With the soft market taking its toll on insurance producers, property-casualty agencies facing flat or even negative growth are turning to employee benefits as a new way to compete, expand their product options and retain clients in today's volatile marketplace.
A growing number of p-c agencies are initiating a new employee benefits department, or looking to better leverage their existing benefits capabilities.
The norm for many strong, cross-selling agencies used to be a 70/30 revenue ratio, with p-c coverages generating the majority of earnings. But today, fast-growing firms are reaching a 50/50 split.
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