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Efficient Agency management is one of the
key considerations for any Insurance or similar services
organization, as it has direct impact on employee productivity.
Maximizing employee productivity has a direct impact on
the bottom line as it is seen that the single agency expense
is for all agency personnel, typically costing 52 percent
to 73 percent of revenue. In general, owner and producer
compensation is between 25 percent and 35 percent of revenue,
office staff compensation ranges from 20 percent to 28
percent of revenue and benefits and taxes costs 7 percent
to 10 percent of revenue. This means if a firm can get
more work done with same level of employees then the savings
drop to the bottom line. For example, if a firm can increase
revenues by 10 percent without increasing staff then that
10 percent is mostly profit.
With increasing pace of business & market growth if
is common to find employees spending an inordinate amount
of time trying to retrieve data rather than working with
customers. Sometimes, it is impossible for marketing representatives
to access the needed information to provide to customers.
Furthermore, company managers may not have the information
and tools to review and manage field-marketing performance.
Cambridge Technology Enterprises (CTE)' Agency management
solutions address this requirement and give the insurance
company a clear view of all agencies and loss ratio indicators.
Even a small percent reduction in loss ratio, means additional
added to the bottom line.
With the automation offered by the CTE Agency Management
software solution, time previously spent on monotonous
data gathering can be leveraged for new business development
and working with existing agencies to improve the company's
share of business. |
