Reagan Consulting and the Independent Insurance Agents & Brokers of America (Big “I”) announced the Best Practices Agencies for 2008-2009. A total of 189 agencies from around the country maintained their Best Practices status this year, and one from each of the six revenue categories was named a Best Practices Top Performer:
— Less than $1.25 million: Mostad Insurance Services in Langdon, N.D.
— Between $1.25 and $2.5 million: Treutel Insurance Agency, Bay St. Louis, Miss.
— Between $2.5 and $5 million: Bigham Kliewer Chapman Watts Insurance Agency, Killeen, Texas
— Between $5 and $10 million: York International Agency, Yonkers, N.Y.
— Between $10 and $25 million: SKCG Group, White Plains, N.Y.
— More than $25 million: McGriff, Seibels & Williams, Birmingham, Ala.
“The criteria for becoming a Best Practices Agency is very demanding and the competition is fierce, so to achieve this standing is a strong testament to these agents and brokers,” says Shirley Lukens, AAI, a Reagan Consulting partner and leader of the initiative.
Launched in 1993, the Best Practices Study annually documents the operating statistics of the country’s leading independent agents and brokers to determine the common threads in their success. Every three years, carriers and other industry leaders are asked to recommend agents and brokers for the study, with more than 800 firms typically named. Of that, some 300 will submit data, from which 195 firms will be chosen as Best Practices Agencies. To retain their Best Practices status, those agencies must provide updated operational information for the two following years. The next full selection will take place in 2010.
This year, Best Practices is highlighting the tools available to agents and brokers on its Web site, http://bp.reaganconsulting.com, including 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 true value of Best Practices,” says Lukens, “is the ability to transform these operational data into tools other agents can use to enhance their own productivity. For example, agents can now download a comprehensive spreadsheet that enables them to determine their own ‘performance gap’ relative to these Best Practices agencies. That’s a significant benchmarking instrument.”
The 2008 Best Practices Study sponsors include Applied Systems, Central Insurance, Chubb, EMC, Encompass, Harleysville, Imperial AI Credit, InsurBanc, Hanover, Liberty Mutual, MetLife Auto & Home, Safeco and Zurich.
Source: Reagan Consulting,
Independent Insurance Agents & Brokers of America,
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