Professionals information and articles

How employee turnover can kill an agency

Author: Loren Levitan - Licensed Producer
Publication Date: March 15, 2017

"We didn’t know we had a problem until our planes were sitting empty on the runway." This is a quote from the former head of loyalty for United Airlines and a statement which I have carried with me throughout my career. The statement was made with regards to complacency and taking people for granted, in this case, their customers and their employees.

Employee satisfaction translates directly to customer satisfaction. Employees are on the front line with customers and, how they engage with a customer can be the difference between retention and defection. The same is true regarding you and your producers. How you treat, compensate and reward them can also be the difference between retention and defection of them and their book of business.

"Competition in the market to attract good people is challenging," says Bruce Crankshaw, chief sales officer of Cedar City, Utah-based Leavitt Group. Retaining good people is also challenging. Crankshaw also states that “He believes that what producers are looking for today is different than what they looked for yesterday”. So how you compensate and reward todays producers can influence their decision to stay or go.

There are so many compensation models out there for producers. There’s the tradition of offering a draw against commission for new producers, while other agencies look for newer approaches because they find that draws are not effective in attracting young recruits into insurance according to Andrea Wells of Insurance Journal. It takes a long time to achieve a sizable book and scale. So, you want to assure that you keep it.

Agencies are looking for alternative ways of rewarding and incenting their producers outside of the various traditional compensation models. Workplace benefits are being developed to address this need that motivate producers to achieve or who have already achieved a sizable book and that supports their individual lifestyle in and outside the office.

If you, as an owner and producer, can show your stars and up-and-comers that you appreciate them on a regular basis, employee retention, performance and overall wellness increases. According to Robert Half and Associates, pay is just one part of the equation for employee retention and satisfaction. A variety of traditional and non-traditional benefits, which you can be used to improve your produces’ financial standing and help you maintain that ever-important work-life balance is a necessity for today’s economy.

An example of a company at the forefront for workplace benefits targeting small to mid-size agencies is MyStaffPrivileges.com. What’s the difference between the traditional benefits you offer and workplace benefits? Price and everyday value. For instance, you pay a lot for health insurance. What if you could help bring down the cost of your overall health insurance costs by reducing the number of doctors’ visits while increasing easy access to health professionals? telemedicine, one of the fastest growing trends in the medicine helps do this and for very little cost. Companies like MyStaffPrivileges.com bundles together benefits like telemedicine – full family coverage, dining savings with a $25 Restaurant.com Gift Card every month, home buyer and seller rebate, full-family roadside assistance, pre-paid legal services, and more to bring the costs down even further. This allows small agencies the ability to offer employees workplace benefits which are normally only affordable by large companies. You keep your employees happy and you keep your best employees…and their book of business.

For more information click here.

Agency owners: Are you loyal to your producers?

Author: Loren Levitan - Licensed Producer
Publication Date: March 1, 2017

These days there is so much competitive pressure. Producers are often taking the heat for low conversions and an ever-dwindling book of business. Whether it is industry trends, the economy, or just a lack of enthusiasm, for some reason new customers are not being brought on. According to Leigh Branham, owner of Keeping The People Inc., an Overland Park, Kan., human resources consulting firm. “Employees are testing you to see how loyal you are to them, to decide if they’re going to stay.” We usually think of loyalty as it pertains to the customer, but how engaged you are with your producers directly influence how they engage with their customers.

In many cases, producers may not be getting the support or resources they need to perform at their highest levels. But often, the tools are there but the lack of recognition, both financially and emotionally, takes a greater toll on productivity. So, many agencies are looking for new and innovative ways to bring up the moral of their producers and let them know that they are appreciated, which helps increase their productivity and their moral. According to an article in Inc. Magazine, 9 Simple Ways You Can Make Your Employees Happy, gratitude and appreciation on an ongoing basis are one of the many ways to motivate and increase productivity. Gratitude and appreciation is a clear demonstration of loyalty in the minds of producers. According to Deloitte: Talent 2020, one of the top 5 retention incentives is support and recognition from supervisors or managers.

But how do you show support and recognize producers in such a way that is consistent, valuable, and does not take ongoing effort on your part? After all, as an agency owner, you’re busy and time is a precious as gold. Well, there are answers out there. Companies like MyStaffPrivileges.com have developed an easy and, more importantly, cost-effective way to reward and incentivize producers in and out of the office. MyStaffPrivileges.com has discovered that if you help producers in their everyday lives with everyday matters that are of great concern to them, their gratitude has no bounds and they start to perform at a higher level.

