Circles of Excellence
* Producers do not qualify for the Circles of Excellence trip or Chairman’s awards during their first 12 months of employment, unless newly licensed. On Group Coverage production reports, an asterisks will indicate some or all of the reported production falls within the 12 month exclusion. Contact your controller for a report of qualifying production toward the trip and Chairman’s awards.
Bert J. Leavitt Producer Of The Year
The Bert J. Leavitt Award will be given in two categories:
Bert J. Leavitt Award - Booked New Business
This award recognizes the top producer with the most new booked business for the year.
Bert J. Leavitt Award - Net Book Growth
This award recognizes the top producer with the largest net book growth over the prior year.
Chairman's Circle
The Chairman’s Circle will recognize all producers with $250,000 in new, booked revenue to the agency during the calendar year or in year-over-year net book growth. To qualify for net book growth, the producer must have been with the agency at least fifteen (15) months prior to the beginning of the measurement year.
Elite Circle
Qualification for the Elite Circle requires a positive book of business variance over the prior year, or a minimum of $125,000 in new booked business for the current year. Producers with a total book size of $1.0 to $1.49 million qualify for Silver Elite; $1.5 to $1.99 million qualify for Gold Elite; $2.0 to $2.49 million qualify for Platinum Elite; $2.5 million or above qualify for Diamond Elite.
Winner's Circle Incentive Trip
Incentive Trip Qualification will be based on a written, booked or net book growth revenue number as determined by each agency. The election agencies made for last year (as to whether to calculate eligibility for the trip based on written or booked revenue) will continue for this year. Any changes must be communicated to your agency partner. Agencies that are currently selecting a booked criteria can change to written. Agencies that are currently under a written criteria cannot change to booked.
The following qualify for the incentive trip:
- First-time qualifiers with $85,000 or greater of new business revenue (or as otherwise set higher by agency management).
- A producer with a minimum of $85,000 exclusively in personal lines new business revenue regardless of other types of business written. (For example, a producer with $70,000 in personal lines and $15,000 in commercial lines would not qualify—at least $85,000 must be coded as personal lines).
- A new producer (3 years and under licensed in the business) can qualify multiple times at $85,000 or greater in new business revenue during their first 36 months of being licensed. After 36 months, the remaining production year will be pro-rated based on the agency's standard qualification requirements. Producers do not qualify for the Circles of Excellence trip during their first year of employment, unless they are newly licensed.
- A producer that has previously qualified for the trip writes (or books) at least the amount determined by the agency to qualify. Each agency will set its requirement at $100,000 or above in increments of $10,000. Any adjustment must be communicated at the beginning of the qualifying year.
- A producer with a $1 million book qualifies as long as their book is equal to or greater than it was in the last qualifying year. A producer with a $1.5 million or larger book qualifies regardless.
Agencies have the latitude to include a net growth requirement as part of the eligibility criteria.
Other Qualification Guidelines
- Written refers to revenue recorded in CRM and is based on the EFFECTIVE date. The only exception to this are accounts marked BOR which use the SOLD ON activity date, which should match the rescinding date on the BOR letter.
- Package Policy:
Additional lines of coverage that are added to an existing renewed Package policy would be considered renewal business. An additional line of coverage added in a separate or monoline policy would be considered new business. - License and Permit Bonds:
License and Permit bonds will be considered new business if written during the first 12 months of a client's relationship with the agency, and as renewal business if written in subsequent years. - Contract Bonds and Course of Construction/Builder's Risk, Wrap, and other Project Specific Policies:
These bonds/policies will be deemed new business, regardless of the duration of the client's relationship with the agency. - Continuous Coverages Policies are considered new for the first 12 months they are in effect
New Business Recognition Standard For Crop Insurance
What qualifies as new business?
- A new client buys crop insurance from a producer for the very first time.
- An existing client buys a policy for a new line of coverage. There are three lines of coverage in the crop insurance spectrum: 1) Multi-peril, 2) Crop/Hail, and 3) Whole Farm. If, for example, the producer has a client that has purchased multi-peril for years and years and the same client decides to by a whole farm policy, the revenue from the whole farm policy counts as new business; the revenue from the multi-peril policy is counted as renewal business.
- An existing client buys a policy for a new crop. For example, if a farmer has purchased an Multi-Peril policy to cover his wheat for years but decides to also buy a Multi-Peril policy to cover his potatoes, the policy covering the potatoes is new business.
What does not qualify as new business?
- A client increases coverage within the same line of coverage. For example, if a client bought a policy this year that covered 60% of a crop’s expected returns and next year buys a policy that covers 80% of the same crop’s expected returns, the difference is not considered new business.
If my agency uses written criteria for Circles of Excellence, how do I enter a new crop sale in CRM?
- The date the farmer signs the carrier’s application should be entered into CRM as the effective date of the policy. For example, if a farmer signs an application on Feb. 28th, then enter Feb. 28th as the effective date in CRM and mark the account as “Sold.”
New Business Recognition Standard For Dairy Insurance
For dairy business, the date the client signs the endorsement application should be entered into CRM as the effective date of the policy.