Small producer agency in the globalised market. IIED/HIVOS New Book with DTR-IC/Rimisp contribution
Ignite agency growth with producer tech
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Transcript of Ignite agency growth with producer tech
© 2016 Vertafore, Inc. and its subsidiaries.1
Ignite Agency Growth withProducer TechAcclerated producer hiring and validation solutions from Vertafore
© 2016 Vertafore, Inc. and its subsidiaries.2
“Study after study and firm after firm reinforce this point. Growth creates opportunity for employees, business for carriers, resources for clients and returns for shareholders.
But not all growth is equal.
Organic growth, specifically, has a unique power to drive agencies and their stakeholders forward.”
Reagan Consulting
Growth is lifeblood of an agency
© 2016 Vertafore, Inc. and its subsidiaries.3
Organic growth strategies
Quality,profitablegrowth
HireexperiencedproducersCross-selling
RecruitMillennials
Become asales
machine
Diversify intonew lines
Specializein a
niche
Bettermarketing
© 2016 Vertafore, Inc. and its subsidiaries.4
PERCENTAgencies under-hiring
producers to meet growth goals
PERCENTAverage producer hiring
success rate
MONTHSAverage months to validate a
new producer
PERCENTProducer hires rated as exceeding expectations
Hire experienced producers• Lower average agency
sales velocity compromises ability to drive sustained growth
• Skews generational age bands and puts agency perpetuation at risk
Recruit college grads or industry outsiders• Low hiring success rate
costs time and money and causes churn
• Lengthy time to validate hinders ability to meet organic growth targets
Risks with producer hiring strategies
60 56 32 10
© 2016 Vertafore, Inc. and its subsidiaries.5
Sustained organic growth is hard
Huge cost and impact on morale and achievement
Significantly below stated organic
growth goal targets
© 2016 Vertafore, Inc. and its subsidiaries.6
Brutal realities of onboarding producers
Recrui
tHire
Licen
se
Market
Trainin
g
Sales T
rainin
g
Mentor
ing
Coach
ing
Valida
tion
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Dated tech unappealing to
Millennials
Manual licensing process kills momentum
Overwhelmed trying to learn niche
markets
Poor visibility into sales pipeline
No clue where sales breaking down
hampers mentoring
Significantly below time to validation
target
Low hiring success rate costs time, money, morale
% o
f New
Bus
ines
s Q
uota
Ach
ieve
d
© 2016 Vertafore, Inc. and its subsidiaries.7
Age and source of new producers hired
14%
53%
20%
12%
Average Growth
UNDER age 30 from WITHIN insurance industryOVER age 30 from WITHIN insurance industryUNDER age 30 from OUTSIDE insurance industryOVER age 30 from OUTSIDE insurance industry
27%
55%
18%
Top 25% Growth
UNDER age 30 from WITHIN insurance industryOVER age 30 from WITHIN insurance industryUNDER age 30 from OUTSIDE insurance industryOVER age 30 from OUTSIDE insurance industry
Opportunities to improve producer hiring success rate and reduce validation time
© 2016 Vertafore, Inc. and its subsidiaries.8
What your new producers want• Expedited producer licensing
• Quickly find forms, checklists, coverages
• Visibility into sales pipeline
• Ongoing coaching and mentoring
• Tools to compete and win against directs
To become successful producers as fast as possible
How Vertafore helps• Web-based licensing and compliance solutions
• Online insurance search engine
• Insurance-specific sales pipeline integrated with mobile access
• Virtual niche market coach plus pipeline monitoring and proactive mentoring
• Online consumer rate quotes embedded in your website and social pages
Recruit top young talent, maximize successful hires and reduce time to validate
Vertafore can improve producer hiring success rate and reduce validation time
© 2016 Vertafore, Inc. and its subsidiaries.9
Accelerated producer hiring and validation solutions from Vertafore
Expedited Licensing• Access direct connections to state licensure and
continuing education credential information for each of your producers
• Stay on top of agency requirements with automatic reminders to upgrade renewals and compliance
• Allow your producers to focus on selling business and serving clients without disruptions
Online Insurance Search Engine• Virtual coach for commercial niche markets• Quick access to comprehensive risk management and
loss control tools• Interactive map and search tools to identify prospects• Help producers develop sales methodologies to drive
more business with sample brochures, business letters, proposals and more
Insurance-specific Sales Tools• Dashboard provides instant view of your sales pipeline,
open leads, opportunities and activities• Guided workflows ensure your leads flow through sales
pipeline efficiently and consistently, resulting in faster lead-to-close time
• Seamlessly integrates with your agency management platform providing easy access to account information such as policies, claims and notes
Online Consumer Rate Quotes• Compete more effectively in online personal lines
insurance market• Expand your agency’s website functionality with
integrated personal lines auto and home quotes• Reduce quote time turnaround• Supercharge your social presence with embedded
personal lines auto and home quotes• Compete and win against direct writers
© 2016 Vertafore, Inc. and its subsidiaries.10
Vertafore-assisted new producer ramp
Recrui
tHire
Licen
se
Market
Trainin
g
Sales T
rainin
g
Mentor
ing
Coach
ing
Valida
tion
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Stand out with producer-focused
software
Accelerate licensing with web-based
toolsOnline search engine acts as
virtual coach for niche markets
Teach sales processes with insurance CRM
Monitor and fix breakdowns in
pipeline with CRM
Accelerate ramp with online quotes
on social
© 2016 Vertafore, Inc. and its subsidiaries.11
Accelerates organic growth
Significant improvement in
hiring success rate and validation time
Increases sales velocity and organic
growth rate
© 2016 Vertafore, Inc. and its subsidiaries.12
Develop solution• Model your needed sales
velocity, producer hiring success rate and producer validation time to hit your organic growth goals
• Conduct a solution development deep dive with your key stakeholders
Implementation• Data migration• Implementation• Training• Dedicated account manager
Support• Vertafore Support• Vertafore Community• Network of Vertafore Users
(NetVU)
How we will deliver this solution
© 2016 Vertafore, Inc. and its subsidiaries.13
CommitmentYour support is essential as we engage with your key stakeholders and build your sustainable organic growth strategy
PartnershipWe need to partner with you and your producers to help them feel supported and connected with these new tools
Next stepsLet’s plug your numbers into our model for a first pass evaluation and set the stage for a solution development deep dive with your key stakeholders
Let’s grow together
For more information contact Chris Ries at425.354.6178 or [email protected]