PIA and The Partnership Announce a New Business Tool for PIA Members

Dec 05, 2012, 17:12 ET from National Association of Professional Insurance Agents

Designed to Help Agencies Project and Plan for Growth and Profitability

WASHINGTON, Dec. 5, 2012 /PRNewswire-USNewswire/ -- Growing both the size and profitability of their personal lines books of business is a priority for member agencies of the National Association of Professional Insurance Agents (PIA). In response, the PIA Partnership is announcing its newest deliverable for agents: "Closing the Gap – Growth and Profit." Current PIA members are now able to access the deliverable website at http://agency-growth-profit.com.

At the heart of this new deliverable are calculator tools which have been created for use with Microsoft Excel to help ensure ease of access and adaptability for agents.

These tools are designed to help agencies project and plan for new business growth and profitability on a 5 year basis. Agencies can also use these tools to calculate projected 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.

This new tool from The Partnership can help provide agencies with the ability to:

  • Plan for growth and profitability.
  • Quantify the benefits from account rounding.
  • Evaluate customer opportunities across all of their carriers.
  • Compare retention, pricing and commission by line of business.
  • Create a 5 year revenue projection based on sales goals.

Current PIA members are now able to access the "Closing the Gap – Growth and Profit" deliverable website at http://agency-growth-profit.com.

The PIA Partnership, originally established as the Company Council of Executive Officers (CCEO) in 1996, is a group of insurance companies that 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:  Motorists Insurance Group; Progressive Insurance; Central Insurance Companies; Encompass Insurance; Erie Insurance Group; Travelers Insurance; MetLife Auto & Home; Harleysville Insurance Group; Erie Insurance Group; The Hartford; Liberty Mutual Agency Corporation; State Auto Insurance Companies; and Selective Insurance Company of America.

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 America SM. PIA's web address is www.pianet.com.

This press release is online at: http://www.pianet.com/news/press-releases/2012/PartnershipNewBusinessTool120512

SOURCE National Association of Professional Insurance Agents