Agency Management for Results

Presented by

Ademola Adegbola

Outline• Agency Operation: Working Definition• The Agency Manager

• Qualities• Functions

• Staffing an Agency• Retention Strategies• Career Path• Motivation• Conclusion

Agency Operation: Working Definition

The raison d’etre of Agency Management is grooming of people to form a career directly in selling of Life Policy to prospective Clients/Customers with the ultimate destination of rising to the top

The Sales circle is completed when the premium is paid to the coffer of the company.

Sales made without premium collection is effort without result.

Reward is made to result (tangible) not effort (Intangible)

Qualities of a successful Agency Manager

• Good product knowledge (“nemo dat quo non habet”)

• Team Builder/Player• Trainer• Motivator• Trust & Confidentiality• Emotionally Stable, Extroverted• Excellent Communication Skills (Oral and

Written)

Qualities of a successful Agency Manager

• Good corporate image (well dressed, poise, confidence, sociable etc)

• Time Management Skills • Meticulous record keeper• Relationship Builder• Know how to handle objections• Know when to say NO!

Functions of Agency Manager• Staffing an agency – Recruitment.• Training – See Page on Training• Retention• Building a database of “awaiting

employees” (buffer) to replace staff turnover.

• Mentoring / Counselling• Mentor / Protege• Motivation• Discipline – Reprimand (Terminate where

necessary)

Functions of Agency Manager (Cont’d)

• Planning the sales team. This include giving targets and coverage area.

• Assist Marketers in identifying potential insurance customers.

• Organizing marketers on Time Management.• Assist marketers in preparing sales proposal

and making presentation to prospects.• Controlling the team on marketing activities.• Directing / Supervisory Role

• Delegating with authority. Marketers must be aware of the limitation of rates to be given to customers at each point in time.

• Evaluate Customer needs and propose relevant products.

• Agency Managers are also saddled with closing the sales.

• After Sales service not limited but include fair conclusion of claims.

• Create repeat sale and any up-selling opportunities

• Follow up on all outstanding payments.• Remit all received payment promptly.• Timely report to Management on field activities.• Performance Appraisal – Easier (No work, no

pay).

Functions of Agency Manager (Cont’d)

Training

Training is key to capacity building. This is where the skills to understand the product, sell and build relationship is thought

Training can be:• Internal (In-house, on the job)• External (seminar, workshops etc)

Components of Training should include:

• Product Knowledge / Company Knowledge.• Qualities of a good Marketer: Poise, Resilience,

Excellent Communication Skills, Tenacity of Purpose etc

• How to write Sales proposals and make presentations.

• Handling Objections. • How to close sale in a timely and profitable

manner.• Repeat Sale and any up-selling opportunities.

Staffing an Agency

• Staffing involves the process of engaging the best quality workforce for the Agency.

• The Agency Manager is saddled with the responsibility of recruiting, training, supporting, retaining and building its marketing team.

• Sources of Recruiting: Internal and External Methods.

Internal Source of recruiting

• Notice Boards.• Intranets.• Staff Magazines, newsletters, bulletins.• Personal recommendation

External Source of recruiting

• Employment Agencies.• Advertisements• Headhunters / Referrals• Job Centers (including online Job sites)• Social Media• Database• Unsolicited Applications.

Stages of Recruiting

Recruitment stages may include the following:• Short listing of candidates• Aptitude Test (where applicable)• Oral Interviews• Offer Letter (with conditions of service)• Orientation and Induction• Training & Retraining.

Retention Strategy: How to attract and retain Marketers.

The question is how do we attract and retain marketers who survive on commission and other allowances without a fixed salary:

• “Recognition is so easy to do and so inexpensive to distribute that there is simply no excuse for not doing it” Rosabeth Moss Kanter

• Personal Recognition more motivational than money. Do something more motivational/innovative to recognize accomplishment.

• Public Recognition/Praise.

Retention Strategy

• Personality of Agency Manager:

Attitude, Emotional Stability, Relationship with marketers on personal level to detect early signs of discouragement.

• Communication:

Rules, Regulations and Conditions of Service in the company should be disseminated to marketers.

Reward System

This can be formal or informal. The issue to consider are itemized below:

• Match the reward to the person. Try and understand to know the preference/needs of the person.

• The reward should be matched with the achievement.

• It should be timely.

Examples of Reward System• Congratulatory /Thank you letter from Agency

Manager, MD about excellent performance. SAY IT IN WRITING.

• E-mail Acknowledgement• Personal Phone calls from top management

eulogizing excellent performance.• Shower Staff with promotional gift.• Performance as a basis for promotion – CAREER

PATH• Do Lunch. Buy lunch for the person. Arrange lunch

with top management.• Conference Attendance

• Articles about Staff in Company newsletter.• Biodata of employee(s) on notice board/Billboard

in the office.• Use Employee in Commercials.• Encourage one-on-one discussions between

staffers rather than structural meetings. Personal relationship build trust.

• Hold informal retreats to foster communication and set goals.

• Award PIN/BROOCH• Gift Certificate with name on plaque.

Examples of Reward System (Cont’d)

CAREER PATH• MD• GM• DGM• AGM• CONTROLLER• AREA AGENCY MANAGER• AGENCY MANAGER• UNIT MANAGER• UNIT HEAD• UNIT SUPERVISOR• MARKETING EXECUTIVE

Minimum of 2 years to move from one level to another. Can be less if performance is exceptional. Must produce number of people as team members to rise up.

Motivation• Subsumed in Retention Strategy/Reward System

already highlighted.• Adequate resources (office space, working tools)• Prompt payment of commission and overriding

commission• Management by objective, personality of the

Company, Straight forward, don’t bend the rules• Establish formal reporting lines for effective

communication from Area Agency Manager-Marketing Executive.

• Excellent Personal Relationship from Top Management to the Executive.

Motivation (Cont’d)• Help when needed (Empathy)• Career Path – Clear cut and strictly adhered to.• Corporate Image - UNIFORM on Mondays and

Fridays – Ties, T-shirts shows equality and sense of belonging.

• Play less on discrimination.• Flexibility for Career Change within the group.

This should be based on performance and vacancy

Conclusion

Agency Management for results entail harnessing the Human and Material Resources of the organization by the Agency Manager to achieve its corporate goals and objectives.

Thank You