Trust in Iroquois' judgment led a longtime member agent to a very happy client and a new and important carrier relationship. Click on the image for the whole story.
Iroquois’ more than 2,250 Member Agents share a common need to find, hire, train and develop the right employees to help their agencies grow and thrive. To help its members with this critical function, Iroquois worked with insurance consultants George Nordhaus and Virginia Bates to introduce Iroquois Hiring Systems (IHS).
IHS is a web-based Human Resources portal, providing valuable tools and information on the candidate assessment and hiring process. IHS takes you beyond simple resume review and standard interviewing, enabling you to focus on objective assessment techniques to learn who a candidate is and what they do, not just what they say.
Iroquois Hiring System assessments help:
• Zero in on a candidate’s thinking style, behavioral traits and insurance skills all at once.
• Insure that candidate interviews are incisive and productive.
• Remove the uncertainties of the selection process.
The assessment tools are available to Iroquois members at a discounted price.
Revenue Enhancing Strategies
Iroquois Regional Managers Iroquois Regional Managers have more than a dozen revenue enhancing strategies at their disposal that they can review and implement with their members. The Regional Manager presents those strategies they believe would be beneficial to each Member and the Member chooses which ones to implement. Here are two examples:
1) Earn profit sharing through Iroquois on books of business with directly appointed carriers that fall below the carrier’s minimum premium requirements. (e.g. Carrier X requires $400,000 in premium to qualify for profit sharing but through Iroquois the Member can earn profit sharing at $50,000 or $100,000.)
2) Consolidate E&S business with one of Iroquois' Specialty Access Markets to move up in Iroquois’ PartnerPlan and earn more total revenue on other Iroquois-provided carriers
In 2010, Iroquois introduced a new analytical process to help Member Agents and prospective Members identify their short- and long-term goals, the Success Strategies needed to reach those goals, and the Stress Points that must be managed or overcome so they don’t prohibit success. The new process is called the Agency Accelerator Assessment, or A3 for short.
The A3 is prepared by an Iroquois Regional Manager through a series of discussions or interviews with the agency principal and at least one other member of the agency staff (i.e. a producer or CSR). The first part of the A3 is a current Carrier Evaluation, whereby the agency evaluates the strengths and weaknesses of its current carrier partners and determines if additional or different carriers are needed to foster long-term growth and profitability.
The A3 also includes an assessment of the agency’s Human Resources and Training, Marketing and Sales, Benchmarking, Technology and overall agency Challenges. At the end of the process, Iroquois provides the agency principal with a Summary Report of the answers to the Assessment questions and the strategies or tools that Iroquois can provide to address those needs. The A3 analysis gives an agency principal a consultant-quality analysis of his or her agency, at no charge and with no obligation to implement any of our recommendations.
Iroquois’ Market Optimization process involves analyzing an agency’s current carrier relationships and carrier needs to help determine the most beneficial, productive and stable assortment of carriers available. Optimizing markets will allow the agency to profitably write and retain more business over the long term, for its benefit and that of its current and future clients. (It isn’t about more or less markets, but about identifying the right ones.)
Once the optimum market mix has been identified, then we can help the Member Agency develop a plan to transition from their current markets to the optimum mix. Some agencies only need minor fine tuning to reach their optimum mix, while others may need to make significant changes. Either way, Iroquois is willing and able to assist its Members with this process and to help them maximize the upside potential and minimize the transition downsides.
When transitioning to the optimum market mix, an agency must sometimes eliminate weak or broken carrier relationships. Often, agents are hesitant to end a carrier relationship -- regardless of how unproductive it may have become -- due to concern for the short-term disruption and cost to staff and clients. Iroquois’ Market Alignment Program (MAP) and ReMarketing Program were designed to address these concerns. Through these programs, Iroquois representatives help manage the entire process; minimizing the resulting disruptions and expense to clients, the agency and its staff; and maximizing the benefits of the change for all concerned. In many cases, Iroquois can provide financial incentives to move or consolidate books to one of our core carrier partners.
Iroquois is committed to helping its Members improve their financial results. One financial tool available to Member Agents in the top 2 levels of the PartnerPlan is the Agency Financial Benchmarking Analysis. This complimentary service involves a highly confidential analysis of the Member’s latest full year Income and Expense Statement, comparing the Member’s income and expenses to those of average peer agencies and to those of top performing peer agencies. Meaningful differences between the Member’s actual results and those of their average and best-performing peers are noted and, where appropriate, recommendations are provided on actions that may improve the Member’s results. Agencies benefit by knowing that their advertising or vehicle expenses, for example, may be out of line with comparable agencies, but as with all Iroquois programs, the agency principal is under no obligation to make changes or act on any recommendations.
Iroquois is committed to stimulating growth for its Member Agencies and Carrier Partners. One strategy for stimulating growth is the Iroquois Producer Financing Program (PFP), whereby Iroquois co-invests with select Member Agencies in the cost to hire and train new producers. This program is designed to benefit all parties involved: the Member Agency, new Producer, Carrier-Partners and Iroquois. See your Iroquois Representative for more details.
Note: This program is available to members at levels 1, 2 or 3 of the PartnerPlan.