Agency Sales Newsletter Introduces Producer P&L Software for Agency Leaders
Rochester, NY-based Agency Ideas sales & marketing newsletter says it has released "Producer P&L" software for property and casualty agency principals and managers.
"If an agency has at least one personal or commercial lines producer or is thinking of hiring one, then detailed producer profit and loss (P&L) data is needed," advises Alan Shulman, CPCU, publisher of Agency Ideas. "We've made this information easy to gather and understand."
The new software is designed to help agency managers to quickly determine a veteran agent's bottom line and what it'll take to make a new producer profitable. With it, its creator says, managers can predict revenues and expenses generated by a P/C producer over five full years.
The software is designed to offer compensation comparisons for the industry's top options: Straight salary, straight commission, draw against commission, and salary and commission. A distinct P&L can be calculated for each option, along with the ensuing compensation-to-production ratio.
Managers can benefit by comparing the financial impact of all four bottom lines. They'll also see the dollar value of the four compensation options side-by-side from two different perspectives: the agency's, and the producer's. Then the manager can then select the method of pay that's best for both parties.
To fine-tune the numbers, managers can perform "what-if" scenarios to learn what's needed to pump-up a veteran's bottom line or to overcome the early losses of an inexperienced producer. Results are reported on screen, on informative printouts, and in full color graphs.
According to Agency Ideas, managers need to "just key in a few numbers -- sit back -- and see the results." There is no limit to the number of producers that can be bottom-lined using this software.
The software requires Microsoft Excel (Version 97 or 2000) and is available at a special introductory price of $149 US.
Agency Ideas is a sales and marketing newsletter subscribed to by U.S. agents and Canadian brokers. Shulman Consulting Group, Inc. has published this independent newsletter continuously since 1990. The Agency Ideas website is located at www.agencyideas.com.