2018 Best Practices Study

Every three years, the Big “I” asks insurance companies, state association affiliates, and other industry organizations to nominate for each of the Study’s revenue categories those agencies they consider to be among the better, more professional agencies in the industry. Nominated agencies are then invited to participate. They must be willing to complete an in-depth survey detailing their financial and operational year-end results, which are then scored and ranked objectively to determine whether each agency qualifies as a Best Practices Agency when compared to other nominated agencies. Top performers are awarded the Best Practices Agency designation, which they retain for three years if they continue to provide their operating and financial data to Reagan Consulting annually. Whether in improving performance, strategic planning or determining compensation, the Best Practices Study , and the benchmarking capacity it provides, is an invaluable tool for agents and brokers. The value of the Best Practices Study extends well beyond the data itself – obtaining the Best Practices designation carries myriad benefits as well.

Branding & Marketing

Recruiting

Data Gathering

Network Access

Promotes a strong reputation in the marketplace to help attract new recruits

Promotes a healthy discipline for capturing relevant data on your agency

Differentiates Best Practices Agencies vs. peers

Provides Best Practices Agencies access to the best agencies across the U.S.

When effectively used, the Best Practices distinction can help generate new business opportunities and build trust with investors, carriers, clients, vendors, and other stakeholders. As one BP agent puts it, “The Best Practices designation is used on our website like a medal of honor, showing others that we are a top-notch independent insurance agency that they can trust.”

Many Best Practices agencies co-brand their agency logos with the IIABA Best Practices logo and include the distinction under email signatures. A perennial Best Practices agency reports, “We use the Best Practices designation in our email signatures and marketing materials. We feel like this helps us to establish, for clients, carriers and investors, our expectations for our own performance - to be the best of the best, in all areas of our organization.”

“The Best Practices designation is used on our website like a medal of honor, showing others that we are a top-notch independent insurance agency that they can trust.”

A BP agent on the marketing power of the BP designation

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