九色 asked leaders of this year’s Top 100 Agencies about some of their best and worst management decisions ever made, sales ideas that worked, the biggest challenges facing their agencies today and how they are facing those, and why they would recommend a career as an independent agent to others. Here’s a look at what some of today’s top leaders had to say:
Best/Worst Management Decisions Made
“The best decision we have made was to focus our business at Beecher Carlson around the industries and products where we have deep expertise and resources, rather than to try and be all things to all people. … The worst management decision I’ve made is that I personally should have made a move earlier in my career to a boutique early stage firm because I have learned that I am better helping build an organization rather than remain frustrated trying to change a large corporation.” 鈥擲teve Denton, president, Beecher Carlson
“The best and worst were both acquisition decisions. Most worked out well, but a couple were either complete or borderline disasters. The best merged into our company seamlessly from systems, book of business compatibility and cultural perspectives. The worst never did work and created significant negative energy, consuming time that should have been spent much more productively.” 鈥擬ike McCreary, president, United Valley Insurance Services Inc.
“Best decision was to stay true to the founding principals of IOA by getting the greed out of the agency management business. Worst decision was to think that I could handle most of the management. That has since changed and I realized that IOA would be much better if I surrounded myself with good people and delegate some of the management.” 鈥擧eath Ritenour, CEO, Insurance Office of America Inc.
“The best management decision was to stratify commercial accounts and send small business to service centers, increasing time for client focus. Worst: keeping non-productive producers too long.” 鈥擩ohn F. Kelly, CEO, Frenkel & Co. Inc.
“Best: Hiring the right people. Worst: Hiring the wrong people.” 鈥擬ichael Reddy, president, Keystone Insurers & Benefits Group
Successful Sales Ideas That Worked for Them
“Cross-selling. We have just started cross-selling life insurance and it has been a remarkable success.” 鈥擬ordy Rothberg, president, Confie Seguros.
“Offering our clients value over and above price. We try to differentiate our agency from the competition. We never try to sell on price alone. Price sells an account once. Value keeps it.” 鈥擧eath Ritenour, CEO, Insurance Office of America Inc.
“Educating our clients on business issues that have an impact on their organization.” 鈥擬ike Morey, chief operating officer, Bolton & Co.
“Attracting producers with books of business by way of our market expertise and technology … adding business in chunks. Also, our ‘backroom services’ have created a new insurance-related revenue stream from other insurance operations.” 鈥擬ichael Loftis, president, Bainswest Inc. & Loftis & Wetzel Corp.
“It is a concept rather than an idea. We try to create value to our clients by showing them their total cost of risk and sound solutions to the risk. The sale happens when our value is recognized as more than an insurance proposition.” 鈥擟orwin Tufte, president, Ag States Group
“Working with various payroll companies’ insurance leads.” 鈥擪en Sihle, vice president, Sihle Insurance Group Inc.
Biggest Satisfaction Received by Running Their Own Agencies
“The fact that it is employee owned.” — Robert Cohen, chairman and CEO, The IMA Financial Group Inc.
“The satisfaction comes in many ways and forms from seeing clients protected from catastrophic events that without our advice would have meant an end to their business, to employees who have achieved great success in the agency.” 鈥擡ric Donahoe, chief operating officer, Seitlin
“By far, the part of my job that provides me the most satisfaction is exceeding client expectations and being a true partner with them in their business.” 鈥擲teve Denton, president, Beecher Carlson
“Trying to be in the top 1 percent from a benchmarking standpoint. I love benchmarking because you can compare yourself to agents of all sizes and shapes. Kind of like a handicap in golf.” 鈥擩ohn Hester, vice president, mergers and acquisitions, INSURICA
Why They Would Recommend a Career as an Independent Agent
“It’s a great business and the sky is the limit with regards to opportunity.” 鈥擱obert Cohen, chairman and CEO, The IMA Financial Group Inc.
“I know of no industry where you can start out with nothing but integrity, work ethic and a genuine caring for other people and be wildly successful. … And, there are many super fine people in our business, which makes life even more fun and rewarding.” 鈥擝ill Henry, chairman and CEO, McQueary Henry Bowles Troy LLP
“More than ever before, the career path of an independent agent offers flexibility and diversity. It also gives greater opportunity for growth and achievement to those young people who are dedicated and passionate.” 鈥擧enry C. Lombardi, president and COO, Allied North America
“We are in a position to help others in ways few other industries can. Once an individual is able to pierce the veil that surrounds our industry, a remarkable career awaits.” 鈥擳homas R. Dietz, chairman and CEO, Schiff, Kreidler-Shell Inc.
Biggest Challenge Facing Their Agencies
“The economy is by far the single biggest challenge facing all businesses. Because of the economy we are laser-focused on helping our clients reduce their total cost of risk; not just insurance premiums.” 鈥擲teve Denton, president, Beecher Carlson
“Recruiting new people into the industry and training them. Fortunately, word of mouth of our success in doing this is beginning to create a pipeline for us.” 鈥擬ike Morey, chief operating officer, Bolton & Co.
“The economy on top of five years of negative rate growth in P/C. We are actually hiring producers and cranking up our sales efforts on all fronts. We are having our best sales years ever, but still hard to outrun the rates and lower exposures. The Obama factor in health care is a huge challenge.” 鈥擝ill Henry, chairman and CEO, McQueary Henry Bowles Troy LLP
“The significant reduction in income due to decreased exposures, lower premiums, audit returns and loss of profit sharing dollars because of carriers underwriting to higher loss ratios.” 鈥擳im Ward, executive vice president, Senn Dunn Insurance
“The economic cycle. We are addressing it by focusing on what really brings value to our clients and eliminating the things that don’t.” 鈥擡ric Donahoe, chief operating officer, Seitlin
“Very large volume with a single carrier … it is both a problem and opportunity.” 鈥擩ohn Carmody, executive director, The Advantage Group
Topics Agencies Talent Leadership
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