What are KPIs?

Key Performance Indicators (KPIs) are daily habits that provide
objective, measurable and attainable business drivers
that align staff performance with how your agency does business
.
 

KPIs drive staff engagement and agency profitability by creating
a focused, purpose-driven culture based on the proven strategy of “actions follow focus.“.

KPIs are built on the strategy that focusing habits that become goals is more important than simply achieving goals.

When habit-based goals are achieved Dopamine is produced in the brain. Dopamine is a strong pleasure-driven drug that is highly desired and addictive. In time, even thinking about acting on habits produces the same level of Dopamine as fulfilling the habit or achieving the goal.

Recent discoveries in neurosciences show that dopamine is released before we achieve goals or obtain rewards. The real job of dopamine is to motivate us to repeat positive, beneficial actions.

One way to release dopamine by setting attainable goals, then tracking incremental progress. Dopamine flows as a result of your brain’s positive reinforcement every time you complete a step and meet a challenge. Here’s how to get your dopamine flowing:

Record small accomplishments.
Recording small accomplishments reinforces how staff is consistently chipping away at their goals. The more they achieve, the greater the effects of dopamine.

Share results with your team.
Sharing accomplishments with others (whether they’re positive or negative) allows fellow Team members to recognize your work, which results in more positive feedback. Praise and positive feedback increase dopamine.

Stay on task with micro-deadlines.
Multi-tasking has been proven to not only increase the amount of time it takes to complete a task, it also physically damages the brain and increases stress. Avoiding multi-tasking and focusing on one task at a time forces great attention and achievement. Consistent focused, purpose driven attention means more positive feedback , which increases dopamine.

Sample KPIs

These are examples of Key Performance Indicators (KPIs) for different job roles:

Account Manager

  • Ask for Customer Testimonials
  • Close Out Suspenses On Time
  • Complete Video Proposals
  • Personal Growth & Development
  • Return Phone Calls Per Agency Standards
  • Schedule Account Review
  • Send out Thinking of You/Thank You Cards
  • Sign Customer Up For EFT
  • Update Contact Information
  • Write Auto/Home/Umbrella Package
  • Write New Premium
  • Write Premium With Preferred Carrier

Receptionist

  • Ask For Customer Testimonials
  • Coordinate Staff Meetings
  • Create/Document Processes & Procedures
  • Get License
  • Intercept Account Manager Service Calls
  • Make Daily Bank Deposit
  • Process mail
  • Send out Thinking of You/Thank You Cards
  • Update Contact Information
  • Update Social Media Sites

New Hire Probation for Account Manager

  • Ask to Schedule Account Reviews
  • Cancellation Callbacks
  • Cost/Time Saving Ideas
  • Get Expiration Dates
  • Get License
  • Learn 10 Insurance Terms
  • Learn a Carrier Product
  • Learn 10 Agency Management System Functions
  • Pass License Pre-Test With A Minimum Score Of 80
  • Remarket High Value Customers Per Agency Standards

Commercial Lines Producer

  • Attend Networking/Community Meetings
  • Create Proposal To Review With Customer
  • Customer Referrals
  • Deliver Bag of Cookies To Customers
  • Review Proposals With Prospect/Customer
  • Establish New Centers of Influence
  • New Account
  • New Prospect Conversations
  • Write Complete Restaurant Package Including Specific LOB
  • Write New Premium

How Performance Income Works

Each KPI has a Goal and a Maximum Score.

  • When Team members achieve 100% of their goal, they receive 100% of their Maximum score.
  • When Team members achieve 905 of their goal, they receive 90% of the Maximum score.
  • When they exceed their goal, they receive 100% of the Maxium Sscore.

The amount of Performance Income Team members receive is based on their evaluation score.

The unique dynamic of KPIs is that these are not “bonus” opportunities.  Team members are responsible to score 95% or more and receive all of their Performance Income.

Millennial Producer Compensation: Splits suck and Bonuses don’t work.” Is a one hour webinar in which Tom explains what Millennials look for in a commission role and how to design the job post, interview and compensation plan that attracts top Millennial talent. By next year Millennials will represent over 50% of the workforce. Effectively recruiting, interviewing, hiring and compensating Millennial Producers is absolutely essential for sustained agency growth. The webinar includes a worksheet to create a customized compensation plan for your Producer that shows exactly what their compensation looks like in three years plus a plan to ensure their success.
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