Businessman drawing protective and car, family, life and health insurance icons. Insurance concept. Credit: Worawut/Adobe Stock

How should independent agencies measure success? Agency owners may consider growing written premium, loss ratios, renewal and retention rates, revenue growth and most frequently, return on investment (ROI), as key indicators that demonstrate growth and success. But one angle owners may not be considering enough is return on time (ROT).

Return on time is often overlooked in insurance, but it’s an approach that can quickly improve agency business. ROT is about efficiency and opportunity costs. ROI will always be a critical indicator of insurance agency success, but an ROI strategy in tandem with an ROT mindset can maximize an agency’s time, improve workflows and lead to a stronger agency with more profitable books of business. This process starts by understanding how ROT works.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.