Designed to Help Agencies Project and Plan for Growth and Profitability
WASHINGTON, Dec. 5, 2012 /PRNewswire-USNewswire/ -- Growing both the size and profitability of their personal lines books of business is a priority for member agencies of the National Association of Professional Insurance Agents (PIA). In response, the PIA Partnership is announcing its newest deliverable for agents: "Closing the Gap – Growth and Profit." Current PIA members are now able to access the deliverable website at http://agency-growth-profit.com.
At the heart of this new deliverable are calculator tools which have been created for use with Microsoft Excel to help ensure ease of access and adaptability for agents.
These tools are designed to help agencies project and plan for new business growth and profitability on a 5 year basis. Agencies can also use these tools to calculate projected auto and homeowner premium and commission by customer type – comparing various ways in which their own retention rates, premium rates and commissions factor into agency profitability.Since results from these calculator tools are not static, agencies can create "what if" scenarios and improve their bottom-line results by adjusting factors including improved retention, increased sales goals and ramping up account-rounding activities. This new tool from The Partnership can help provide agencies with the ability to:
- Plan for growth and profitability.
- Quantify the benefits from account rounding.
- Evaluate customer opportunities across all of their carriers.
- Compare retention, pricing and commission by line of business.
- Create a 5 year revenue projection based on sales goals.