Agency owners are drawn to salary surveys like flies to sugar because we’re never sure whether we are cheating ourselves or our employees in terms of their salaries. That’s why our Composite Group studies, the largest in the industry, is released in the Fall instead of in the Spring. We don’t ‘think’ that numbers lie,…
Too many agencies have “Uncle Larry” working for them in one form or another. We either don’t want to or can’t fire them but we can’t keep them in place subverting the forward movement of our business. Too many agency owners simply give up and live with an intolerable situation because it is more painful…
To solve the problem of a declining agency client base, the answer for insurance agency owners is to recruit producers who will both grow the agency in support of their compensation needs AND become the agency owners’ successors.
One of the reasons that the direct writers and internet-based companies do so much business is that the buying public feel that insurance is a commodity—we’re all the same and the price is the only differentiation. In an impersonal internet-based world in which texting replaces actual conversations this concept makes sense—until a sour experience with…
A recent McKinsey report concludes that personal lines insurance, by and large, has become a commodity. It also questions the viability and value of the agent. This article excerpts one post from a LinkedIn discussion about this report and provides three vivid real-life examples of why personal auto insurance is NOT a commodity.
What does an agency sell? One might say an agency sells price. Fair enough. But what are they selling for price? An insurance policy? Any policy? Is whether or not the policy provides the coverages the insured needs secondary, to be discovered in court together? Is an agency selling insurance I.D. cards and evidences of…
Is there a Sales Personality? Yes. That’s why it takes a charismatic person to become a good salesperson. And, unfortunately, some sales personalities don’t end up in sales roles in their lives. What that means is that most of the salespeople we encounter do not have the unique set of traits that would only make…
Most problems and complaints both outside and inside your company arise from poor communication. Poor communication most often results from either miscommunication or a lack of communication. This article identifies thirteen steps to ensure you communicate effectively.
Can your little agency compete with the “big boys,” the direct sales organizations that have billion dollar advertising budgets? Yes! In this article, customer service expert Shep Hyken gives you six strategies to compete and don’t forget our growing “Is Insurance a Commodity?” VU Featured Resource that will increasingly provide you with the tools you…
Reading the newspaper this morning there was an article suggested that a university President should earn no more than 10X the compensation of the lowest paid employee in the system. I was SHOCKED by this stupid observation by someone purporting to have studied the subject of compensation at institutions of higher education. I suggest that…
