IIABA has opened nominations for the next Best Practices Study cycle starting in 2019. All agencies included in the 2016-18 cycle will automatically be invited to participate in the new cycle. IIABSC member agencies may nominate themselves (scroll down for list of characteristics). Agency nominations will be accepted through January 2019.
The purpose of the research is to compile the operating statistics of the country's leading agents and brokers. This is provided to the industry to provide benchmarks, operational information on growth, profitability, productivity and financial stability. The 2018 Best Practices Study Update is now available.
Divided into six different revenue categories, the Best Practices research includes details about turnover rates, retention, organic growth, profitability and revenue per employee. This segmentation provides direct comparisons and an opportunity to review processes, procedures and philosophies of successful agencies.
Once every three years the Big "I" requests agency nominations from state association and company partners. This is taking place now until January 2019.
Agencies that choose to participate submit detailed financial and operational information which is scored and ranked objectively. Responses to management and industry-related questions also requested with data. The invitations will go out to those nominated in February 2019. The nominated agencies must submit their data by Mid-April 2019.
Desired Characteristics of a Best Practices Agency
Professional development: Agency displays a willingness to invest time and resources in employee education in areas such as technical training, management coaching and sales skills. Owners and staff are also involved in industry, carrier and user group activities. The agency has low employee turnover but is quick to bring in good new talent if the opportunity presents itself.
Organic growth: Agency has a history of successfully pursuing and writing new business for its carriers.
Strong retention: Agency demonstrates an ability to retain profitable accounts through strong pre-underwriting, customer service, account development and relationship building.
Quality work product: Submissions, information, communications and interactions with agency staff are generally complete, correct and professional. Agency is easy to do business with and strives to enhance relationships.
Effectiveness and efficiency: Agency has effective systems and procedures in place and is willing to embrace available technology.
Great reputation: Agency is well-known in its community, well-respected by carriers and other agencies, and recognized for its integrity.