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COLLECTIONS The purpose of a collection system is to collect money owed to ...Agency Establish a Goal Concerning Collections? There are three reasons why t...

...g of value to sell other than a collection of expiration dates and files. 2. ...NE OF GROWTH Another way to help agencies with enhancing agency value is by...

... of its operation. Areas to audit include: computer data and usage, sales and marketing, agency procedures and policies, communications and Internet usage, customer service, agency image, advertising, financial analysis and forecasting, and the agency business plan. Many of these aspects are interrelated, and some will also lead to auditing other areas of operations. To analyze your agency data, you must first collect it. Using the agency's management system will provide much of this information – but by no means all. I'm amazed at the weakness of the reporting features in some agency systems. Apparently, the people who developed them have never owned or managed agencies. Sorry to digress, but this factor is one of most difficult challenges to overcome. If you can't retrieve data from the management ... Newsletters Employees Articles Blog Photos Group Connections Reviews IMMS Library Immerse yourself in our stacks. Take some time and browse through our library. We have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back Agency Profitability Audits Lead To Greater Success 4/30/2013 12:00:00 AM by CompleteMarkets Editor , Jack Fries This content has not been rated yet. The Agency Profitability Audit consists of five stages: • Analyze the Available Data • Understand the Agency's Objectives • Determine the Agency's Assets and Course of Action • Inform All Personnel and Companies of the Course of Action • Transact the Procedures ...

... and use, sales and marketing, agency procedures and policies, communications and Internet use, customer service, agency image, advertising, financial analysis and forecasting, and the agency business plan. Many of these aspects were interrelated. Some also led to the auditing of other agency operations. Here's how the process works: ANALYZE THE AVAILABLE DATA. To analyze the agency data, it must first be collected. Some of this can be done through the agency's management system, but that's not always possible. The report features in the computer systems sold to agencies are amazingly weak sometimes. They seem to be developed by people who have never owned or managed agencies. That factor was one of the most difficult challenges to overcome. If the data can't be obtained from the management system, it must ... Newsletters Employees Articles Blog Photos Group Connections Reviews IMMS Library Immerse yourself in our stacks. Take some time and browse through our library. We have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back Agency Profitability Audits Lead To Greater Success 4/30/2013 12:00:00 AM by CompleteMarkets Editor , Jack Fries This content has not been rated yet. Almost two years ago, after 10 years of consulting, I accepted a temporary assignment of managing an independent agency that generated 85% of its income from Property/Casualty Lines and 15% from Life, Health, and financial ...

...observations from top performing agencies. The characteristics discussed aren...CONCLUSION Independent insurance agencies and their companies must coordina...

...ng of budgets, and billings and collections. Balancing checkbooks, justifying... verge of self-perpetuation. Large agencies sell out only if their owners pre...

... value is for you. However, all agencies are not created equal, and chances a...ely 6.3%; for independent insurance agencies, it’s usually another 9 to 19 po...

... agency management systems can easily generate separate income and expense statements for each profit center. These guidelines can help you keep your agency in a healthy financial state: Charge direct expenses to each line of business. You can easily determine allocations for indirect expenses (especially for owner compensation and bonuses, computer and accounting expenses, etc.), based on time used or percentage of total revenue. Streamline collection practices to help your agency grow more investment income. Put Small Commercial accounts on direct bill to eliminate the costs of personnel to handle invoicing and collection of small accounts. Implement a stringent collection policy, with no deviations such as advancing premiums on behalf of clients. Make capital expenditures by investing in better people (both technical and salespersons), computers, office equipment, and target marketing. ... Newsletters Employees Articles Blog Photos Group Connections Reviews IMMS Library Immerse yourself in our stacks. Take some time and browse through our library. We have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back Agency Financial Management 101 4/30/2013 10:43:49 PM by CompleteMarkets Editor , Catherine Oak This content has not been rated yet. 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 on the basic skills needed to keep your agency in good fiscal health. Introduction Owners who don't ...

...aine Price, CPCU, CIC 'What are agencies selling for today?' is a question fr...cy productivity. High-performing agencies are characterized by high staff a...

...he oldest receivables, and make collections an integral part of the activities...am should be assigned as well. Most agencies (and especially a distressed one)...