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... x No Thanks Loading.. Developing Broker Services Agreements 4/30/2013 by CompleteMarkets Editor , Gary Griffin This content has not been rated yet. DEVELOPING BROKER SERVICES AGREEMENTS by Gary Griffin This document by Gary Griffin illustrates the detail with which you can draft a broker service agreement and paves the way for you and your insured to develop a meaningful and profitable service partnership. For many businesses, insurance represents a substantial percentage of their revenues. In most instances, one or more insurance brokers places insurance policies on behalf of the insured. The brokers' income is usually derived from insurer-paid commissions, from a fee negotiated with the insured, or from some combination of the two. The insured pays — directly or indirectly — for the broker to perform certain services which might be limited to the marketing and placement of insurance; or they might include hands-on assistance with such things as risk identification and measurement, loss control, claims consulting, and actuarial studies. Although most businesses enter into some form of written contractual arrangement with many of their vendors, most don't have such contracts with their insurance brokers. This can hold true for even very large organizations where brokers' fees and commissions can range from several hundred thousand to millions of dollars each year. The benefit of a broker-services agreement is that it defines in writing the expectations of the insured and the responsibilities of the broker. This helps eliminate disputes that might arise. A written service agreement also provides benchmarks for measuring performance. Developing such an agreement nails down what the broker will do and requires the insured to focus on the services they ...

... x No Thanks Loading.. Develop a Telephone Prospecting System for Amazing Results 2/20/2018 by CompleteMarkets Editor , Kris Woods This content has not been rated yet. After an automated sales center is up and running, it's up to producers to act on the qualified leads that the sales center coordinator, assistant, and support staff have worked on. Prospecting is an old term; replace it with "business development." Business development requires a positive attitude, confidence, and discipline. The business development mind-set can be picked up by anyone who has a desire to step to the front line and just do what must be done. Commit to a business development plan of action, then organize and follow through. For example, track the logical order of the following scenario: A producer, who has been removed from the insurance business for 3.5 years, is hired. This person is not given a block of business to service and is placed on draw against commission. The producer should realize that he/she must call about 100 small-to medium-sized prospects a week for the first two years. The plan is simple: See five to eight new prospects a week to turn enough x-dates to quote enough business to write enough accounts to pay the draw and earn bonuses. The number of weekly prospects is determined by the ratio of x-dates to quotes-to-closes. In this scenario, assume the new product is located in a metropolitan area where the secretary screen is a key factor and prospects receive five to seven calls from insurance brokers a week. The producer must make 100 qualified dials to ...

... x No Thanks Loading.. Career Development - Agency Training And Development 4/30/2013 by CompleteMarkets Editor This content has not been rated yet. CAREER DEVELOPMENT - AGENCY TRAINING AND DEVELOPMENT What career development guidelines would you suggest for a young person entering the industry, and what steps would you recommend to an agency for implementing these guidelines? ' Jane Gardner Bowers Schumann & Welch Washington, New Jersey Career-pathing' used to mean moving from position to higher position or from job to higher-paying job, with the eventual goal of breaking into management (climbing the ladder of success) . But in many organizations today, career-pathing has been redefined in the framework of a newer, more flattened organizational design, one that cuts out the middle manager. The emphasis in this new design is on cross-functionality. Rather than working upwards through a hierarchy, employees concentrate on acquiring new skills. Through the process of skills acquisition and cross-functionality, the goal of career-pathing becomes the development of highly expert independent teams which see the business process through from start to finish. In other words, the team finds, sells, and services prospects. Associates are thus empowered to help determine their mission and to get to the real job of meeting client needs; former supervisors act as facilitators (support), not as directors (bosses) . At Bowers, Schumann & Welch, we've formed units called self-directed business teams, ' under the direction of a general manager. In this organizational design, producers, customer service reps, and telemarketers work together toward common goals in specific target markets and share in the profits of ...

... x No Thanks Loading.. The Business Development Plan - Part 1 Of 4 4/30/2013 by CompleteMarkets Editor This content has not been rated yet. This four-part article offers a step-by-step, comprehensive plan for growing your agency's business. INTRODUCTION The mission statement gives your agency its overall focus and direction. The business development plan determines what goals you need to meet in the coming year to attain the mission. Do not overcomplicate the process- keep it as simple as possible. The plan should address the following: Growth in terms of acquiring new and retaining old customers Profit from every product or service Productivity and cost effectiveness Personnel planning and development Don't look at any of these goals in isolation; keep their interrelationship in mind. For example, let's say that the producers plan to increase new business 20% . This might indeed gain them more commission, but the support team might not be ready to process the increase. If service begins to lag as a result of increased work, processing errors might increase, and both old and new customers might become so irritated that they leave your agency. Growth comes from two areas: An increase in new accounts and a decrease in lost accounts. Growth goals are usually stated in terms of commission income — which is fine — but the volatility of insurance pricing also is an important influence. Thus, growth should be stated in terms of accounts and commission income. If an agency develops growth goals at all, they usually correlate to a marketing plan that focuses on what producers are expected to attain in terms of new business. The ...

