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The IIABA initiated the Best Practices Study in 1993 as the foundation for efforts to improve agency performance and enhance agency value. The survey and study of independent insurance agencies documents the business practices of these “best” agencies, and urges others to adopt similar practices.
“The Big ‘I’ is proud to have such a fine cross-section of the independent agency system represented in the 2010 Best Practices Study,” says Madelyn Flannagan, IIABA VP of agent development, education and research. “Inclusion in the Best Practices Study has become a prestigious recognition for the top insurance agencies in the United States and we look forward to showcasing the results.”
The IIABA asks its insurance company partners, state association affiliates and other industry organizations every three years to nominate agencies they believe to be among the most efficient and high performing for each of the studies’ revenue categories. “Best Practices” firms throughout the nation are selected for outstanding management and financial achievement in six revenue categories (under $1,250,000; $1,250,000 to $2,500,000; $2,500,000 to $5,000,000; $5,000,000 to $10,000,000; $10,000,000 to $25,000,000; and over $25,000,000). More than 1,200 independent agencies and brokers of varying sizes across the country were nominated to take part in the study.
The leading agencies included in the annual study must be nominated for participation. These agencies are asked to submit operational information in many areas, which the IIABA says is carefully evaluated and ranked, culminating in the choice of the top 30 to 35 agencies in each revenue category. Those falling within that range earn the status of “Best Practices Agency.”
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IIABA Announces 224 Best Practices Study Agencies
September 27, 2010, 3:54 p.m. EDT 1 Min Read
