Become a Best Practices Agency
The annual Best Practices Study originated in 1993 as an initiative to help independent agents build the value of their most important asset, their agencies. By studying the leading agencies and brokers in the country, the Big "I" hoped to provide member 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 IIABA retained the principals of Reagan Consulting to create and perform the first study of The Best Practices of the Leading Independent Insurance Agencies in the United States. Today, the annual updates 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.
The study documents the business practices of these “best” agencies and urges others to adopt similar practices. To assist agencies in adopting Best Practices, IIABA has developed a family of products, service and workshops known as the Best Practices Implementation Series. The series includes materials such as the Agency Self-Diagnostic Tool, Agency/Company Joint Planning Tool Quick Step, and Top Producers: Discover, Train, Reward. Additional studies and tools are added periodically. The publications include guidelines, worksheets, and case studies to help agents apply the information contained in each report.
HOT NEWS: Congratulations to the 2014 Best Practices Agencies!
Some of the benefits:
- National Exposure through ads in trade publications
- Invitation to the exclusive Best Practices Symposium
- Wall plaque and color copy of the Ad indicating your agency with "Best Practices Agency" status
- All agencies that are nominated and submit their agency data receive an Agency Performance Analysis from Reagan Consulting. A $495 value.
In addition to the written materials, hundreds of workshops and seminars have been conducted at various producer association functions, company sponsored agency meetings and national automation users group conventions.
The IIABA and Reagan Consulting jointly maintain the Best Practices Gateway website (http://bp.reaganconsulting.com) that provides executive summaries of the annual Best Practices Studies, the Best Practices Quick Check interactive comparison tool and samples from the various Best Practices tools. The Gateway, as well as the annual study, is made possible in part through the financial sponsorship of various insurance companies and industry organizations.
The Process at a glance:
- Once every three years the Big "I" requests agency nominations from state association and company partners. The next nomination cycle will take place in 2016
- Nominated agencies are invited to participate.
- Agencies that choose to participate submit detailed financial and operational information which is scored and ranked objectively.
- The top agencies in six revenue categories are included and deemed "Best Practices Agencies.
- The Study results are released annually. For the 2013 cycle: 2013, 2014, 2015.
- To retain status, each agency must submit year end results each year. There is no other commitment.
Want to help being nominated?
-Self Nominate: You can indicate your interest in being nominated. The form can be saved to your desktop, completed and then submitted. Best Practices Nomination Form (2016 form pending)
-Characteristics of a Best Practices Agency Explained: Does your agency exhibit these qualities?
-Best Practices Gateway: Review the 2013 Executive Summary results.
-Study Sponsors: Thank you to the study sponsors who directly support the research and also nominate agencies to participate.