Dynamics of Sales Management

All independent insurance agencies are not alike. However, in this insurance-based sales program, participants will learn that all independent agencies have 3 primary functions – sales (new business), service (retention), and support. Using a self-evaluation test, they will determine their agency culture, where they are in the agency life cycle, and where their agency stands in relationship to others across the industry. They will discuss the marketing focus of an insurance agency and learn innovative ways to grow and expand their agency business.

In this insurance-based session, participants will examine the feasibility and costs of hiring and training additional staff – producer, salesperson, account manager, etc. They will identify the reasons for adding and/or cutting staff. They will discuss recruitment, steps in the hiring process, steps in the selection process, retention, hiring, and firing techniques that maximize their agency team’s production.

An employment agreement is a written contract that establishes the terms, conditions, and obligations of employment between an employer and an employee. Participants will learn the importance and reasons for an employment agreement and the importance to consult with a lawyer to ensure the employment agreement complies with state and federal law applicable to the employer. They will learn how to create an employment agreement. They will review a sample employment agreement and discuss the standard components included, such as: parties to the agreement, recitals, duties of employee the employee and agency, authority, collections, compensation, and benefits and expenses. Termination is also reviewed in addition to disability, ownership of expirations, covenant not to compete, etc. They will examine equity issues and discuss possible solutions to resolve them.

Compensation for owners and producers is never an easy issue to address. There is no single solution. Each agency must blend the right ingredients for an effective compensation plan to attract and retain good producers. Being creative and trying new things may be the healthy change the agency needs to be competitive and more profitable. In this insurance-based session, participants will learn the basic elements of a compensation plan and how a successful compensation plan is developed. They will discuss the issues in designing compensation plans. They will identify new strategies and tools to build and develop a team of super-producers capable of higher levels of productivity.

What is sales management? Think of sales management like a sports team. Have you ever heard of a sports team without a coach? Of course not. The coach provides the guidance, motivation, strategy, and training that enables players to make big wins. In this session, participants will learn how insurance agency sales managers evaluate and manage each individual producer and agency staff, drive an effective sales process, and ensure great sales calls. Goal setting and general monitoring of the agency force are examined. They will discuss the 3-step sales process, how to set up diagnostic appointments, the primary function of joint sales calls and how to arrange them, and presentation solutions.

This session provides an overview of the goal-setting process within an insurance agency sales organization. Participants will learn how the goal-setting process provides the agency with an accurate method of measuring the productivity of the individual producer and learn how the goal-setting process is a motivational device as it is tied to promotions, compensation, and peer recognition. They will review goal-setting formulas and how to monitor goals effectively. They will discuss the importance of establishing realistic production goals – attainable goals, non-attainable goals, and goals that are jointly established.