https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/1318/COLLECTIONS/
... 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 Collections 4/30/2013 10:38:09 PM by CompleteMarkets Editor This content has not been rated yet. COLLECTIONS The purpose of a collection system is to collect money owed to the agency without alienating the insured. In this section, we will answer the following questions: Who should do the collecting? What are the steps to developing an effective collection system? When should you collect ... Why must every agency set a goal concerning collections? OVERVIEW Who Should Do the collecting? One staff person should be responsible for the collection system. This person should be the bookkeeper, financial manager, or another individual in the accounting department. Do not involve the producer in collecting unpaid premiums. A producer cannot be the good guy' who develops a friendly relationship with the insured and then the bad guy' at collection time. What Are the Steps to Developing an Effective Collection System? 1. Appoint a responsible collection manager. 2. Establish a list of key accounts (the agency's largest and best accounts), which are not subject to automatic collection rules. These accounts receive special attention by telephone from the collection manager. 3. Establish an agreement with CSRs and anyone who processes ...
https://completemarkets.com/Article/article-post/1318/COLLECTIONS/
Collections
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...
https://completemarkets.com/Article/article-post/1805/ENHANCING-AGENCY-VALUE-WHAT-THE-MARKETING-MANAGER-CAN-DO/
...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...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/762/Agency-Profitability-Audits-Lead-To-Greater-Success/
... 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 ...
https://completemarkets.com/Article/article-post/2025/HOW-TO-BUY-SELL-MERGE-OR-PERPETUATE-PART-VI/
...nsic appeal than owning a trash collection service, for instance). However, the basic factors in valuing most agencies come down to: The future cash...ensation expected to be received by agencies in the health care arena in the f...
https://completemarkets.com/Article/article-post/1804/CHARACTERISTICS-OF-STRONG-AGENCY-CARRIER-RELATIONSHIPS/
...observations from top performing agencies. The characteristics discussed aren...CONCLUSION Independent insurance agencies and their companies must coordina...
https://completemarkets.com/Article/article-post/553/Glass-Ceilings-In-The-Insurance-Agency-Business/
...ng of budgets, and billings and collections. Balancing checkbooks, justifying... verge of self-perpetuation. Large agencies sell out only if their owners pre...
https://completemarkets.com/Article/article-post/580/Nine-Steps-In-Agency-Acquisition/
...Acquisition:
Data Collection Questionnaire - Most agents are too...g business to really know their own agencies. A questionnaire, rather than an ...
https://completemarkets.com/Article/article-post/259/Establishing-Agency-Value/
... 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...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/2063/AGENCY-FINANCIAL-MANAGEMENT-101/
... 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 ...