Other key findings of the 2013 Imprev Thought Leader Survey:
Competitive challenges: Nearly half (49 percent) cited competitors offering “a better commission split,” followed by competitors offering lower costs for affiliation (46 percent); having more market share (23 percent); offering signing bonuses (22 percent); and providing more leads to agents (21 percent). Trailing those concerns were: offering more marketing support (16 percent); having better brand recognition (14 percent); and providing better technology (10 percent).
Profitability challenges: Other profitability challenges the executives said they face included support-staff costs (31 percent); the “impact of discount brokers” (22 percent); and technology costs (18 percent). Fewer than one in 10 executives (9 percent) cited “benefit costs” as a top profitability concern.
More recruiting challenges: The No. 2 recruiting challenge the executives face is not able to find enough time to recruit (44 percent). Respondents also cited an inability to get their teams to help recruit (28 percent) and finding “prospects that fit your culture” (27 percent) as other significant recruiting challenges.
Congdon explained Imprev inaugurated the Thought Leader Survey in 2012 to provide information executives could share. “This is a way for us to better understand our clients and help them learn from each other. It’s one of the ways we can give back to the industry,” Congdon said.
The Imprev Thought Leader Survey is conducted in late May and late October of each year.
For more information, please visit www.imprev.com.
Continue Reading 1 2