm specializing in management, employment law, and risk management. He serves as the Human Relations Key Consultant for IMMS.com. Phin, a past president of the American Academy of Employment Law Attorneys, can be reached at (800) 234-3304; e-mail [email protected] ; or visit www.hrthatworks.com . Don Phin, JD, CPCM is president of HR That Works, Inc., a firm specializing in management, employment law, and risk management. He serves as the Human Relations Key Consultant for IMMS.com. Phin, a past president of the American Academy of Employment Law Attorneys, can be reached at (800) 234-3304; e-mail [email protected] ; or visit www.hrthatworks.com . Login or Register (for FREE) to gain access to thousands of other great articles. Need more reasons to join? Need insurance for you, your business or your family? Get quality appointments - Save yourself a whole lot of time & money when you use our directory ...

... x No Thanks Loading.. Maximize Profits With Contingency Contracts 4/30/2013 by CompleteMarkets Editor , Chris Burand This content has not been rated yet. Make sure that you're getting all you can out of your contingencies. According to the Academy of Producer Insurance Studies, the average independent insurance agency with annual revenues of $250,000 or more spends between $1 and $1.08 in operating costs for every dollar of earned commission. So, how can agencies afford to stay in business? The answer: Contingency bonuses. Contingency revenue is pure profit. However, most agents don't use contingencies to their best advantage. By using contingency contracts strategically, agents can increase their bonuses by 10% to 500% . In essence, contingency bonuses are profit-sharing dollars that a contracted insurance company pays to an agency if the agency achieves predetermined premium volumes, loss ratios, and other objectives. Insurance companies offer contingency bonuses because they feel that agencies have a certain degree of control over loss ratios. The bonuses serve as an incentive for agencies to perform in-house underwriting functions before submitting applications to a company. Contingency contracts vary by company, and the best contract for one agency might not be the best for another. That's why it's important to analyze all contingency contracts and their possible outcomes thoroughly before selecting one. I started analyzing contingency contracts while working for an insurance company. A competing company offered one of my clients a commission percentage that my company couldn't match. However, I knew my company had a very good contingency program and that my client would probably qualify for a contingency bonus ...

... , make it from 30 to 90 days in length, but check in with the employee at least every few weeks. If, after that time, they still can't or don't want to "get it" then it's time to liberate them! Performance management isn't rocket science. When people are doing things they can do well and enjoy doing well, they don't need to be motivated. They'll want to perform. It's management's job to place employees in a position where they are capable of achieving, and responsible for, their success. Don Phin, JD, CPCM is president of HR That Works, Inc., a firm specializing in management, employment law, and risk management. He serves as the Human Relations Key Consultant for IMMS.com. Phin, a past president of the American Academy of Employment Law Attorneys, can be reached at (800) 234-3304; e-mail [email protected] ; or visit www.hrthatworks.com . Login or Register (for FREE) to gain access to thousands of other great articles. Need more reasons to join? Need insurance for you, your business or your family? Get quality appointments - Save yourself a whole lot of time & money when you use our directory of carriers, wholesalers and service providers. Negotiate lucrative contracts with carriers and wholesalers. Net result. More revenue for your agency! Clients & Prospects will research you, your co-workers and your agency here. The most comprehensive online insurance industry reference library for - Personal Lines Professionals Commercial Lines Professionals Life/Health & Benefits Professionals Online newsletters and content that you can use for your clients and ...

... , right? Wrong. During a break, one agent told me about several $50,000-$100,000 farming accounts he wrote in the same counties in which the vocal agents lived. Those agents, he said, weren't his competition because they never tried to write these large accounts. I've found this to be the case many times when I've consulted for two agencies in the same small town. One agency will advise that large accounts don't exist in the town, while the other will be writing many large accounts. If an agency just won't write large accounts, is it still critical that producers produce $200,000 in commission? Consider how much it costs to support a producer and their book (industry averages are based on the Growth and Performance Standards, The Academy of Producer Insurance Studies, 2000): Industry Average Big City Agency Small Town Agency Producer's book (commissions) $170,000 $170,000 $170,000 Producer's cut: 40% $68,000 $68,000 $68,000 CSR $30,000 $32,000 $28,000 Benefits $9 ,800 $10,300 $9 ,300 Selling expense $27,200 $27,200 $27,200 Administrative expenses $61,200 $64,600 $56,100 Total expenses $196,200 $202,100 $188,600 Whether in a small town with lots of small accounts or a large city with large accounts, every year, a producer with an average book costs an agency $ ...

