The Rogan Group

Description

Unfortunately, most folks don’t have the time to do a lot of that in this market, thus your call has to get right to the point and there has to be a “reason” for the contact. Niches can give you that “reason”. Take a look at the niche programs that your firm currently has and write down what add-ons might be good additions or what new niches might compliment an existing program. If you have a Lawyers Professional Program, might you add a Producer that focuses on Accountants or Design Professionals? If you do Media in a big way, might a Producer that has a Cyber Risk Specialty be a good addition? An Energy or Environmental Producer might fit with an established Construction block.

THE PROBLEM: Youâ??re an independent insurance agency owner and you want to grow. You can acquire another company and merge that into your present firm, or you can hire another producer. Now you must ask yourself â?¦ how does your agency look to potential recruits? The Solution: Get ready to attract those new producers by taking this quick recruitment test. And even if youâ??re not looking at attracting new producers, now â?¦ itâ??s still a good idea to take this test and measure how well you agency is doing in todayâ??s competitive environment.c. Front – sign bonus or book purchase or nothing; middle – producer or producer team is set-up on their own P&L and is responsible for managing their own income and expenses. An identified % goes to the producer group, to the fixed costs and to the firm…and then any over and above is split between the producer group and then firm (the profit share); back – the profit share mention early on the over and above is usually the back end but this can be combined with other items such as an overall stock program. 5. Local Firms – This area can include very small brokers and might run to the firms with 15-25 million in revenue. This is the group that will push the new and renewal commission rate and we tend to see 40/30 as an average commission in this sector but note that commission plans in this area are “all over the board” as the producer is asked to bare more of the duties in producing and servicing the book. This group tends to back off on the signing bonuses and book purchases due to limited cash flow but will be more aggressive on the back end with deferred comp plans.

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