looks out for our clients best interests. In the end, that’ s how we achieve these metrics and in turn BP status."
Liebl: " We gained clearer visibility into core operational benchmarks – revenue per employee, account manager workload, service ratios, and profitability drivers. We are using those insights to refine our staffing model, redistribute work more intentionally, and align roles more closely with the needs of our clients."
Rowlen: " The study highlighted several strategic areas we need to maintain focus on including organic growth and sales velocity. We were surprised to learn our true growth numbers were not as healthy as we maybe thought they were once carrier rate flowing through the book was accounted for. Benchmarking our agency against the Best Practice Study metrics is going to help us provide a degree of accountability that we will be laser focused on the strategic areas we need to focused on for continued success."
Schmitz: " We identified some areas in employee compensation that we needed to make some changes to. We feel we have a great benefit package that carries a lot of value but we took a multi-year approach to get a few compensation levels to a more accurate level. We also learned that having multiple small offices( 2 people) that it affects some of our sales ratios and we needed to do a better job of spreading the work load between locations."
How do you feel that the Best Practices Study impacts – or can impact – other independent agencies and strengthen our distribution channel?
Liebl: " When agencies can compare themselves to the best in the country – not for competition’ s sake, but for improvement – it drives healthier operations, better client experiences, stronger carrier relationships, and more resilient local agencies."
Schmitz: " As our agency grows and evolves having comparison data helps to make sure you are investing in your agency properly so the growth is sustainable. Investment in people or technology may not be recouped in the year the investment is made but other Best Practicing Agencies are doing the same thing so the data does help identify this."
Conrade: " The Best Practices Study is extremely valuable if it is your intent to stay independent. In fact, I would go as far as saying that any agency not exposing itself to a process like the Best Practices Study may not actually have a credible plan to remain independent. I also believe the carriers are showing signs that they will expect more from IAs in terms of professionalism, technology, and the ability to grow. BPS is among the very important signals you can send to your carrier partners that we ' take ourselves seriously, and we intend to continuously improve.'"
Davidson: " Each agency has strengths and weaknesses. By utilizing BP data, we can continue to improve on what our agency has high achievement in while concentrating on improving metrics that we score lower on.
Wood: " If nothing else, it makes you understand what is going on in your agency, where improvement is needed, and most importantly, it allows you to positively encourage your team to continue to perform."
Rowlen: " Becoming a Best Practices Agency was a very strong signal to our carrier partners as well as vendors that we are focused on growth and solid agency finances. Simply being under consideration as a Best Practices Agency was certainly a factor when we recently obtained a new carrier appointment.
For our agency, The Best Practices Study is very clear roadmap for success and something we can always go back to and reference when contemplating a strategic business decision. Prior to starting the process of benchmarking against Best Practices results, we were not even contemplating metrics such as sales velocity or true organic growth.
8 KANSAS INSURANCE AGENT & BROKER