 |
|
DALLAS, TX/CINCINNATI, OH, May 1, 2004 –- The nation's property/casualty insurance agencies face internal issues that likely will hinder their performance as the soft market returns, according to a national survey released today by The National Underwriter Company and The Wedge Group.
The survey, based on a representative sample of 26 agencies ranging in size from 16 to 182 employees, revealed three major performance inhibitors: (1) lack of understanding by employees of the factors critical to job success; (2) unclear communication by agency management of strategy, direction, and expectations for individual employees; and (3) inadequate recognition, praise, and rewards for work well done.
"In short, employees are not sure what is expected of them, and management is not telling them and reinforcing it," said Larry Kangas, executive director of The Wedge Performance Institute, the research and development organization of The Wedge Group.
"When that happens, human foibles such as personality clashes, turf battles, back stabbing, and lack of confidence come to the surface based on misperceptions. These 'soft' factors show up in 'hard' numbers like sales, turnover, profitability, and revenue," Kangas explained.
"The question is whether agencies are getting the most from their people. The answer is apparently not," said James M. Keefe, vice president and managing director for the professional publishing division of The National Underwriter Company. "With the return of the soft market, agencies may want to address these issues in order to maintain their market position and grow," Keefe added.
The Performance Diagnostic Survey™ was conducted from September 2003 through February 2004. Responding to a series of 40 questions related to how people view their jobs, their employer (or employees), and their common mission were 1,549 agency owners, managers, producers and customer support staff.
About The National Underwriter Company
The National Underwriter Company, a unit of Highline Media LLC, was founded in 1897 and is the nation’s leading publishing and information services business focused on the insurance industry. Its headquarters are located in Erlanger, Ky., south of Cincinnati, with editorial offices in Hoboken, N.J. It is owned by Spire Capital Partners, L.P. of New York, a $260 million private equity fund. For more information visit www.nationalunderwriter.com or call 859-692-2100.
About The Wedge Group
Founded in 1992, The Wedge Group is a business performance consulting firm headquartered near Dallas that specializes in the property/casualty insurance industry. Randy Schwantz, president and CEO, is author of The Wedge: How to Stop Selling and Start Winning, published by The National Underwriter Company. For more information or a free copy of the survey, visit www.thewedge.net and submit a request through our contact submission form, call toll-free 877-999-9334 or call 940-464-9000.
Contact:
Laura Knox
The National Underwriter Company
(859) 692-2157
Larry Sonis
The Wedge Group
(817) 371-5646
Larry Kangas
The Wedge Group
(985) 727-1347
|
|
|
|
|
|