Jacksonville Florida, June 25, 2013: The Pincomb Group, a leading business private equity and advisory firm is excited to announce the success of the Preparing People to Pass Platform from one of their portfolio clients Xcel Testing Solutions.
Xcel Testing Solutions is a leader in online testing solutions for insurance pre-licensing education. Their patent pending Preparing People to Pass platform, gives students the ability to customize their learning path allowing each student to grasp difficult concepts based on their individual needs.
The pre-licensing exam is a non-negotiable hurdle that stands between a potential candidate and a position with a reputable insurance company. Insurance agents are currently licensed by the state or states in which they’ll be selling insurance, the bad news is that the current national pass rate is only 54%. This causes high turnover and hiring costs in the insurance agency industry.
The good news however is that Xcel has been able to greatly reduce that number with their new innovative solution, Preparing People to Pass Platform. They are able to get an astounding 71% first-time pass rate. Greg Sinner, CEO of Xcel Testing Solutions, credits much of their success to their interactive and engaging online platform that is also mobile ready, saying “We keep our students on track with friendly reminders and always have somebody available if they need help or have any questions. This factor combined with the ease online learning has allowed our partner agencies to see large increase in pass rates for potential candidates, which in turn lowers cost of hiring and the employee turnover rate.”
Another key factor in Xcel’s success has been their reduction in the drop-out rate. “Many Agencies don’t consider how many candidates give up before even completing the course,” commented Greg Sinner. They only focus on passing rate. The national average drop-out rate is 40% while Xcel’s drop-out rate is only 26%. Because of the intuitive and engaging design of their platform students not only have a much higher pass rate but also lower drop-out rate which equals more qualified and licensed candidates for insurance agencies to choose from.
The 100% Mobile compatible delivery has proven to be a contributing factor allowing Xcel students to complete the licensing process faster which puts new agents in the field writing business 3-5 times faster than their competitors that use more traditional methods of training. “We hire 40-50 new agents each month and we now have agents in the field making money sooner, which has increased our agent retention by 30%. We estimate the opportunity gain of using the new platform to be as much as $10K per new hire” – American Income Life Agency Director
The Pincomb Group, with many years of experience in the online learning industry, has helped Xcel stay on the cutting edge of online learning within their industry, including expanding their online learning solution to a mobile platform that will allow users to access classes on the go.
About the Pincomb Group
At The Pincomb Group our drive for innovation has allowed us to create something completely different. We combine the strategic thinking of a consulting firm with the execution and experience of proven leaders to provide our clients with the tools and leadership they need to achieve extraordinary success.
We solve problems, operationalize solutions to drive results, and ultimately drive growth and profitability in organizations. Our clients include companies from early-stage through all stages of development.
Based on the individual needs of our clients we function as executives, investors, board members and advisors. This combination of entrepreneurial, operating, investing and advisory experience enables us to provide our clients with much more than sound advice – we deliver results.