insuranc producer gender diversity

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Gender Diversity The role of women in insurance has drastically changed in the past few decades, which has opened new opportunities to our industry. One of the biggest changes is an increase in the number of women in the production role. The production role is the lifeline of the agency and has become even more vital with the soft market and other agency issues. Recruiting and validating producers has always been a key to the success of any agency. Defined and charted below are 4 producer categories (based on experience and book size) and the comparison of data with respect to men’s and women’s performance over time. When comparing book of business relative to years employed in the New, Senior and Executive categories, the women who virtually match the current book of business statistics of men do so one year earlier. We are looking at a point in time and essentially measuring a lifetime of achievement. The New, Senior and Executive categories are simply more reflective of current times, current attitudes and current opportunities. The Million Dollar producers started building their books of business before it became common for females to be in a producer role. It is noteworthy to say that the pool of women in the study was limited due to the number of women in producer roles. As agencies grasp the necessity of accelerating their hiring practices, the other 50% of the population warrant their enhanced attention. Authored by Justin Berry, Vice President, 440-220-5431 Total Book of Business New Million $ Executive Senior $1,600,000 $1,200,000 $800,000 $600,000 $400,000 $200,000 $0 $1,430,407 $142,062 $352,191 $719,319 Women Men $1,443,416 $127,460 $306,546 $732,322 $1,400,000 $1,000,000 Avg. Years Employeed at Agency New Million $ Executive Senior 18.0 12.0 8.0 6.0 4.0 2.0 0.0 13.4 2.3 11.2 14.2 15.9 1.4 10.4 13.0 16.0 10.0 14.0 New Producers: Under 3 years of experience Senior Producer: Over 3 years of experience and <$500k Book Executive Producer: Over 3 years of experience and >$500K Book but <$1M Million Dollar Producer: Book >$1M FOR THE RECORD A MarshBerry Publication Volume IV, Issue 10 October, 2010 MarshBerry • 4420 Sherwin Road • Willoughby, Ohio 44094 • 800-426-2774 • www.MarshBerry.com • [email protected] No portion of this publication may be reproduced without express written consent from Marsh, Berry & Company, Inc. All rights reserved © 2010. Learn. Improve. Realize. For a complete library of reports and newsletter back issues, please visit www.MarshBerry.com/Media.

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Gender Diversity in the insurance industry.

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Page 1: Insuranc Producer Gender Diversity

Gender DiversityThe role of women in insurance has drastically changed in the past few decades, which has opened new opportunities to our industry. One of the biggest changes is an increase in the number of women in the production role. The production role is the lifeline of the agency and has become even more vital with the soft market and other agency issues. Recruiting and validating producers has always been a key to the success of any agency. Defined and charted below are 4 producer categories (based on experience and book size) and the comparison of data with respect to men’s and women’s performance over time.

When comparing book of business relative to years employed in the New, Senior and Executive categories, the women who virtually match the current book of business statistics of men do so one year earlier. We are looking at a point in time and essentially measuring a lifetime of achievement. The New, Senior and Executive categories are simply more reflective of current times, current attitudes and current opportunities. The Million Dollar producers started building their books of business before it became common for females to be in a producer role.

It is noteworthy to say that the pool of women in the study was limited due to the number of women in producer roles. As agencies grasp the necessity of accelerating their hiring practices, the other 50% of the population warrant their enhanced attention.

Authored by Justin Berry, Vice President, 440-220-5431

Total Book of Business

New Million $ExecutiveSenior

$1,600,000

$1,200,000

$800,000

$600,000

$400,000

$200,000

$0

$1,430,407

$142,062

$352,191

$719,319

Women

Men

$1,443,416

$127,460

$306,546

$732,322

$1,400,000

$1,000,000

Avg. Years Employeed at Agency

New Million $ExecutiveSenior

18.0

12.0

8.0

6.0

4.0

2.0

0.0

13.4

2.3

11.2

14.2

15.9

1.4

10.4

13.0

16.0

10.0

14.0

New Producers: Under 3 years of experienceSenior Producer: Over 3 years of experience and <$500k BookExecutive Producer: Over 3 years of experience and >$500K Book but <$1MMillion Dollar Producer: Book >$1M

FOR THE RECORDA MarshBerry PublicationVolume IV, Issue 10 October, 2010

MarshBerry • 4420 Sherwin Road • Willoughby, Ohio 44094 • 800-426-2774 • www.MarshBerry.com • [email protected] portion of this publication may be reproduced without express written consent from Marsh, Berry & Company, Inc. All rights reserved © 2010.

Learn. Improve. Realize. For a complete library of reports and newsletter back issues, please visit www.MarshBerry.com/Media.

Page 2: Insuranc Producer Gender Diversity

MarshBerry’s clients are committed to realizing their fullest potential with respect to growth, profit, survival and shareholder value. Our agent, broker, bank and carrier clientele engage us

to achieve their goals within the retail and wholesale channels of the insurance distribution system. Our unparalleled industry-specific services include consulting, performance benchmarking, peer-

to-peer exchange networks, merger and acquisition intermediation and producer recruiting.

MarshBerry • 4420 Sherwin Road • Willoughby, Ohio 44094 • 800-426-2774 • www.MarshBerry.com

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