Competition Drives Agency Performance

In the August 2011 edition of For The Record, MarshBerry reports on how agencies can build a competitive enviroment into their sales culture to help drive growth.

Agencies need to grow in order to maintain value. This is common knowledge in the insurance distribution system. Understanding the importance of new business production is the easy part. Making it happen, on the other hand, is not so simple. During 2010, the average agency declined in commission and fee income. Over the past five long, soft-market-plagued years, agency executives have been forced to re-evaluate every aspect of their business in order maintain revenue. This re-evaluation process included several crucial, sometimes complex strategies such as compensation adjustments, staff reductions, expense cuts, producer accountability and rigorous new producer recruiting. When trying to redesign your sales culture, not every strategy or tactic needs to be complicated. Start simple. Build a competitive environment within your organization, specifically within your production staff.

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