2007 Best Practices Study

Agencies with Revenues Between $2,500,000 and $5,000,000

Executive Perspectives

Profile

Revenues/ Expenses

Financial Stability

Employee Overview

Producer Info

Service Staff Info

Technology

Insurance Carriers

Appendix

Gaining a Competitive Edge

Keys to Achieving a Competitive Advantage (Top 5 Listed in Order of Frequency Mentioned) 1. Quality markets

For these Best Practices agencies, competitive advantage is critical. It gives them the upper hand in retaining business and writing new business. In the sports world, competitive advantage comes from being bigger, stronger, faster and smarter. The Best Practices agencies report that the greatest competitive advantage comes from having outstanding insurance carriers and superior relationships with them. Competitive advantage also comes from having superior personnel and an outstanding environment within which their employees work. These agencies also report that competitive advantage comes from their having superior expertise, which frequently results from agencies having areas of concentration, or specific practice groups. Their concentration and focus allows them to have better industry expertise, but also gives them the ability to more efficiently handle and service these accounts. Finally, these agencies report that their reputation and visibility can give them a competitive advantage, as can the quality of the products and services that they provide.

2. Superior personnel

3. Agency expertise / industry specialization

4. Outstanding reputation

5. Excellent products and services

61 2007 Best Practices Study | Agencies with Revenues Between $2,500,000 and $5,000,000 | Executive Perspectives