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.
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