There is no better investment to be made inside an agency than in your people . •
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DATA & TECHNOLOGY
In many cases the technology that exists inside agencies is being underutilized . Agencies that invest in ongoing training on their systems as well as in new technology are better positioned to provide an environment where their employees are better positioned to succeed . This is an area that many agencies avoid as technology options are vast , the process to choose the right tools can seem incredibly overwhelming and understanding how technology solutions integrate with each other is confusing .
Quite frankly , technology is always evolving and changing so trying to implement too much at one time can be exhausting for your staff – especially if there are several stops and starts with technology .
It is important to be thoughtful in your approach to adopting technology by following a process which clearly defines the goals and objectives of the tool , setting clear expectations on the time it will take to implement and realize the expected results while involving the entire team in the process . People want to be set up for success so providing them with the right tools as well as a voice in the process is key .
EXPERTISE & GROWTH
Agencies that invest in their employee ’ s growth and future are more likely to retain their talent than those that do not . There are several ways that agencies can achieve this . It may look different for each of your employees , so plan to be flexible in your approach .
One way to invest in your employees may include supporting them getting a professional designation . There are many options available in our industry and this is a great way to demonstrate how valued they are and also provide them with a way to continuously grow their knowledge , confidence and skill set .
The National Alliance for Insurance Education & Research provides several designation options including CIC ( Certified Insurance Counselor ). There are an estimated 31,500 CICs in the country .
Those that complete this designation become part of an elite group of insurance professionals viewed as experts by their clients and peers . The National Alliance reports that agents with the CIC designation make 30 % more than their counterparts , have a lower error rate , and are positioned to write larger accounts .
This is translated to higher revenue opportunity and efficiency levels for the agency which will improve their growth rate and profitability .
Making the investment in any one of these areas is not enough . Simply by investing in technology , education , or data will not grow your agency – it must be implemented well in order to realize those results . It goes without saying that all of these suggestions require consistency and strong processes in order for the investment to translate into results for your agency and your employees . Just like purchasing exercise equipment will not make you fit , the same principle applies here .
For those agencies that make these types of investments and implement them well can expect to see lower turn-over rates , higher growth rates and higher profitability . All of these results lead to a higher value for their agency . These are the biggest factors that impact the strength and value of your agency .
There is no better investment to be made inside an agency than in your people . •
Carey Wallace is the founder and a consultant for AgencyFocus , a consulting firm focused on providing valuation , perpetuation , financial , and planning services to independent insurance agents . She is also the cohost of the Insurance Refocused podcast , and a frequent industry speaker .
She may be contacted at carey @ agency-focus . com or at agency-focus . com .
24 KANSAS INSURANCE AGENT & BROKER