Group items tagged

M&A advisors can bring an extensive array of services to the table, but in the end, they generally fall into the following primary categories: * Advocate for the seller in all aspects of the process * Experience from other transactions with buyers and other sellers * A dose of reality for the seller.

Key employees who are being considered future candidates for ownership need to be told what is expected of them in order to earn the privilege to purchase a minority interest in the agency. Keeping them in the dark can lead to their frustration, resentment and possible loss. This holds true for employees who are not family members as well as those who are.

Here is a tip from an Iroquois member that we thought was worth passing along. FEMA's website has loads of documents for agents regarding NFIP and Flood Insurance, many of which are free.

A Market Alliance with an Iroquois Carrier-Partner is: A means of supporting the growth of an existing book of business; A method of maximizing the revenue to your agency from an existing book of business; A strategy for increasing commission and profit sharing revenue from all of the business you write through Iroquois Carrier-Partners; Something you should explore with your Iroquois Representative.

Iroquois adds new members

Iroquois honored with prestigious MetLife designation

What is a Prospect Pipeline Iroquois groupA prospect pipeline is the term loosely used to describe all the contacts a producer is actively working on and moving from one stage in the sales process to another. It typically resides in some form of software program the agency has or is kept in a manual list form. Stages in the sales process are defined differently by different agencies, but generally include terms like "initial contacts, qualified leads, initial diagnostic appointments made, solution proposals delivered, sales won, or sales lost." The prospect pipeline usually shows the potential revenue expected from each sale, the products potentially to be sold, the probability of the sales (as a percentage), the date and explanation for the latest status, and the timing for the next step in moving towards the sale.

"Business Continuity Planning: Leveraging Technology to Protect Your Agency's Most Critical Assets".

The buying habits of consumers who shop for services online have changed in the last few years. An emerging and important aspect of online marketing is the comments that customers make about businesses.

A traveler without a map or route guidance will simply wander. The same is true for an agency without a business plan. In this TOOLS article we will discuss how to develop a strategic business plan

The following questions can help you identify areas where insurance agency management fine-tuning may be beneficial in increasing revenue, profit, productivity or insurance agency value. Some questions are very basic (Agency Management 101) while others are more challenging. http://www.iroquoisgroup.com/sites/default/files/TOOL-Sept%202016.pdf

Insurance Management Solutions (IMS) by Xanatek -a powerful, innovative and affordable system that offers comprehensive insurance agency management, document imaging capabilities, ACORD, Real Time, carrier downloads for policy and commission, and so much more! http://www.iroquoisgroup.com/content/agency-management-system-ims-xanatek

The Hartford offered professional liability (also known as errors & omissions or E&O) coverage to the classes below. They will continue to offer the existing products to customers in these classes. http://www.iroquoisgroup.com/content/professionalliability

In most agencies, holding customers accountable seems to be one of the bigger frustrations. Have you ever thought or said "why is it always our fault when a customer has a loss that is not covered? They knew that they didn't have that coverage." For agents serious about minimizing the potential of their agency facing an E&O claim, achieving a high level of customer accountability is a great goal to strive for. To achieve this goal may require some hard work and some new initiatives. Documentation is a key but documentation is more than just words in the system. Any agency will be hard pressed to hold their customers accountable without a file that is well documented. However, documentation by itself will not get it done. Agents need to fully understand that when an E&O claim happens, the E&O carrier will look to secure the actual file in question (paper or electronic) to see what it looks like and what it contains. Solid documentation that is handled promptly, is accurate and professional will make the E&O carrier's job much easier. Conversely, a file with sketchy documentation could prove to be a problem in an E&O matter. Effective handling of client interactions is very important. Every day, customers are asking questions, modifying coverages, etc. The questions (and the answers provided) should be fully documented in the agency management system. In addition, requests to delete or decline coverage or to modify coverage in some manner should be documented as well. But documentation only in the system may not be enough. The agency should have a procedure for confirming / memorializing the discussion. Without this, mistakes can occur. Possibly, what the agency heard is not what the customer requested or possibly what the customer advised is not what they really meant. Let's take the scenario that the agency has provided a personal lines umbrella proposal and the customer calls to advise your agency that they are not going to purchase this coverage. W

We've heard some agents say selling insurance is an art. Others say it's a science. So which is it - art or science?