... x No Thanks Loading.. Developing A Business Continuation Plan 4/30/2013 by CompleteMarkets Editor , Douglas Henderson This content has not been rated yet. DEVELOPING A BUSINESS CONTINUATION PLAN by Douglas Henderson Offer your expertise to help keep your clients in business when disaster strikes. More and more companies are thinking about creating a business continuation plan — and can benefit from the advice of their insurance agent. Here are some guidelines on developing business continuation plans for your clients (and, of course, for your agency): THE BENEFITS The goals of a business continuation plan including increase the probability of a firm's survival after a disaster, mitigating damages, and restoring business operations more rapidly. Some auditors and insurance companies encourage firms to develop a continuation plan. Some businesses are required by law to have plans; others prepare plans in order to reduce their legal exposure. Larger businesses might require their critical suppliers to develop plans. Once they have implemented their plan, every business should try to negotiate insurance premium discounts. THE LEVEL OF EXPERTISE Professional advice will almost always result in a superior final product. The larger and more complex the business, the greater its need for professional services. Companies with a large data center, complex manufacturing equipment, or hazardous materials should definitely bring in a professional consultant. Although a small business in a service industry might not need a professional to create an effective plan, it should hire one to review it. These reviews are inexpensive and can easily correct serious flaws before disaster strikes. THE PLAN DEVELOPMENT PROCESS The process involves these steps: Assemble all information ...

... x No Thanks Loading.. New Business Development: It's More Than Sales 4/30/2013 by CompleteMarkets Editor , Kevin Grant This content has not been rated yet. NEW BUSINESS DEVELOPMENT: IT'S MORE THAN SALES by Kevin Grant CFP, ChFC According to The Best Practices Of The Leading Independent Insurance Agencies In The United States, a study commissioned by the Independent Insurance Agents of America, the number-one factor most critical to a firm's success is new business development. The study goes on to point out a number of key business practices' that can increase an agency's revenue picture, client service effectiveness, and overall profitability. Used properly, the information in this study is a gold mine. Several of our Texas clients have uncovered areas in which they could improve, using the Best Practices study as a benchmark. The problem arises when they move to correct their problems. The Best Practices study does a good job of helping agencies spot their weaknesses, but it doesn't go far enough in helping them develop a plan to correct these weaknesses. That's a lot like calling someone's baby ugly. It might be the truth, but it sure doesn't make you any friends. Most of our clients were aware of the need for new business development before the Best Practices study pointed it out to them. What they really wanted from us was the HOW to increase revenues and profits. We suggest five areas to focus on. When perfected, these five factors combine to produce exceptional new business development. 1. A clear vision 2. Client-centered marketing 3. Producer and CSR activity 4. Fanatical ...

... x No Thanks Loading.. Crisis Management Plan - Development, Part 2 4/30/2013 by CompleteMarkets Editor , Richard Soper This content has not been rated yet. SECTION 10.0 PLAN FORMULATION AND IMPLEMENTATION 10.1 Plan Development and Operating Overview The structured development, formulation, implementation and operating strategy as well as on-going enhancement of a comprehensive Crisis Management Plan typically involves the following five sequential phases: Phase I Crisis Criteria Development Phase II Assessment Analysis Phase III Crisis Management Plan formulation Phase IV Crisis Management Plan implementation Phase V Crisis Management Plan Maintenance The above five sequential steps are expanded in detail in the following sub-section. It is important to note that this is a generic approach and an actual crisis management program could involve either substantially fewer task segments, specialized activities or even more task modules. 10.2 Plan Development and Strategic Operating Summary The following is an overview of a sequential process suitable for formulating and implementing a comprehensive Crisis Management Plan. The sequential process is composed of various phases and task modules. The following summary should not be construed as the definitive answer for all organizations, but typical of a major multi-location corporation. Even in a small or medium organization many of the following task modules must be considered if an effective crisis management plan is to become operationally effective. Phase I Crisis Criteria Development Determination of project scope Ascertain crisis management plan requirements Warranted plan magnitude Preliminary crisis management plan strategy development Institute temporary emergency plan Phase II Assessment Analysis Crisis loss exposure analysis Crisis vulnerability assessment Business impact analysis Determine insurance adequacy Ascertain uninsured risk bearing capacity Review legal compliance Identification of highly sensitive crises Phase III Plan Formulation Development ...

