2020 Best Practices Study

Best Practices Agencies, as we have seen time and time again in previous crises, take a different view in such situations. They adapt, innovate, and find ways to thrive, despite the chaos and uncertainty that surrounds them.

Need convincing? Think back to the massive challenges independent insurance agencies faced in just the past three decades: Despite all these (and many more) highly-disruptive milestones, our industry has never been more valuable or more relevant. How is this even possible? How did Best Practices Agencies not go the way of high- commission stockbrokers, travel agencies, and video rental stores? How have Best Practices Agencies been able to adapt, innovate and prosper, regardless of the crisis du jour? In short, Best Practices Agencies use periods of turmoil and disruption as opportunities to rethink their businesses. Proactive strategic thinking by Best Practices Agencies is the catalyst for our industry’s massive gains. The COVID-19 pandemic will be no different. While under the COVID-19 yellow flag, Best Practices Agencies must go beyond the day-to-day challenges and rethink their fundamental business operations in critical ways.

The threat of Hillarycare (nationalized healthcare) looms large

The Internet disrupts consumer habits

Banks enter the insurance landscape

Eliot Spitzer attacks contingent income

The Affordable Care Act passes

InsureTech and industry consolidation threaten agencies

This discipline of rethinking is the focus of the 2020 Best Practices Study and we have identified four primary areas where this rethinking can be applied. If Best Practices Agencies engage in the practice of rethinking, we believe they will emerge from the COVID-19 pandemic stronger, better, and more competitive than ever, ready to restart the race when the yellow flag is lifted.

Managing your agency’s finances is always important, but the importance is magnified in times of stress and uncertainty

 12