Many businesses offer "loss leaders" to introduce themselves and their capabilities to new customers. Many agencies do something similar when they agree to write only one line of business for a customer. This can be a great strategy, but only if you can track progress. In a year or two, your tracking should show you've picked up additional lines of business to make the account profitable. (Credit: Blue Planet Studio/Adobe Stock)
I recently met with an agency principal who, after two years in business, had experienced impressive sales growth, built a solid team of professionals, enjoyed strong relationships with his insurance companies due to low loss ratios, but had not yet found a sense of satisfaction, only frustration. The problem? He wasn't making any money despite all his "success."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
