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Since 1993 the annual Best Practices Study has served as a tool to help agency owners and managers understand how their business operations perform and measure up to the top performing firms across the country. It is a “must have” for those agencies that want to become the best they can be. The 2009 Best Practices Study provides critical performance benchmarks in six agency revenue categories ranging from Under $1,250,000 to Over $25,000,000. Agencies can measure, evaluate, and compare results for agency operations including:
The agencies that participate in the annual study are selected for inclusion once every 3 years. This year’s study continues to look at the performance of those agencies selected in 2007 and completes the 3-year cycle. Because it updates only key financial and operational benchmarks, users of the 2009 update may wish also to purchase a copy of the 2007 Best Practices Study which provides additional information on the agencies’ business practices and philosophies. The comprehensive 2007 study can be purchased from the Independent Insurance Agents & Brokers of America (Big “I”) Education Department. Order forms can be downloaded at http://bp.reaganconsulting.com or at www.independentagent.com. For more information please call 1-800-221-7917.
About the Study The History The annual Best Practices Study originated in 1993 as an initiative by the Independent Insurance Agents & Brokers of America (the Big "I") to help its members build and maintain the value of their most important assets, their agencies. By studying the leading agencies and brokers in the country, the association hoped to provide members agents with meaningful performance benchmarks and business strategies that could be adopted or adapted for use in improving agency performance, thus enhancing agency value. The Big "I" retained the principals of Reagan Consulting to create and perform the first Best Practices Study. Annual updates conducted by Reagan Consulting continue to provide important financial and operational benchmarks, and the study is recognized as one of the most thoughtful, effective and valuable resources ever made available to the industry.
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The Process Once every three years the Big "I" asks insurance companies, state association affiliates, and other industry organizations to nominate for each of the study’s revenue categories those agencies they consider to be among the better, more professional agencies in the industry. The nominated agencies are then invited to participate. They must be willing to share key business practices/philosophies and to complete an in-depth survey detailing their financial and operational year-end results. Those results are then scored and ranked objectively for inclusion on the basis of operational excellence. In 2007, the beginning of a new three-year study cycle, more than 800 independent agencies throughout the U.S. were nominated to take part in the annual study. More than 300 submitted the extensive data, but only 195 qualified for the honor. To be chosen, the agency had to be among the 25-35 top-performing agencies in one of six revenue categories. Their year-end results and business practices were compiled to create the Best Practices benchmarks. Those benchmarks are updated annually. Taking part in the Best Practices Study has become a prestigious recognition of the superior accomplishments of the top insurance agencies in the country. Those agencies that believe they have the qualities of a Best Practices Agency and wish to be nominated in 2010 for the next study cycle should contact their state association.
About the Best Practices Gateway Website The electronic version of this study can be accessed via the websites of Big "I" (www.independentagent.com) and Reagan Consulting (www.reaganconsulting.com). From the Best Practices Gateway home page users can do the following:
Other Best Practices Studies and Tools In addition to the annual Best Practices Study, many other useful studies, resources, and tools are available to help agencies improve their performance and enhance the value of their businesses. Two of the most frequently used tools are The Agency Self-Diagnostic Tool and the Joint Agency Company Planner. These Best Practices tools are part of a complete line of Best Practices products and services. Order forms can be downloaded from http://bp.reaganconsulting.com or can be purchased online at www.independentagent.com.
If You Have Questions If you have questions about the information published in the 2009 Best Practices Study please contact the Big "I" Education Department at 800-221-7917 or Reagan Consulting at 404-233-5545.
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