Big “I” Best Practices agencies are the industry’s cream of the crop. They open their operations to the insurance community by participating in Best Practices research, which delivers annual results that can help your agency set direction via an “apples to apples” comparison across six revenue categories and by region.
But why benchmark in the first place? The practice has many benefits. Benchmarking:
- Helps agencies promote continuous improvement and push through the stagnation of operating “status quo”
- Inspires healthy competition: when reviewing Best Practices agencies, you may come across your local peers and push to perform better
- Gives meaning to goals, providing understanding about the reasons behind changes
- Confirms if your agency is falling behind the competition and needs to push to innovate or fine-tune agency operating procedures
- Encourages efficiency and profitable performance levels
- Helps your agency become the leader that others want to follow
Get started on your agency benchmarking today with help from the free Best Practices Gateway, which offers useful tools like the “Comparison Spreadsheet” and “Performance Quick Check.” As you continue analyzing how the industry’s top agencies achieve their numbers through additional narrative, order the 2014 Best Practices Update, available in e-book and hard copy formats.
For more information, email Best Practices staff.