Employees should have continual training. They should be trained in “conflict resolution, hospitality and emotional intelligence,” according to Richard Branson of Virgin Cos. Employees need to truly understand the customer’s perspective to resolve issues and not push the problems or …
Why Agencies Should Rethink Compensation The single largest expense in an insurance agency is compensation. Salaries, commissions, payroll taxes and benefits usually total between 50 percent to 75 percent of revenue, with most firms having an expense ratio around 65 …
Mistakes happen. After all, we are human. That is why insurance agencies have agency errors and omissions (E&O) coverage. Even with the support of E&O coverage, an E&O claim can take its toll on the people involved and the agency. …
It is time to take out our crystal ball and plan for 2019 and how our insurance industry will be impacted by the trends around us. Those that consider these changes, and plan ahead, will usually be in a better …
On the first day of Christmas, the agency owner said to staff: “Our growth was phenomenal this year, thanks to you.” On the second day of Christmas, the agency owner said to staff: “Everyone will get a percentage bonus based …
There seems to be an insatiable frenzy of agency acquisitions for many years now, with private equity firms and publicly traded brokers taking the lion’s share. These well-funded buyers are paying a premium well over what a local peer independent …
Insurance agencies across the country hire some or all producers as independent contractors instead of as employees. The mixed use of employees and independent contractors in insurance is common in other industries as well. The ramification of this hiring decision …
Is personal lines costing the agency money? How profitable is that new program business? What would happen to the bottom line if employee benefits sales increased by 25 percent? When is it time to hire a new employee for commercial …
Sam Walton built the world’s largest retail store in the world: Walmart. In his autobiography, Sam Walton: Made in America, he detailed some of the keys that helped him build Walmart into an enduring company that has held the number …
Social responsibility is becoming increasingly important to all agencies, especially for millennials. Whether the social issue is local, national, or global, the concern for some aspect of society is becoming more and more a part of doing agency business. Many …