... x No Thanks Loading.. The Business Development Plan - Part 2 Of 4 4/30/2013 by CompleteMarkets Editor , David Stambaugh This content has not been rated yet. This four-part article offers a step-by-step, comprehensive plan for growing your agency's business. Performance Ratios Business development planning goes beyond production to include every measure of performance important to a successful agency. Develop this information should be developed and plan to improve performance in every area. Profitability Ratios Your capital ratios, profitability ratios, and margins for creditors should be tracked by accounting and reported to management quarterly. These ratios reflect the performance of the agency in terms of efficient, cost-effective operations. Refer to the agency financial analysis in Part 4 of this series to determine how to measure each performance ratio. Determine where you are currently and use these measures to track overall performance. If any area falls below your expectations, define acceptable performance. From this point on, everything you do should relate, directly or indirectly, to improving performance in these areas. If it does not, get rid of it, because it isn't necessary. This type of thinking will keep you from buying a computer system because it's the "thing to do." If the system does not improve profitability, don't buy it. Period. Liquidity Ratios Receivables ratios and collection ratios are the responsibility of producers, CSRs, and accounting. When the policy is sold, the producer or CSR must make it clear to the insured that coverage does not exist if consideration (payment) is not rendered. When and how payment is to be made ...

... Lines CSR Supervisor B. Commercial Lines CSR III C. Commercial Lines CSR II D. Commercial Lines CSR I E. Personal Lines CSR Supervisor F. Personal Lines CSR II G. Personal Lines CSR I JOB DESCRIPTIONS\ADMINISTRATIVE A. Executive Secretary B. Administrative Secretary C. Secretary D. Cashier/Bookkeeper E. Receptionist F. Sr. Administrative Support Clerk II G. Administrative Support Clerk I H. Sr. Policy Typist/Data Input I. Policy Typist/Data Input Clerk JOB DESCRIPTIONS\LIFE A. Life/Employee Benefits Manager B. Life/Employee Benefits Coordinator &# 160 POSITION CHARTER Position Title: AGENCY MANAGER Objective: Under the direction of the President/Owner, to plan, lead, organize, and control operations of the agency so as to ensure the development and maintenance of a viable and profitable organization. Salary Grade: Ungraded ACTION STEPS: 1. Develop and maintain sufficient production levels for various lines of business, including Commercial, Personal, Bonds, Employee Benefits, and Life. 2. Develop standards, procedures, and guidelines for effective processing of all lines of business. 3. Establish procedures for proper and expeditious handling of all claims and losses. 4. Establish and maintain systems and procedures to provide accounting controls over assets, liabilities, revenues, and expenses. 5. Establish and maintain an effective personnel administration program. 6. Establish policies and procedures to provide administrative support services in an economical, uniform, and timely manner. 7. Develop and maintain a high-caliber management staff to ensure continuity of effective agency operations and a natural ...

... x No Thanks Loading.. Sample: Agency Business Plan 10/26/2018 by CompleteMarkets Editor This content has not been rated yet. SAMPLE AGENCY BUSINESS PLAN Cannon Powell & Duggan Insurors (912) 888-2040 800- 628-2040 FIVE-YEAR STRATEGIC BUSINESS PLAN July 1, 1997 - June 30, 2002 CANNON, POWELL & DUGGAN INSURORS P.O. Box 71628 2301 Dawson Road Albany, Georgia 31707-0031 Fax (912) 435-3036 Over 40 Years of Protecting the Southeast MISSION Cannon, Powell & Duggan is a professional, innovative sales and service organization, developing and marketing superior insurance, travel, and related products. VISION We are dynamic and people-oriented, committed to the growth, prosperity, and enrichment of employees, clients, and community. TABLE OF CONTENTS Five Year Master Strategies Five Year Agency Objectives Five Year Functional Strategies Accounting/Financial Automation Human Resources Sales/Marketing Public Relations Service Five Year Departmental Strategies Commercial Lines Personal Lines Employee Benefits Travels FIVE YEAR MASTER STRATEGIES (July 1, 1997 - June 30, 2002) The overall strategies for this five-year period is to focus on the following: Total quality management Acquisition/merger Growth - internal and external Expanding products and services Educating the public FIVE YEAR AGENCY OBJECTIVES Profitability: 15% before taxes after all expenses Market Growth: 20% compounded annually (total revenue) Customer Service: Set the standard with the client. Have a goal and achievement it. Accomplish this so that service improves and new standards are continually set. Competitive Position: Set the standard and have as our competition nontraditional means of loss transfer. Social Commitment: Active involvement in the ...