| The Big “I” developed its Best Practices line of tools and seminars in order to help members maintain and improve the value of their most important asset—their agencies. Since its first release, an expanding library has helped agencies contrast, evaluate and enhance their performance in areas critical to their success. At the heart of the program is the Best Practices Study and annual updates, which are based on 224 top-performing agencies.
Examining agency interviews and results as a whole reveals specific characteristics across the board. How many do you recognize within your agency?
- Focus on customer service and satisfaction. Formal and informal surveys inquire about customers’ perceptions of how the agency is meeting expectations and how it might improve service.
- Frequent customer contact. Agency educates clients, builds accounts, explains new products and prices, serves as a consultant and problem solver and provides pleasant and productive contact.
- Valued staff. Employees receive the education, training and tools they need to do their jobs efficiently and effectively. Leadership expects them to perform at high levels and grow personally and professionally and rewards, recognizes and celebrates their accomplishments.
- Participatory management. Top managers are involved in daily operations and share financial information to ensure employees understand profit expectations. Employees have authority to exercise their responsibilities and provide input on planning and budgeting.
- Vision. The agency has a clear mission statement that focuses on the customer and shares it with staff to ensure widespread understanding..
- Win-win supplier relationships. Agency seeks partnerships with insurers that share its vision and values, partakes in joint planning and respects the principles that govern agency-company relationships.
- Efficient processes. Technology is no longer an option—it’s a necessity for growth, continuous improvement and customer contact and satisfaction. Agency streamlines workflows to benefit both employees and customers and strives to “do things right the first time.”
- Continuous improvement. Agency constantly seeks ways to improve, continually measuring performance against past performance and that of competitors as well as successful non-insurance enterprises.
- Focus on revenue growth. Critical to long-term survival and agency value, revenue growth stems from a focus on account development and leveraging relationships. New or renewed focus on growth encompasses new ways of finding customers and keeping them, such as social media and other technologies.
The 2015 Best Practices Study Update will be released in September and will complete the 2013-2015 cycle. To learn more about how your agency can participate in the next study cycle, visit “How to Be A Best Practices Agency” or email Best Practices staff. |