Today's Viewpoint: A MarshBerry Publication

HOW ARE YOU BENCHMARKING YOUR PRODUCTION TEAM?

As the first quarter has ended, it’s time to reflect on goals that were accomplished, failed to be completed, or expired. From a sales perspective, it is time to review your new business production goals for the year and see if your producers are on target to becoming Million Dollar Producers.

As the first quarter has ended, it’s time to reflect on goals that were accomplished, failed to be completed, or expired. From a sales perspective, it is time to review your new business production goals for the year and see if your producers are on target to becoming Million Dollar Producers.

Regardless of location, product line, market conditions or capacity issues, all producers should have a career goal to become a Million Dollar Producer. Producers can either be on the path to becoming a high performing producer or the alternative, becoming stagnant and complacent.

An initial step to gain additional new business, and achieve Million Dollar Producer status, is believing it can be accomplished. To develop more Million Dollar Producers within your firm, categorize your producers in one of four new business production categories:

  • New Producer: Someone with less than three years’ experience.
  • Senior Producer: Someone with more than three years’ experience but less than a $500,000 book of business.
  • Executive Producer: Someone with more than three years’ experience and a book of business that is more than $500,000 but less than a $1,000,000.
  • Million Dollar Producer: Your goal, with at least a $1,000,000 book.

Often executives set the bar too low and are limited to only what agents/brokers are currently producing. Instead, look at the bigger picture and compare production to hundreds of producers from across the country from different demographics and experience levels.

For 2022, find out where your producers stack up against the competition.

  • Step 1: Plot your producers into one of the four columns in the New Business Dollars chart by identifying their book of business size and experience level.
  • Step 2: Determine what percentile group they would fall into based on new business production from this year.
  • Step 3: Set realistic, achievable goals and monitor their performance throughout the year.
Source: MarshBerry’s proprietary financial management system, Perspectives for High Performance (PHP)

If your producers aren’t in the top 20%, your goal should be to help them move up a least one percentile group. If your team is already in the top 80%-100% percentile group already, make 2022 as successful as 2021!

If you have questions about Today’s ViewPoint, or would like to learn more about how you can drive growth acceleration for your firm, email or call Zack Pittman, Vice President, at 440.220.4100.


MarshBerry is Bringing Producer Academy to Chicago!

It takes skilled people to accelerate your firm’s growth. Designed for insurance agency/broker new hires and producers looking to sharpen their skills, MarshBerry’s Producer Academy 100 helps get producers on track to validate and increase new business production. Space is limited. This 1.5-day session begins May 31. Reserve your spot today!

MarshBerry continues to be the #1 sell side advisor in the industry (as ranked by S&P Global). If you're considering selling your firm, we are the best choice to help you through the complicated process. If you don't hire MarshBerry, hire a reputable advisor that can help you navigate one of the most important business decisions you will ever make. You will be much better off having an advisor in your corner that knows the industry than trying to do this on your own.