Last month’s article was about the Five Profit Zones. Well, after it went to print I had one of my semi-famous BFOs (Blinding Flashes of the Obvious): There is a sixth and very important profit zone—your insurance carriers.
I would love to have just 1% of the dollars left on the table each and every year by independent agencies that aren’t managing what should be considered a stand-alone profit center. The figure would astound you!
So how does one earn greater profits in this area? It boils down to analyzing the insurance carriers you represent and your relationships with them.
We’ve often talked about the 80/20 Rule and the concept of knowing vs. guessing. It certainly applies here. Do you truly know what your carrier 80/20 analysis looks like? Probably not. I’ve been consulting and coaching agencies for more than 35 years now, and it’s clear to me that in the average independent agency, the top 20% of your insurance...
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