You are an aspiring basketball player, and you just heard Michael Jordan is offering a free clinic at the local gym. Oh, and two guys named Lebron and Kobe will also be there. If you can just get into the clinic, your only challenge will be to make that incredible information your own and ride it to the stars.
Perhaps you’re thinking, “Wow—what a dream come true! Too bad there’s nothing similar for insurance agencies!” Good news—there is.
The Michael Jordans of the insurance world are known as the Big “I” Best Practices agencies, and an executive summary of their results and benchmarking data is available online for free via the Best Practices Gateway. The full study with the complete narrative is also available for purchase. While browsing in the Best Practices Gateway, you can even enter your agency results for a direct comparison to see how your business stacks up against the superstars that have, on average:
- Doubled their average profit margin (from 12% to 23%).
- Halved their employee counts.
- Doubled their revenue per employee.
- Maintained their “spread per employee” as staff size shrank.
- Increased compensation per employee, leading to increased job satisfaction, professionalism and retention of the best.
“It is our goal to continue to grow, but we also want to improve and be the best we can be for our clients, as well as for our employees and company partners,” says Christine VanAbel, CFO and COO at Best Practices agency VAST Insurance in Marquette, Mich. “Being a Best Practices Agency allows us to have access to the ‘best of the best’ agencies throughout the United States and helps us to benchmark our results against these agencies. This helps us not only with continuous improvement in all areas of operation, but also to become better than others in our marketplace—which in turn assists us with enhancing our agency value.”
These proven winners offer a path worthy of study for your future agency planning and achievement. Start your game plan today.