1. Producer Recruiting:
5 Steps to Success
Presented by:
Josh Morgan Jared Roy
Consultant Consultant
Josh.Morgan@MarshBerry.com Jared.Roy@MarshBerry.com
440.392.6579 440.392.6560
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2. Agenda
 MarshBerry Overview
 Recruiting Background/Statistics
 5 Ways To IMPROVE Your Strategy
 Review
 Q&A / Discussion
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3. Marsh, Berry & Company
 Founded in 1981  Managing Peer-to-Peer
 4 Offices: OH, CA, TX, MI Network Groups for 15
 Privately-held Information Services years
 Perpetuated Ownership  6 Networks with over 186
 19 Shareholders partners across the US,
Canada and Puerto Rico
 Clientele Includes: Management
 Insurance Agencies Consulting  Network Clients represent
 Brokers over $2.3 billion in
 Wholesalers collective broker revenue,
 Credit Unions and $24.5 billion in total
 Banks insurance premiums
 Insurance Companies
Exchange Networks
MarshBerry is dedicated
to enabling insurance
distributers to LEARN,
IMPROVE and REALIZE M & A Advisory
their fullest business
potential.
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4. Recruiting Background/ Statistics
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5. Beating The Odds
Do you have the courage?
Hiring Demographics
Average Producer Age 33
Average Starting Salary 55,604
Average Years of Sales Experience 8
Average Number of Jobs Held (post college) 3
Producer Retention Rate 70%
Production Results
Average 1st Year Revenue (Employed 1 Year or More) 48,674
Average 2nd Year Revenue 56,033
Average 3rd Year Revenue 85,493
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6. Average Weighted Book of Business
Weighted Book of Business - Average Weighted Book of Business - High Grow th
37.9%
40.0% 35.0% 31.2%
33.0% 29.6%
35.0% 30.0% 26.4%
Commissions/Fees
Commissions/Fees
30.0% 25.0%
% of Total
% of Total
25.0%
20.0%
20.0%
12.4% 14.0% 15.0%
15.0% 8.8%
10.0% 10.0%
2.7% 3.9%
5.0% 5.0%
0.0% 0.0%
21-30 31-40 41-50 51-60 60+ 21-30 31-40 41-50 51-60 60+
Age Age
Commission/Fees Controlled by Producers
Over 50 years = 51.9% vs. 38.4%
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7. #1 Find Sales Talent, Not Technical Talent
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8. #1 Find Sales Talent, Not Technical Talent
 Why Sales Talent?
• Easier To Teach Someone Insurance Rather Than Sales
 In many cases, getting a producer from another agency
means inheriting someone else’s problem
Pictured: The star of the movie “Problem Child”
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9. A Breakdown of Capacities
That Drive Sales Performance
 Job Skills: Product and marketplace
knowledge to include experience in an
industry.
 Sales Skills: Those abilities related to
a person’s capacity to understand and Personal
apply state of the art selling skills and Skills Job Skills
relative to appropriate level
prospecting, selling and account
management functions.
 Personal Skills: Those individual
capacities that determine a person’s Sales
ability to implement the job and sales Skills
skills they possess – attributes such as
self-starting capacity, self-
management, personal motivation,
consistency and literally scores of
other essential skills.
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10. Producer Success Formula
(Job Skills + Sales Skills) x Personal Skills = Producer Success Score
Example 1: High Insurance Experience/Average Sales Experience/Below Average Personal Skills
Job Skills : 10
Sales Skills: 5
Personal Skills: 4
(10 + 5) x 4 = 60
PSS = 60
Example 2: Low Insurance Experience/Average Sales Experience/High Personal Skills
Job Skills: 3
Sales Skills: 5
Personal Skills: 9
(3 + 5) x 9 = 72
PSS = 72
Personal skills are the multiplier of performance. Product knowledge, job or sales skills are things that can be
taught, learned or acquired.
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11. MarshBerry Recruiting Model:
Hiring from Outside the Industry
 Recognition that there has been far too much failure in hiring
producers due to placing so much emphasis on technical knowledge.
 Hiring people who can sell and teaching them the technical side of
the business poses much less risk than vice versa.
 Build failure into your hiring system.
 How can we build the risk into the system?
• Compensation plans
• Keeping training costs low initially
• Focus on prospecting early in the game
• Pairing with a mentor to capture revenue quickly
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12. #2 Have An Effective Compensation Plan
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13. An Effective Compensation Model
I. Compensation model that offers upside to top candidates while protecting downside for your firm
a. Three year base salary as follows: Year Base
1 $60,000
2 $40,000
3 $20,000
b. Commission From First Dollar paid to producer
c. Base validated by new business appointments
d. Examples at $60k Base
i. Beginning in month three, the base pay of $5k per month must be earned or
base drops for the following month
ii. Assume we want $60k in production for $60k base
iii. Further assume $5k gross commission per account
iv. 12 accounts needed to earn base
- 12 accounts x $5k Base = $60k
v. Using a 25% closing ratio, we now need 48 deals in the pipeline for year one
vii. In this example, we need approximately five first time new business appointments per
month
viii. In month three, if a new producer only obtained four new business appointments, then
month four compensation would be $4k, not $5k
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14. #3 Sell The Industry
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15. Selling The Industry
Insurance Noise
 Salespeople get inundated with insurance offers
 Insurance is a dirty word in the job market
• Work From Home
• Multi–Level Marketing
• Ponzi Schemes
• Even Most Legitimate Offers Are Not What great Salespeople Are
Looking For
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16. Selling The Industry
Five of the most favored job opportunities good sales
people look for:
 Business-to-business sales to large organizations
 The opportunity to make good money soon – and great money long-
term
 Eventual partnership or ownership opportunities
 Limitless income (many organization cap compensation for
salespeople)
 Long-term stability (downsizing and acquisitions have taken their toll
on the candidate pool)
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17. Selling The Industry
 Design all communications to highlight the five attributes
 Don’t hide Insurance, but slowly introduce them to it
 Create a multi-step strategy that touches potential
candidates on several levels
• Posting Ads
o Online job sites
o College sites
• Send Emails
o Use online e-mail tool
o Send personal e-mail through outlook
o Last chance e-mail
• Word of Mouth Campaign
Offer incentives internally
o
• Phone Calls
o Call only the best candidates
o Rarely needed
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18. #4 Create A Mentor Program
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19. The Four Horseman of Mentorship
Closer Mentor - Most critical of mentors. Accompany the new
producer on all sales calls. No one learns to sell in a classroom.
