SIAA Regional President, Tom Barrett recently had an article posted on Property Casualty 360’s website about agency structure survival. SIAA is on pace to reach over 5000 member agencies and over $5 billion in total premium volume by year end. SIAA also has grown at a steady rate of $750 million in new business per year with 1 in 10 P&C agents being a member of SIAA. Through this experience one issue has become crystal clear: The very structure of many insurance agencies will cause struggle. Here are six survival tips from successful agencies:
1) Identify and go after a specific targeted audience.
2) Narrow the prospect base and not allow junk accounts into your books.
3) Follow a process that you expect to exist over the long term.
4) Understand and account for “cost of goods sold.”
5) Measure profitability.
6) Bring emotion to business.
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Article courtesy of propertycasualty360.com by Tom Barrett, CIC, AIA