Big Event 2011: Producers...
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B. H. Burke & Co., Inc. presented at MAIA\'s Big Event 2011 in Boston. How to find producers, pay them, and what they should be doing (with new technology).
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Big Event 2011: Producers...
- 1. Producers – How to find them, pay them, and what they should be doing Everett Shaw, ASA Tom McGraw, CPCU Jason Hoeppner, CIC B. H. Burke & Co., Inc.
- 28. CIB Top Talent Selection Standards: The Right Stuff Copyright © 2011 by CIB Group Services, LLC. All rights reserved. www.cibgroupservices.com CIB’s mission is to help agents recruit and develop new producers. Sales Experience: Has demonstrated effective sales skills with a record of successful selling in a business-to-business environment; has met or exceeded quotas; understands and applies sound principals of prospecting for new business, including cold calling; supervisors will support claims of sales success and reasons the candidate left their employ. Drive to Achieve: Has demonstrated motivation to excel; sets high standards for personal performance and works hard to meet them; has strong self-discipline; perseveres and overcomes barriers in achieving goals; bounces back rapidly from discouragements. Relationship Skills: Enjoys people; mixes well, is sociable and friendly; works well with everyone; can show concern for the needs of others. Cognitive Abilities: Skilled in analytical and critical thinking, in problem solving; learns rapidly. Work Ethic: Works hard; understands that building a book of business from scratch requires more time devoted to work than many careers, and has demonstrated a willingness to give the time required. Verbal Skills: Is an engaging conversationalist; listens well; responses to questions are organized and succinct; grammar is correct; conveys enthusiasm. Desires: Has demonstrated sound rationale behind previous job moves; understands that this position requires a long-term commitment to a career; the career, the firm, the location, and the rewards all meet or exceed the candidate's desires; they are a good "fit" with what the candidate wants to do and where he or she wants to do it. Compensation Fit: Understands and can accept the client’s compensation program; accepts that the career will be commission based after validation.
- 29. Copyright © 2011 by CIB Group Services, LLC. All rights reserved. www.cibgroupservices.com CIB’s mission is to help agents recruit and develop new producers. 1 st CIB Interview CIB Sales Potential Questionnaire Offer Additional Agency Interviews MBTI & Strong + Bkgd. Check 1 st Agency Interview 2 nd CIB Interview CIB Professional Assessment Process: Screening for The Right Stuff.
Notes de l'éditeur
- And note… that much of what we will have to say applies to finding any type of producer…be it P&C, Benefits or Financial Services but we put this together with an emphasis on P&C producers.
- I
- -Paying first year splits on everything -Paying renewal splits only on accts over certain comm thresholds -Geographically sensitive -Include all policies (commercial & personal)
- -If looking to incent producers to write bigger cases, stop paying renewals on smaller accts. -Producer who strives to earn $100k and has a 50 new 50 renew plan will maintain a book of $200k -Producer who strives to earn $100k and is on a 50N/30R plan and only gets renewals on accts over $1,000 of comm’s will generate more biz -Producer with
- -Focus here is on the plan that ultimately survives -Comp plans to bring on new producers are all over the place. Do what ya gotta do for a period of time. -For budgeting purposes, 1-2 yrs experience: 35k-45k, 3-4 yrs: 45k-55k, 5-7 yrs: 55k-70k, More than that: What do you need
- Exhibit 1 – 40-40 Prod Comp
- Exhibit 2 – 50-30 Prod Comp
- Everett used a role play of saying…if I bought your agency …he would make sure he had a sound and rewarding producer compensation plan sure you have a compensation structure that works for you and for the producer. We provided an article written by Brian Burke that is a longer version of the next three bullet. Our advice is before you recruit spend time sorting out the three major roles in managing a producer – the administrative piece the mentoring (if needed) and what we think of as traditional management – accountability. It is wrong to believe that ‘a good producer’ finds a way to get it done…or a good producer shouldn’t need management support. They do - so be sure you have your plan for paying and managing them well thought out before you make an offer. I will stop here because I coming close to stepping on Jason’s topic ‘what they should be doing’
- … We can’t stress it enough we find that the agencies that have a better than average success rate with producers have a great story to tell a producer. … You need to be willing to talk to ‘as many as it takes’. … .What do I mean by do it right? (next panel summarizes the process).
- … We can’t stress it enough we find that the agencies that have a better than average success rate with producers have a great story to tell a producer. … You need to be willing to talk to ‘as many as it takes’. … .What do I mean by do it right? (next panel summarizes the process).
- … We can’t stress it enough we find that the agencies that have a better than average success rate with producers have a great story to tell a producer. … You need to be willing to talk to ‘as many as it takes’. … .What do I mean by do it right? (next panel summarizes the process).
- What will define success is different for newbie, a PL, a small commercial etc. The key is to spend time on what you want this person to be selling and before you start the recruiting be sure you have identified ‘success’. Know what you are looking for…(CIB handout)
- What will define success is different for newbie, a PL, a small commercial etc. The key is to spend time on what you want this person to be selling and before you start the recruiting be sure you have identified ‘success’. Know what you are looking for…(CIB handout)
- … We can’t stress it enough we find that the agencies that have a better than average success rate with producers have a great story to tell a producer. … You need to be willing to talk to ‘as many as it takes’. … .What do I mean by do it right? (next panel summarizes the process).
- … We can’t stress it enough we find that the agencies that have a better than average success rate with producers have a great story to tell a producer. … You need to be willing to talk to ‘as many as it takes’. … .What do I mean by do it right? (next panel summarizes the process).
- (Taken from an expert…) These items will get you past 2 nd base, rounding 3 rd and heading home in any sales situation. Couple of sentences on how to intro Jason. Helping agents understand it, set it up, and what they should be doing with it… but only in the way that makes sense for them. Number of seminars on social media, and we are not going to teach you (here) what or how to be doing the specifics. Questions – What should I expect at a minimum for what my producers should understand about social media. “ How does social media relate to each of these things/actions?” Ask the questions on this panel and speak to each of the what the producers should be doing. None of the agencies in this room will go broke if they are not involved, but they may be walking away from some of business.
- Regardless of what the agency may choose to do regarding its use of social media, producers should be given the opportunity to use these tools to enhance their prospecting, sales, and relationship building [funnel, face to face, qualifying]. You let them go to networking events, right?!... Why Am I Stating the Obvious? Because I have watched two individual superstar producers at different agencies go about the above in an ineffective manner… Questions from GG – What value can it bring to my producers and the agency. How much new business will I lose? Which ones will my producers
- Do the homework, Tom’s 10 commandments question about social media. Producers’ effective use of social media. Put together a list as a handout. Thou shall not…
- View Charlie’s video. What the successful producers show and tell the suspect/prospect. Webpage – What the agency and producer need to keep in mind. Show and Tell (2 columns w/ “&” in between) The customer shows you something about themselves w/website, SM… good producer is learning, observing and using. Tell – buyers of insurance are going to your webpage, SM, etc. Growing every day. What your story?
- Fix, notes and keep only blue (and red) bullets. Used with permission from CIB .
- May be doing fine with what they are doing… What producers should be doing… filling the pipeline and then converting these prospects into clients. 3 things a successful producer does, building and filling the pipeline, making face to face contact, qualifying the suspect into a prospect (and then a client?)