https://completemarkets.com/Article/article-post/2804/The-True-Cost-of-Downtime-Why-Insurance-Companies-Need-Stronger-IT-Support/
...ulator scrutiny. Reputation damage rarely shows up on the outage invoice, yet ...er. Control stays where it belongs; coverage expands where the internal team c...
https://completemarkets.com/Article/article-post/974/AGENCY-COMPENSATION-SURVEY/
...temptation to play the game. It is rarely a good personnel-management decision...loyees and 30% paying for dependent coverage as well. Only 71% of the rural ag...
https://completemarkets.com/Article/article-post/2562/14-TIPS-FOR-SELLING-IN-A-HARD-MARKET/
... fairly priced, the premium should rarely be an issue. However, if your prospe...
https://completemarkets.com/Article/article-post/1791/Strengthening-Agency-Company-Relationships/
... individual as head of marketing. Rarely a full-time separate position, this ...r branch office's ratio, rollovers of books of business, etc., the agency mus...
https://completemarkets.com/Article/article-post/2009/SELLING-YOUR-AGENCY-ASSET-vs-STOCK-SALE/
... a Section 338 election, which is rarely wise). Because R...ate E&O and other Liability coverage, and that this coverage doesn’t lapse during the tr...
https://completemarkets.com/Article/article-post/1629/MANAGING-RISK-A-GUIDE-FOR-YOUR-BUSINESS-CLIENT-PART-1-OF-4/
...risk-management program. Except in rare instances, the purchasing officer shou...ence and telephone calls concerning coverage and other important subjects ...
https://completemarkets.com/Article/article-post/873/Pulling-New-Clients-To-The-Professional-Services-Firm/
...client. For example, referrals are rarely based on detailed inquiries into a p...
https://completemarkets.com/Article/article-post/413/Are-You-Getting-The-Most-From-Premium-Financing/
...en many problems. Says Hughes, 'We rarely have to make up any difference.'
Fiv...ll for more premium to pay for past coverage. If that happens, the bill could ...
https://completemarkets.com/Article/article-post/357/Marketing-With-Newsletters/
...tters?
The First Benefit-Retention
Rare is the agency that wouldn't like to se... a newsletter.
Providers of E&O coverage are currently looking at assistin...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/1433/SURVEYS-SUBSTANTIATE-THEORY-RETENTION-EQUALS-GROWTH/
... SUBSTANTIATE THEORY: RETENTION EQUALS GROWTH When striving to make an agency grow, most agency managers focus on increasing new business. But it's just as important to address improved retention. Growth in net commission income results from two things: New business written and retained business. Rarely does growth result from enriched commission sharing agreements between agents and companies. DEFINING RETENTION RATES How do you define retention rates? It's easy. Follow this formula: 1) Decide what to define - for instance, Personal Lines in force (Home, Auto, ... At this rate, if 100 new customers buy insurance from an agency at the end of year one, only 88% (88 customers) will renew their policies. At the end of year two, only 77.4 of the original 100 customers will be on the books. By the end of the fifth year, 48% of the original customers (48 customers) will have departed from the agency. Viewing retention from this perspective clearly shows why many agencies are spinning their wheels. THE RETENTION-LEVEL FACTOR Trivest Insurance Network of Canada ... a practical study of this topic in order to assign a specific value to retention levels. The firm's study of an American agency - and of Trivest partners - indicated that a 5% improvement in retention rates improved profits by 50% . Thus, a million-dollar-commission agency with a 90% retention rate and pre-tax profitability equal to 28.5% of commission income can increase its annual pre-tax profit roughly $90,000 by increasing its retention rate to 91% . EXISTING CLIENTS MORE PROFITABLE As all businesspeople know, existing clients are far more ...