A wealth of potentially profitable ideas await in the Big “I” Best Practices Study. Celebrating its 21st year of publication, the 2014 update includes the latest data from the 213 participating Best Practices agencies.
Many agencies fail to benefit from the study for one reason—they simply don’t know where to start when confronted with such a vast array of detail. Ironically, the Best Practices Study has been specifically designed to facilitate finding the exact results you want. You can search and sort information in numerous ways, beginning with data applicable to your agency size (six categories range from “under $1.25 million” to “over $25 million”) and then digging deeper for parameters such as:
- Revenues: source, niche, account concentration or size and acquisition info
- Expenses: compensation, selling, operating, administrative and change over past year
- Profitability: P&L and financial stability ratios
- Producer information: number (commercial lines, personal lines and life-health), commissions produced, compensation, time allocation and where to find new producers
- Technology: staffing, expense and vendor or type of system
- Carriers: number represented, commission and revenues and use of service centers
Other topics of key interest to your future planning are also available, such as agency corporate structure, employees by number and responsibility, population density of home location and average number of locations.
With so many options, pick one and get started! Learn more about Best Practices online or email Best Practices staff with questions.