Managing Agents Effectively in Data-Driven World

Part 6: CHANGING-UP AGENCY SEGMENTATION

Big isn’t always best, and the most highly compensated agents and agencies are not always producing the most profitable business.

In the past, most agency segmentation was based on a limited number of dimensions and the results were mixed at best. Using large data sets including multiple attributes provides more granular segmentation and this allows insurance companies to tailor to the segment’s needs. This in turn tends to drive better results. Companies are now also looking into using compensation and other benefits to drive growth in specific lines of business or territories.