The PIA Partnership Unveils New Tool for PIA Members
“Closing the Gap – Growth & Profit” Now Available Online
WASHINGTON – A new tool designed to help independent insurance agencies achieve growth and profitability has been unveiled by the National Association of Professional Insurance Agents (PIA) and its agency-company council, The PIA Partnership.
“Closing the Gap – Growth & Profit” provides agents with calculators to help agencies project and plan for new business growth and profitability on a 5 year basis. Current PIA members are able to access the tool on a newly redesigned website at http://agency-growth-profit.com.
“This latest tool is of great value to PIA members as they seek new ways to ensure their success,” said PIA National President John G. Lee. “The cutting-edge projects of The PIA Partnership are critical to the success of both the companies that market their products through the American Agency System and the PIA agents who represent those companies.”
Agencies using this new tool begin with calculators created for use with Microsoft Excel to help insure ease of access and adaptability for agents. Agencies can also project 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.
Agencies are then offered three turn-key approaches for use in their own agencies which have been developed by The PIA Partnership based on survey input received from PIA leaders earlier this year:
• “Asking Customers the Right Questions” is built on a proven strategy successful agencies are already using to enhance both growth and profitability.
• “Claim Alert Lead Program” focuses on both retention and lead generation. It is directed toward an agency’s current homeowners clients.
• “Conducting a Young Driver Seminar” is designed to help enhance an agency’s overall image not only with their current customers, but potentially with everyone in their community.
Each of these approaches is comprehensive and includes a series of guides and step-by-step instructions for implementation by an agency.
Closing the Gap for Growth and Profitability is adaptable and customizable from start to finish. By first using an agency’s own current results and projections, agency principals identify areas of opportunity. They’re then able to use the tools and approaches that are right for them and their agency. These new Partnership tools are designed to help agencies close the gap – to maximize growth and profit.
Meanwhile, The PIA Partnership has announced its annual project for 2014. Agency Touch Points – The Voice of the Customer: Commercial Lines will conduct a nationwide survey of commercial lines customers to determine their buying preferences. It will be the follow-up to the PIA Partnership’s groundbreaking 2012 study, The Voice of the Customer: Personal Lines.
“The enthusiasm of our carrier partners for the important work of The PIA Partnership has produced groundbreaking research and the development of tools that provide at-the-desktop value to PIA agency principals and the carriers they represent,” said PIA National Vice President/Treasurer Rob Hansen, representative of the PIA National Executive Committee to The PIA Partnership. “PIA greatly appreciates the commitment of our carrier partners and we look forward to many more years of close collaboration.”
The PIA Partnership, originally established as the Company Council of Executive Officers (CCEO) in 1996, is a group of insurance companies that share resources and work closely with PIA National to conduct research and develop tools and resources designed to benefit professional independent insurance agents.
Current PIA Partnership companies include: Encompass Insurance; Erie Insurance; Harleysville Insurance; Liberty Mutual Insurance; MetLife Auto & Home; Progressive Insurance; Selective Insurance Group; State Auto Group; The Central Insurance Companies; The Hanover Insurance Group; The Hartford; The Motorists Insurance Group; and Travelers.
Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes and businesses. PIA members are Local Agents Serving Main Street AmericaSM. PIA’s web address is www.pianet.com.