Marketing Mentor - This mentor will help the new producer learn
what is an acceptable submission and what is not. All questions
relating to coverage, markets, etc. will be handled by Marketing
Mentor.
Sales Tracking Mentor - This mentor will hold weekly meetings to
go over prospecting activity and monthly meetings to track goal
process.
Education Mentor - This mentor is responsible for making sure the
new producer is on track with acquiring the technical knowledge to
be successful. This can be anyone internally that is knowledgeable
of technical insurance training.
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20. Sales Management Made Easy
 Weekly Meeting to Discuss:
• Week Ending Activity Sheet
• Next Week’s Prospecting Time To Be “Blocked”
 Monthly Meeting to Discuss:
• Month End Review of Goals
• Next Month’s “Bite” of Annual Goals
• Year-To-Date Progress on Annual Goals
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21. Annual Goals & Objectives - January 2010
TARGET DATE ACTUAL DATE
GOAL
TO ACCOMPLISH ACCOMPLISHED
____ Number of First Time
1. Business Appointments
Complete and pass all 6
2. AICPCU basic training
modules
Average account size for first
3. year to exceed $_______
4.
5.
6.
7.
8.
9.
10.
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22. Monthly Goals
GOAL TARGET DATE ACTUAL DATE
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
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23. Activity Sheet
Week Of:
Producer Name: ______________________ Agency Name: ________________________
Hours Prospecting:____________________ New Business Commission:______________
ATTEMPTS CONVERSATIONS APPOINTMENTS
MONDAY
TOTAL
TUESDAY
TOTAL
WEDNESDAY
TOTAL
THURSDAY
TOTAL
FRIDAY
TOTAL
WEEKLY
TOTAL
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24. Block Time For Next Week’s Prospecting
Producer Name: ______________
Week Ending: ________________
Monday Tuesday Wednesday Thursday Friday
8:00 AM
9:00 AM
10:00 AM
11:00 AM
12:00 PM
1:00 PM
2:00 PM
3:00 PM
4:00 PM
5:00 PM
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25. #5 Education And Ongoing Training
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26. Methods Of Producer Education
 Mentoring
 MarshBerry Sales Pro
 Producer Schools
• We recommend sending new producers after
six months to a year
• Send only after they can prove solid activity
 Online
• New Level Partners
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27. New Level Partners
Specialists in Online Education
Rise Above the Competition!
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28. Course Learning Objectives
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29. Course Interactivity
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30. Course Graphics and Interaction
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31. SalesPro Producer Training
Designed for both new and seasoned commercial and group employee benefits
producers who are looking to achieve a higher level of performance.
Sales Training to Create Commercial Coverage
High-Performing Producers Essentials
April 23-24, 2012 April 25-26, 2012
• Raise expectations • Practical and comprehensive
• Create capacity coverage instruction - great for
new producers
• Learn which suspects to chase
• Blends technology with
• Discover the right way to make a interactive learning
suspect a prospect
• Introduces key Property, Liability
• Create an environment that and Workers Compensation
enables the right prospect to buy coverage and risk management
concepts
Sessions run in tandem with Spring and Fall APPEX Summits.
Visit www.MarshBerry.com/TrainingSessions for further details.
Questions about SalesPro? Contact:
Justin Berry at 440-220-5431 or Jim Wochele at 440-392-6559
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32. Upcoming APPEX Summit
IMPROVE Spring APPEX Summit
2 ½ Day Semiannual Conference – Spring 2012
 State of the Industry Presentation
 General Session focused on Healthcare Reform
 Strategic Issues Groups - 12 PAX Groups
 Educational Breakout Sessions
• Employee Recognition
• Future of Technology in the Industry
• Compensation and Operations
IMPROVE Spring 2012
Wednesday, April 25th – Friday, April 27th
Sheraton Dallas
Dallas, TX
For more information or to register: www.MarshBerry.com/IMPROVEPartnerNominees
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33. THANK YOU!
IMPROVE Spring APPEX Summit
Wednesday, April 25th – Friday, April 27th
Sheraton Dallas, Dallas, TX
FOR MORE INFORMATION:
www.PeerNetworks.MarshBerry.com
TO REGISTER:
www.MarshBerry.com/IMPROVEPartnerNominees
Josh Morgan Jared Roy
Consultant Consultant
Josh.Morgan@MarshBerry.com Jared.Roy@MarshBerry.com
440.392.6579 440.392.6560
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