MANAGE MARKETING & LEAD to form collaborative workgroups tied to specific projects . Owners , too , must find creative ways to keep their top producers , perhaps by offering them the ability to become an owner of the agency over time .
STRESS-TEST YOUR AGENCY FOR THE FUTURE Banks regularly stress test their balance sheets to see how they would perform in a financial crisis . This ensures that the financial system has enough capital to withstand an economic shock . You can use this same concept to stress test your agency .
Look back on the year and examine your business . How did you handle the stress of the pandemic ? What impact will you see on your business as we advance , and how will that affect your financial well-being ?
It helps to identify your strengths and weaknesses . Are there areas where you can trim expenses ? Are there new markets you can enter to replace the income you ’ ve lost from accounts you no longer have ? Do you need to invest in new software or upgrade your management system ? Do you have the right personnel to meet your goals for 2021 ?
Agencies that keep up with technology , modernize their operations , retain top producers and perfect their marketing will be well-positioned for the coming year . To quote William Wordsworth , “ Let us learn from the past to profit by the present , and from the present to live better in the future .” In 2021 , the successful agencies will be the ones that can profit from the current uncertainty and find new opportunities to grow in the future .
David Tralka is president and chief executive officer of InsurBanc , a division of Connecticut Community Bank , N . A . He is responsible for keeping the bank focused on being an innovative provider of financial products and services for the independent agency community . An expert on agency mergers and acquisitions , agency perpetuation , and financing , he has presented at numerous venues nationwide .
Robert Pettinicchi is executive vice president and chief lending officer for InsurBanc . He developed and continually monitors InsurBanc ’ s loan policies and designed the bank ’ s lending products for independent agents . He is also an expert on agency mergers and acquisitions and agency perpetuation and financing and has presented at numerous
venues nationwide .
PERSONAL BANKING
Because your personal life needs professional service , too .
Many people find that their business and personal goals are intertwined . So why not do both your business and personal banking with InsurBanc ? InsurBanc offers a complete line of personal products designed around your busy life .
Cash Management : Checking Accounts , Savings and CDs , Personal Visa
Lending : Personal Mortgages , Home Equity Loans & Lines , Consumer Loans
Online Banking : the simple save , convenient way to manage your personal accounts !
Call ( 866 ) 467-2262 for more information or visit www . InsurBanc . com
19