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... that are monthly, some quarterly, and at least one that is an annual contest. Rewards can range from a traveling trophy, a weekend in a nearby city, the right to go on an insurance company bonus trip, a 4 or 7 day cruise or ski trip, a monetary bonus. Criteria for winning' can be the producer (or team) with: the largest percentage of growth; the highest commission dollar increase; the highest number of new accounts written; the best hit ratio of written/quoted; ... Management Resources & Links Categories Popular Recent All Back Producer Relations 4/30/2013 10:36:15 PM by CompleteMarkets Editor , Carol Hammes This content has not been rated yet. PRODUCER RELATIONS by Carol Hammes Despite tough market conditions and economic recessions, some insurance agencies are thriving. While the average agency has grown at an annual rate of 3% over the past several years, these super agencies are continuing to grow at compound rates in excess of 10% with profit margins at levels that most agents only dream about ... since it makes sense to have them concentrate on accounts that they have a good chance of attracting and retaining. This means that you have to review the current appetites of the major carriers and decide whether the producer should be a generalist or whether he or she should specialize in a certain type or size of account or in a particular line of business. It is important to consider the producer's own experience and desires, but the final decision should be driven by the availability of competitive products and services from major markets and the agency's ...

... general agency. In fact, target marketed' programs, as he calls them, are so profitable the Everhart has abandoned more conventional lines of business. Two of his four niche programs-notary public bonds and used-car dealer bonds-are marketed solely within Texas . The others-personal watercraft (jet ski) insurance and hole-in-one coverage-are marketed outside the state as well. When Everhart started his agency on April's Fool's Day 1970, he handled standard fire and casualty lines and specialized in the trucking industry. But he quickly found that he was spending most of his time ... highly specialized, changes in market conditions, legislation or regulations can erase them quickly. And agents entering new niche markets must spend time learning specialized rules as well as the workings of the industry they are writing. Perhaps most important, there must be genuine need for insurance in the target market. Still, with a little homework, agents can identify potential niche markets, find interested carriers, launch their own programs-and kiss competition good-bye. Open Doors For Ward Insurance Agency of Gatesville, opportunity did more than just knock. It walked ... reducing or eliminating competition by entering niche markets. Companies often pay higher commissions for niche-market programs, and because there are few competitors-and in some cases, none at all-there are few wasted sales calls. Niches are windows of opportunity. They often begin with a request for special coverages from a single customer. If the agent seizes the opportunity, that one request can blossom into a fertile market. In fact, the opportunities are so numerous and the rewards so great that some agencies have dropped their standard property/casualty lines entirely and ...

...organizational, and time management skills and develop a training program to f...any bonus trip, a 4 or 7 day cruise or ski trip, a monetary bonus. Criteria for 'winning' can be the producer (or team) with: the largest percentage of gr...