... with them to map out their careers. Provide flexibility: Flexible hours, reduced hours, job sharing, telecommuting, etc. Let them provide input on who joins the team. Give them permission to be creative. In fact, require them to give monthly suggestions on how they can do their job better or differently. Reduce the drama. Otherwise, you end up with drama kings and queens. Hire and promote based on competencies and don't put up with irresponsibility. Use today's technologies to help employees increase their productivity — and pay. Don Phin, JD, CPCM is president of HR That Works, Inc., a firm specializing in management, employment law, and risk management. He serves as the Human Relations Key Consultant for IMMS.com. Phin, a past president of the American Academy of Employment Law Attorneys, can be reached at (800) 234-3304; e-mail [email protected] ; or visit www.hrthatworks.com . Login or Register (for FREE) to gain access to thousands of other great articles. Need more reasons to join? Need insurance for you, your business or your family? Get quality appointments - Save yourself a whole lot of time & money when you use our directory of carriers, wholesalers and service providers. Negotiate lucrative contracts with carriers and wholesalers. Net result. More revenue for your agency! Clients & Prospects will research you, your co-workers and your agency here. The most comprehensive online insurance industry reference library for - Personal Lines Professionals Commercial Lines Professionals Life/Health & Benefits Professionals Online newsletters and content that you can use for your clients and ...

... extinguishers, first-aid kits, and eyewash stations. Also, stress less obvious safety features, such as how wide you've made walkways so that forklifts can traverse the area safely, and let employees know that they can make the workplace safer by keeping these pathways clean and clear. Imparting safety knowledge will also make the newcomer feel valued and informed, leading to a more engaged and productive employee. Last, but not least: if you haven't already done so, set up and monitor a comprehensive safety-training program for new hires. Don Phin, JD, CPCM is president of HR That Works, Inc., a firm specializing in management, employment law, and risk management. He serves as the Human Relations Key Consultant for IMMS.com. You can reach Phin, a past president of the American Academy of Employment Law Attorneys, at (800) 234-3304; e-mail [email protected] ; or visit www.hrthatworks.com . Login or Register (for FREE) to gain access to thousands of other great articles. Need more reasons to join? Need insurance for you, your business or your family? Get quality appointments - Save yourself a whole lot of time & money when you use our directory of carriers, wholesalers and service providers. Negotiate lucrative contracts with carriers and wholesalers. Net result. More revenue for your agency! Clients & Prospects will research you, your co-workers and your agency here. The most comprehensive online insurance industry reference library for - Personal Lines Professionals Commercial Lines Professionals Life/Health & Benefits Professionals Online newsletters and content that you can use for your clients and social media efforts ...

... sense. In an industry that prizes sales, its no wonder that so many sales p.. All Articles by CompleteMarkets Editor Comments (0 ) Independent Agencies On Slippery Slopes? This content has not been rated yet. CompleteMarkets Editor , Victoria Pasher 4/30/2013 10:43:49 PM INDEPENDENT AGENCIES ON SLIPPERY SLOPES? by Victoria Sonshine Pasher There's no letup yet for the independent agency squeeze that's persisted throughout the 1990s. Facing numerous challenges, agen.. All Articles by CompleteMarkets Editor Comments (0 ) Maximize Profits With Contingency Contracts This content has not been rated yet. CompleteMarkets Editor , Chris Burand 4/30/2013 12:00:00 AM MAXIMIZE PROFITS WITH CONTINGENCY CONTRACTS by Chris Burand Make sure that youre getting all you can out of your contingencies. According to the Academy of Producer Insu.. All Articles by CompleteMarkets Editor Comments (0 ) The Agency Management Process This content has not been rated yet. CompleteMarkets Editor , Jack Fries 4/30/2013 12:00:00 AM THE AGENCY MANAGEMENT PROCESS by Jack Fries Today, more than ever before, the independent agent needs to reduce expenses and increase income. In this document, Jack Fries expl.. All Articles by CompleteMarkets Editor Comments (0 ) What's Your Ped Count'? This content has not been rated yet. CompleteMarkets Editor , Guy LoCascio 2/7 /2014 12:00:00 AM What is your profit per employee per department (PED)? What has been your trend in PED over the last three years? .. All Articles by CompleteMarkets Editor Comments (0 ) x ...

