January 20, 2015

Guest post by Mike Ivory, AgencyBloc

Client Reporting for Valuable Insights

Having client information stored in a well organized system that is easy to use gives agency owners, managers, and administrative personnel access to insights that may not have been seen otherwise. This post will focus on gaining insights into your least and most profitable accounts and what to do with that information once it's accessed. Easy access to client profitability data is just one of the many insights that can be gained through client reports. Who are the cash cows?

Keeping track of your most profitable accounts can help you ensure they get appropriate attention and may dictate where you spend future marketing dollars. Look for common themes among your most profitable accounts and begin focusing on attracting similar clientele. Learn why these are your most profitable accounts. Is it the size of the account, the coverages they are purchasing, the commission structure, or is it a combination of all of these things? Having an understanding of these attributes will give you a greater knowledge of your client base and as the saying goes, "knowledge is power."

Tracking all the details of your most profitable accounts can also help you prioritize strategic relationships. Details are important in maintaining these types of relationships and having a system in place to track the details puts you in an excellent position to maintain a long-standing and profitable relationship.

Unprofitable Accounts are important too

They're not making you as much money but they are just as important (or more important) to track as the profitable ones. You need to know who the least profitable accounts are and potentially why that's the case. Ask yourself the same questions as before; is it the size, the coverages they purchase, the commission structure, or is it a combination? Some accounts just won't be as profitable as others, but you may uncover consistencies to help you avoid future cases. You need to discover their attributes and be able to learn why they are less profitable. Maintaining a strong relationship with these accounts always leads to the possibility of future increased profitability.

Focus on acquiring new business similar to your most profitable accounts

AgencyBloc—an Agency Management System built specifically for health and life insurance agencies—allows users to gain access to information like this very easily. There is no need to dig through old files or do complicated calculations; simply use the reporting functions within AgencyBloc and have a clear view of your book of business.

There is certainly more to increasing profitability than this post covers but a simple first step in the process is having quick and easy access to the data you need. Spending time digging up files and trying to figure out the necessary information to learn about your clients will actually start your process in the opposite direction of profitability.


For more information about AgencyBloc, visit agencybloc.com or call Mike at 866-338-7075.

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