Key Metrics For Your Agency
metrics (noun): a method of measuring something, or the results obtained from this measurement.
Anything can be measured. Knowing what can be measured is important. Knowing why it should be measured paramount. In this post we are going to look at three key metrics for your Agency.
Key Metric #1 – The Demographics of Your Agents
Demographics is becoming a buzz word in the insurance industry and for good reason. The more we understand our client or prospective clients the better we are able to serve them. But everything we read about is the demographics of the end consumer, not your agents. How many Boomer agents do you have in your agency? How many Generation X agents do you have in your agency? How does this impact your engagement with your Agency? Understanding the generational make-up of your agency if vitally important to effectively communicate to your agents. It is also important in establishing your agency goals, both production goals as well as recruiting goals.
Key Metric #2 – The Demographics of Your Agents’ Clients
Once you have a firm grasp on the demographical make-up of your agency the next logical area to examine is demographical make-up of the clients your agents work with. This is helpful in two ways:
- Identifying Opportunity. Your agents will naturally work with clients within a range of their age and often don’t need much coaching on how to reach this natural market. But helping them grow new markets is a strategy that can provide great results to the agent and the agency. If you combine this with the strategic recruiting and hiring of junior agents/advisors it opens the doors to even more opportunity.
- Strengthening Sales. It is valuable to know what is working for your agent’s. This can help affirm their generational peers as they go out in to the marketplace, create a platform for coaching your agent through their closing ratios or provide a more thoughtful way to distinguish who could/should be a mentor in your agency.
Key Metric #3 – The Product Sold by Demographics
If you understand the demographics of your agents and the demographics of their clients, if you can tie that together with what products are sold into the different demographics your are in the drivers seat for delivering value to your agents. How would it shape your campaigns or production goals if you knew what to promote, who to promote it to and how to best communicate it based on this demographical information?
Broker Backoffice provides this information to you in real time in only a couple of clicks. So while you enjoy your morning cup of coffee, login to your agency’s Broker Backoffice account and begin unlocking the value of demographics for your agency and agents.