NC Fiduciary
New Member
- 5
We are an independent agency, and have appointments with some great and highly competitive carriers. We have a solid book of business, and our agency has been in business for over 25 years. I'm one of the agents that is in line to perpetuate the business, and we are looking at a few different angles to build upon our current book of business.
I have a few friends that own agencies, and they hire new producers often. I know there are some drawbacks to putting many agents in the field, as you are investing time, money, and training in hopes that these agents produce. I have concerns with a lack of field underwriting, as we receive contingencies with our carriers due to our production...and loss ratio. Our retention rates and loss ratio are both exceptionally good. However, we would like to be putting more new business on the books than we are currently writing.
Our options are for myself and another coworker to each devote half of each day to canvassing and cold calling. We both handle day to day stuff in the office, and have been stuck in the role of "Part CSR/Part Producer" for the past 3 years...which in my experience doesn't maximize our efforts by any means.
We are trying to decide if bringing on multiple outside sales agents and managing them would be more profitable than hiring an additional CSR and for one of us to become a full-time outside producer. However, how do you find new hires that can actually produce? Do you look for new agents who are looking to build a book of business, or do you find experienced outside sales agents and offer them a better commission than you would someone who's just starting out in the industry? Anyone with experience in growing and agency, I'd love to hear from you! Sorry for the wall of text!
I have a few friends that own agencies, and they hire new producers often. I know there are some drawbacks to putting many agents in the field, as you are investing time, money, and training in hopes that these agents produce. I have concerns with a lack of field underwriting, as we receive contingencies with our carriers due to our production...and loss ratio. Our retention rates and loss ratio are both exceptionally good. However, we would like to be putting more new business on the books than we are currently writing.
Our options are for myself and another coworker to each devote half of each day to canvassing and cold calling. We both handle day to day stuff in the office, and have been stuck in the role of "Part CSR/Part Producer" for the past 3 years...which in my experience doesn't maximize our efforts by any means.
We are trying to decide if bringing on multiple outside sales agents and managing them would be more profitable than hiring an additional CSR and for one of us to become a full-time outside producer. However, how do you find new hires that can actually produce? Do you look for new agents who are looking to build a book of business, or do you find experienced outside sales agents and offer them a better commission than you would someone who's just starting out in the industry? Anyone with experience in growing and agency, I'd love to hear from you! Sorry for the wall of text!