So, how does MyStaffPrivileges.com provide this ongoing show of gratitude and motivation? They do this by curating a group of exclusive, high-value benefits and bundle them together at a price which costs pennies per hour per employee but provides thousands in value. Here is an example of the types of benefits and value they provide.

  • Telemedicine full-family coverage and no co-pays or deductibles
  • $25 Restaurant.com Gift Card every month
  • Full Family Legal Protection Plan – covered services and plan discounts
  • Roadside Assistance for the Entire Family
  • Home buyer/seller rebate – 20% rebate in broker’s commission when you buy or sell or both
  • 3 Free Magazine Subscriptions a year and media center

MyStaffPrivileges.com provides these benefits at a cost which cannot be found in the open market and by bundling them together and not making you sign up for each one individually, they provide a valuable reward, incentive and show of gratitude to your producers. This package is only available for licensed professionals.

For more information click here.

Eat and be healthy with Restaurant.com combined with Telemedicine

Author: Loren Levitan - Licensed Producer
Publication Date: Februry 24, 2017

My Staff Privileges has partnered with a great company Restaurant.com to provide a unique benefit to members. A $25 Restaurant.com Gift Card every single month of membership. So, in addition to helping to bring down the costs of healthcare by providing unlimited access to one of the fastest growing medical benefits in the healthcare industry, Telemedicine, My Staff Privileges is helping consumers save on dining out, DINING@HOME and shopping by bundling in Restaurant.com.

The founders of My Staff Privileges have been huge fans of Retaurant.com for years. Why because it is easy to use, provides real value and their network of dining establishments and providers keeps on growing. We know members will love this benefit because they get a $25 Restaurant.com Gift Card every month, it’s that simple. The savings and value could pretty much pay for a My Staff Privileges membership every month. There are over 22,000 restaurants and providers to choose from nationwide and over 500,000 deals every day, so members can't go wrong.

Members can redeem their gift cards on their phone or print them out. Members just show the gift card to their server or redeem it online for Dine@Home and online purchases. Plus, Restaurant.com Gift Cards travel with members wherever they go throughout the USA. They can search for dining establishments by city, state, zip code, restaurant name or cuisine to find the perfect restaurant. Thousands of new restaurants are added every month and members can see real reviews by real diners.

Best of all, the $25 Restaurant.com Gift Card every month benefit is included in every My Staff Privileges membership. Six valuable benefits. One membership. Full-family access. All for only $19.95 a month. So, let’s recap everything that is included. My Staff Privileges members get:

  • Full Family Telemedicine coverage with unlimited access to board-certified / Telemedicine credentialed & trained doctors around-the-clock, nationwide 24/7/365. Availability in all 50 states and no co-pays or deductibles. Prescriptions are filled at local pharmacies. Medical information is safe and secure with HIPPA compliant electronic medical record platform. Plus, unlimited access to an extensive video library to get answers to common medical and health related questions fast.
  • $25 Restaurant.com Gift Card every month. That's $300 a year! Members can use it at over 22,000 restaurants and providers nationwide. Use it for fine dining, casual dining, DINE@HOME and other great savings. Over 500,000 great deals available every day!
  • Family Legal Protection Plan which provides exclusive legal benefits. These include discounts, flat rates, and covered services for common legal needs experienced by members. The Family Legal Protection Plan is designed with complete family protection in mind. As a member of My Staff Privileges, coverage is extended to member’s spouse and all their children up to age 23.
  • Roadside Assistance with (4) $100 claims a year which covers the member, legal spouse and dependent children up to age 26 living at home or away at college. Live dispatch agents are available 24/7/365 throughout the US, Canada and Puerto Rico. Roadside Assistance is good for towing, emergency road service, essential fluids or supplies delivery, emergency battery service and lockout services.
  • Newsstand which includes three (3) print magazine subscriptions a year included at no additional cost. Over 100 premier titles to choose from. Plus, members also get the Media Center which provides them with continually updated and current information on a wide range of topics. From educational information from NASA and the Department of Education to important health and wellness information.
  • Home Buyer/Seller 20% Rebate which is a unique program that gives members, the buyer or seller of a home, a 20% rebate of their broker’s commission at closing. So, not only do they have a great selling or buying experience, they earn a rebate that could pay for their move or put some extra cash into their pockets.

For more information click here.