Keeping a finger on the pulse of your daily operations can help you identify where opportunities and challenges exist in your business.
With Analytics, you can run reports for oversight on key metrics and assess how your business is performing. Analytics is AFG’s interactive reporting tool where you can access data on your deals lodged and settled, commission payments, portfolio growth, customer statistics and SMART marketing campaign information. Data is presented as a series of graphs, tables and charts through a series of dashboards.
Key metrics to consider
What metrics should I look at?
To measure your business performance, you should have benchmarks in place and check in regularly to see how you are measuring against these benchmarks.
Understanding Portfolio Run-off
Portfolio run-off is one of the key performance indicators of the health of your business and more specifically, your trail. By keeping an eye on portfolio run-off, you can understand how well you’re looking after your existing customers as well as securing new business. If run-off is too high, it may mean that you need to win more work to maintain the same amount of earnings in trail.
How do we calculate it?
Inputs needed:
- Monthly opening values for 12 month period
- Settlements during the same 12 months
- Closing value at end of 12 months
Calculation:
- Run-off ($) [Opening Value] + [Settlements] – [Closing Value]
- Run-off (%) [Run-off ($)] / mean[Monthly opening values]
Note: If calculating over less than 12 months, then need to annualise the Run-off % by multiplying by 365/(number of days covered in run-off $ calc).
Getting started with Analytics
The Analytics platform with full functionality is accessible to AFG SMART marketing members. Check out what Analytics can offer you business.