... 12:00:00 AM Personal Lines competition continues to intensify, as more and more players enter the marketplace. However, independent agents can fight back — if they're willing to make some fundamental changes in the way they do business. In this two-part document, Peter van Aartrijk presents 17 ways to help you build your Personal Lines book. If implementing all of them seems impossible, try three or four. But make a commitment, and go for it. All Articles by CompleteMarkets Editor Comments (0 ) Maximize Profits With Contingency Contracts This content has not been rated yet. CompleteMarkets Editor , Chris Burand 4/30/2013 12:00:00 AM MAXIMIZE PROFITS WITH CONTINGENCY CONTRACTS by Chris Burand Make sure that youre getting all you can out of your contingencies. According to the Academy of Producer Insu.. All Articles by CompleteMarkets Editor Comments (0 ) Mergers: What To Consider This content has not been rated yet. CompleteMarkets Editor , Charles Watson 5/20/2013 12:00:00 AM MERGERS: WHAT TO CONSIDER by Charles S. Watson, CPCU, CLU Last fall when we wrote the article about strategies for the 90s, we predicted that there would be an increase in merger activity al.. All Articles by CompleteMarkets Editor Comments (0 ) 1 2 x No Thanks Loading.. Loading.. x No Thanks Loading.. ...

... boost profits by reducing contingency payments - not a smart move. A go.. All Articles by CompleteMarkets Editor Comments (0 ) Contingencies: What's All The Hullabaloo? This content has not been rated yet. CompleteMarkets Editor , C.R. Ekern 4/30/2013 12:00:00 AM CONTINGENCIES: WHAT'S ALL THE HULLABALOO? by Rob Ekern The contingencies controversy can give agents a competitive advantage. If I had a thousand dollars for every pound of pape.. All Articles by CompleteMarkets Editor Comments (0 ) Maximize Profits With Contingency Contracts This content has not been rated yet. CompleteMarkets Editor , Chris Burand 4/30/2013 12:00:00 AM MAXIMIZE PROFITS WITH CONTINGENCY CONTRACTS by Chris Burand Make sure that youre getting all you can out of your contingencies. According to the Academy of Producer Insu.. All Articles by CompleteMarkets Editor Comments (0 ) x No Thanks Loading.. Loading.. x No Thanks Loading.. ...

... Before putting a value on your agency, read this article. INTRODUCTION Every agency owner must learn certain basics abou.. All Articles by CompleteMarkets Editor Comments (0 ) Better Contingencies Equal More Profits This content has not been rated yet. CompleteMarkets Editor , Chris Burand 4/30/2013 12:00:00 AM BETTER CONTINGENCIES EQUAL MORE PROFITS by Chris Burand Many insurance companies try to boost profits by reducing contingency payments - not a smart move. A go.. All Articles by CompleteMarkets Editor Comments (0 ) Maximize Profits With Contingency Contracts This content has not been rated yet. CompleteMarkets Editor , Chris Burand 4/30/2013 12:00:00 AM MAXIMIZE PROFITS WITH CONTINGENCY CONTRACTS by Chris Burand Make sure that youre getting all you can out of your contingencies. According to the Academy of Producer Insu.. All Articles by CompleteMarkets Editor Comments (0 ) The Impact Of Clusters On Agency Value This content has not been rated yet. CompleteMarkets Editor , Chris Burand 4/30/2013 12:00:00 AM THE IMPACT OF CLUSTERS ON AGENCY VALUE by Chris Burand In this document, Chris Burand addresses the question of how an agencys value is affected when it doesnt own.. All Articles by CompleteMarkets Editor Comments (0 ) x No Thanks Loading.. Loading.. x No Thanks Loading.. ...