These are different times and old-world agency techniques are over. Years ago we had high-flying growth and everyone was doing well. But as the saying goes, even a turkey can fly in a hurricane. We have to be a lot smarter and work harder to be successful in today’s market. Recently I blogged about how to “Change your outlook, double your growth,” which focused on thought process and changes successful firms are making.

I received a lot of requests following that blog to provide a little deeper insight into what some of these firms are doing. These are insurance agencies that are embracing change, taking advantage of the chaos and experiencing very good growth.

If I could sum it up in one phrase: It starts at the top. The firms that are out there crushing it right now have a leader that is recognizing the need for change and is overseeing the process. Obviously this is a topic that could be well suited for a whitepaper but let me quickly outline what today’s “Top Dog” at an agency is typically looking at.

Closing ratio by producer An obvious one but the majority of firms do not capture or report on this. If a producer has a 20 percent closing ratio, what do the other 80 percent of the groups now think of your firm? Scary considering how important reputation is to an agency. Successful firms are having someone outside the sales process follow up on the opportunities they did not get. This workflow by itself can be a powerful educational experience.

Stalled opportunities Do you have salespeople or demo people? A lot of selling happens after the agency is pitched. Every one of these should be reviewed monthly face to face with the producer. A game plan needs to be established to make sure the ball is kept moving.

Prospect contacts How many firms did you talk to last year about your capabilities? How many of them have been touched by you in the last six months? Top Dogs are making sure prospects are getting drip marketed so their firm stays top of mind. Good news for those of you with Zywave, you can set up a drip market campaign on every prospect in your firm in less than 10 minutes.

Account rounding Every single client should be examined for other coverages that could be sold to them. This should be set up as an opportunity and discussed with the producer monthly. These should be the easiest sales.

Cross selling Same as above but a little more difficult as you are adding another producer (relationship) to the mix. It needs to be clearly understood by the producers that it is expected of them. A select target list should be culled from this list and a strategic plan should be created with both producers. This should be gone through monthly with them to stress the importance at a high level.

Account activities People at agencies are “too busy” being reactive to clients. Top Dogs are making sure they know what clients are taking up most of their people’s time, and making sure the firm is getting paid appropriately for their work. Tracking activities by account is the only way to manage this process.

Closing ratio by carrier These are extremely important relationships that need to be proactively managed. A top firm is not getting bushwhacked at a lunch with a carrier rep with the number of RPfs that did not close. Top firm already knows this number and manages it, and in fact uses it to their advantage with the carriers.

Claim issues by carrier If you are getting bushwhacked at a lunch, this is another opportunity to return volley of fire. To fully understand profitability at an agency, you need to ensure carriers are not pulling your staff down with service issues. If they are, perhaps higher compensation should be a conversation.�

Competition analysis Agencies need to have a clear understanding of who the competition is and what it takes to win business from them. If you have clear advantages over each firm, and know their potential weaknesses, producers can perform with more confidence. This should be discussed monthly with the producers. Conversely, no knowledge can create fear and confusion.

Pipeline management Business forecasting cannot be done without it. On average, this is poorly managed by agencies as producers are not held accountable to it. Some firms have adjusted compensation based on the accuracy of the pipeline. If a producer under or overstates by more than 15 percent, they will receive less compensation. Pipelines should be reviewed weekly by producers, bimonthly by management, monthly by senior management.

Analysis by line of coverage Most people know what percent is coming from P&C vs. Benefits, however, what about what percent of revenue is coming from LTD? Voluntary? How good are your people in each line? Should the firm expand in other areas like 401(k)? On your big revenue lines, is your firm spending enough to make you world class?

Now here is the key: For the firms that are crushing it, most of these indicators are being reviewed and discussed monthly at formal meetings. If you do not have a system to track this information, it will most likely be a high priority for you in the future.

One final point, it may seem overwhelming but once a process is in place, the benefits are tremendous.  It allows management to clearly see improvement areas, be strategic on where to build for the future and devise plans to crush the competition. And to think you actually get paid to have this kind of fun…