The annual Best Practices Study originated in 1993 as an initiative to help independent agents build the value of their most important asset: their agencies. By studying the leading agencies and brokers in the country, the Big "I" hoped to provide members with meaningful performance benchmarks and business strategies to adopt for improving agency performance and value.
As the program celebrates its 25th year, the initiative is as relevant as ever. While industry performance remains strong and agency ownership is still a good investment, healthy firms can control their own destiny by understanding their businesses and what drives value, setting goals, managing carefully and strategically, and leveraging opportunities.
The Best Practices program provides agency analysis through valuable peer performance and benchmarks to help you set the bar for the future. It also encourages a management orientation and culture of measurable excellence and accountability. Other benefits include:
- Metrics that monitor the key drivers of agency value.
- Benchmarks for agencies that want to continually improve.
- Tools for establishing a culture of accountability that results in long-term viability, increased shareholder return and valuation, the ability to perpetuate internally and better care of customers, employees and carriers.
Don't miss out on a resource that can help ensure the success of your agency today and into the future. The 2017 Best Practices Study Update
is available in both e-version and hard copy.
Looking for guidance on how to take information from the report to implementation? Register for the Best Practices for Agency Operations webinar series
, which breaks up information into fast, informative 15-minute presentations. The next presentation, to take place July 23, will cover the Buyer Coverage Ratio.
Send questions to Best Practices staff.