Welcome to LAVA Mathematics 101!
Today, we’re going to cover a highly leverageable technique of running an insurance agency. I’ll give you some examples to start.
What are those? That’s right, they’re fractions! Simple little numbers that you may be overlooking.
We see many agency owners who want a specialized project manager, like CRM development, but ignore fractions.
1. You only need part (¼) time support.
2. You’re looking for someone with 10/10 caliber.
You want an “A” player to handle your, CRM, Staff, Sales, Etc, but can’t afford one FULL time…
You sit back and dream of what your company could look like if you had “C Suite” level execs behind the wheel of one of your pain points so you can focus on the other 10 hats you wear.
Thanks to fractional employees, you can get high-quality work from advanced specialists at a low cost.
Put simply, fractional employment allows one employee to work for several employers within a week. Many have seen the benefits of fractional employment and we want you to be next! Schedule a chat to see how many roles within your agency could be made easier with fractional employees. Email us at firstname.lastname@example.org
Why Fractional Employees are game-changers for insurance agencies
Every business needs these departments to be running by a C Suite Level Execs:
- Human Resources
The list goes on and on, It’s a “no brainer” “of course” we would love to have an executive-level individual supporting those roles….
….But if we’re being honest we can’t afford to hire a six-figure caliber employee full time. Duh
AND we also probably don’t need this Exec full time.
Sooo what happens next?
The business can’t afford to hire a CFO, so the owner is the CFO.
The business can’t afford to hire a FSL, so they are the FSL
The Business can’t afford to hire a Web Developer…. CRM Developer….. Marketing Director… So on and So on
Until the owner is doing everything but insurance.
Your staff has to help with these things, but it makes their sales or service suffer.
The Revolution’s Already Happened
With the onset of the new work from home (WFH) life, our mindset about in-office employees has shifted. If we can hire someone in the next city we could easily hire someone in the next state or country.
Boundaries are changing. Accessing your talent outside of your physical location will become the norm.
You’ll see a trend ramp up in 2021: Fractional roles will pop up (just like LAVA) that allow agencies to hire someone who specializes in this one thing. These fractional employees will be amazing at their role because it’s all they do.
You’re getting the best bang for your buck with LAVA for a few reasons.
- This is the only job they have and they’re AMAZING at it.
- Your fractional employee is constantly learning from the other agencies they work for. Long gone are the days of the scarcity mindset and hoarding your secrets. Your Fractional employee can share the best practices they’ve picked up along the way.
- We even have employees that do the most basic general tasks at an even lower rate. These general tasks could even be done by another fractional employee – the Virtual Assistant. (More on that here)
Fractional employees aren’t contractors. They don’t do project-based or interim work. They come in and create strategies, blueprints, plans, reports, & advice to move the needle in their department.
In LAVA’s case, we work as fractional developers for around 50 agencies, averaging $10 Million in premium each. We look at high-performing agencies for a living. We’ve seen what works, from the basics to advanced techniques to grow your agency. Schedule a chat to see how many roles within your agency could be made easier with fractional employees. Email us at email@example.com
How to hire a fractional employee for an insurance agency
There are two main things you want to look for when hiring fractional employees.
- Get references
While fractional employees can be a cost-effective resource, they can easily eat large chunks of your budget. This happens when you don’t do your due diligence. In the age of the internet, there are plenty of people who think a little experience makes them experts in everything.
To avoid being burned, ask for references. Make sure the person you’re about to hire has completed the tasks you’re looking to have them do. If they don’t have references, be extra careful in hiring and managing them. If they do have references, call them. Talk to them and ask what it’s like working with the fractional employee.
- See if they have a community and are willing to share tips and tricks
When you come into the LAVA family, you get a community of insurance agents working toward similar goals. We believe that a rising tide favors all ships.
You can get a lot of value from a fractional employee, but you can get even more when you have a mastermind filled with numerous owners. When looking to hire a fractional employee, be sure to see if they host an online community where you can learn and grow with others.
As you’ve seen, fractional employees have a lot of potential. If you want to realize your potential and have a smooth, valuable operation, you’d be wise to look into hiring one or two. We can help you get started. Shoot us an email at firstname.lastname@example.org right now to schedule an exploratory call to assess your needs!