Account managers are the backbone of an agency. Account managers (AM) are also called customer service representatives (CSR) and are critical to the agency’s reputation. Many are the key to retention, and clients look to them to get their needs …
Regardless of agency size, sometimes it is difficult to get access to all the markets that might be needed for the agency’s clients. Most standard markets will have some sort of volume requirement and some might limit the number of …
The insurance industry is so intertwined into the economy and society, that just about any noticeable change in either will have some impact for the insurance industry. That is why it is imperative for agency owners to watch and learn …
As the M&A frenzy continues, buyers keep pushing the envelope when it comes to agency value. The private equity firms were initially paying top dollar to their first acquisition of a large, well-run firm platform acquisition. But now, many of …
The workforce is faced with a generation gap. Baby boomers are retiring at the rate of 10,000 per day. Generation X and millennials each have a smaller pool of people than baby boomers. Generation Z is now the largest percentage …
There is no end in sight. How can our insurance industry keep the incredible pace of high-valued acquisitions happening? It feels like the tide needs to change, but yet the M&A national and regional brokerage firms and private equity money …
Typically, financial management is learned on the job rather than through formal training. Agency owners frequently start off as producers, so selling is their strength, not dealing with credits and debits. It is not unusual for some business owners to …
When it comes to business management, there are “best practices, “bad practices” and then there is “what works for the business at the time.” Every business has its unique characteristics due to size, location, products and services, clients, and especially …
In May, one of our agency clients, Milestone Risk Management & Insurance Services in Irvine, Calif., (Ron & John Hoefer) sponsored an incredible Leadership Summit at the Hyatt in Huntington Beach, Calif. We attended the event along with 564 insurance …
Let’s face it, insurance is a commodity. The insurance consumer will not see any significant value difference between insurance companies and insurance agencies. Products, price and service are roughly the same. Consumers have new options to access insurance through, as …
