2004 Best Practices Study
AGENCIES WITH REVENUES BETWEEN $5,000,000 AND $10,000,000
Net Revenue Growth
EXECUTIVE PERSPECTIVES
30%
Average
20%
+25% Profit
PROFILE
+25% Growth
10%
0%
-10%
% Total Revenue
REVENUES/ EXPENSES
-20%
-30%
Commercial P&C
Personal P&C
Group L&H
P&C Service Fees
Individual L&H
Total Commissions & Fees
FINANCIAL STABILITY
F.
Future Revenue Growth Strategies
Study participants were asked to indicate their three most important strategies for enhancing or achieving future revenue growth.
EMPLOYEE OVERVIEW
% of Total Responses* 1 2 3
Access to Better Carriers
3.3% 3.3% 10.0%
PRODUCER INFO
Advertising/Promotions
0.0% 3.3% 3.3%
Agency/Book of Business Acquisitions
6.7%
10.0% 16.7%
SERVICE STAFF INFO
Cross-Selling/Total Account Development
13.3% 20.0% 6.7%
Producer Recruitment/Development
23.3% 20.0% 26.7%
New Business Initiatives - Prog Dev/Niche Marketing
13.3% 16.7% 16.7%
New Business Initiatives - Referrals/Centers of Influence
20.0% 20.0% 20.0%
TECHNOLOGY
New Business Initiatives - Strategic Alliances
6.7% 3.3% 0.0%
Other
13.3% 3.3% 0.0%
INSURANCE CARRIERS
*With:
1 = Critically Important 2 = Very Important 3 = Important
APPENDIX
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