Digital Insurance Pint

Season 7 – Episode 3: Benchmarking with Brett Boadway

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Season 7 – Episode 3: Benchmarking with Brett Boadway
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In this episode, the DIPP crew discuss benchmarking in the insurance industry with IBAO COO Brett Boadway. They cover topics such as metrics for sales, measuring efficiency, customer sentiment, and colleague satisfaction. The conversation explores various metrics used in the insurance industry and how they are measured. Key criteria include employee satisfaction, carrier relationships, transaction costs, tools and systems for measurement, lagging vs leading metrics, and understanding good metrics. The conversation explores the importance of benchmarking and increasing participation in benchmarking programs. It discusses the challenges in getting brokers to participate and the current participation numbers.

The potential for expanding benchmarking nationwide is also considered. The benefits of benchmarking and collaboration are highlighted, emphasizing the value of comparing data and staying ahead of industry trends. The conversation concludes with a call to action for brokers and insurance company personnel to participate in benchmarking programs.

Takeaways

  • Customer retention rate and new business growth are important metrics for sales.
  • Efficiency can be measured by the number of policies managed per staff member and sales cycle time.
  • Net Promoter Score (NPS) is a common metric for measuring customer sentiment.
  • Employee Net Promoter Score (ENPS) and surveys from Great Place to Work can be used to measure colleague satisfaction. Benchmarking is crucial for brokers to compare their performance and identify areas for improvement.
  • Increasing participation in benchmarking programs is essential to ensure the validity and reliability of the data.
  • Challenges in getting brokers to participate include the time it takes for new initiatives to gain traction and the need for brokers to pay to access benchmarking data.
  • Expanding benchmarking programs nationwide would provide a more comprehensive view of the industry and enable better comparisons.

    • The post Season 7 – Episode 3: Benchmarking with Brett Boadway appeared first on Digital Insurance Pint.

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