Indiana-based Gibson Insurance Group is part of a group of independent insurance agencies around the U.S. to retain Best Practices status in 2008 from Independent Insurance Agents & Brokers of America (IIABA).
Gibson Insurance Group first received the honor in 1994 and has retained the Best Practices status every year since. Only four agencies in the state of Indiana received this honor in 2008.
To achieve this honor, the agencies included in the annual study must first be nominated for participation by an insurance carrier or an IIABA state affiliated association. The agency must then submit detailed financial and operational information which is analyzed, scored, and ranked objectively for inclusion in the study on the basis of operational excellence including growth, profitability, productivity, and financial stability.
More than 800 independent agencies out of more than 32,000 throughout the U.S. were nominated to take part in the annual study, with only 195 agencies qualifying for the honor. The agencies were nominated by either an IIABA affiliated state association or an insurance company and qualified based on their outstanding customer services, growth, and financial management.
The Best Practices Study was initiated by IIABA in 1993 as the foundation for efforts to improve agency performance. The annual survey and study of leading independent insurance agencies documents the business practices of these “best” agencies and urges others to adopt similar practices.
Source: Gibson Insurance Group
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