The prestigious status of Big “I” Best Practices Agency opens the door to many benefits. But have you ever wondered how the Best Practices Study process works? Here’s your chance to be part of it.
For 22 years, the Big “I” and Reagan Consulting have conducted the annual Best Practices Study to examine top-performing agencies across the country.
The purpose of the study is to compile the operating statistics of the country’s leading agencies and brokerages. In order to achieve this objective, an insurance carrier or Big “I” state association must first nominate agencies for consideration in the annual study. The Big “I” and Reagan Consulting conduct the industry-wide nomination process every three years. On the heels of the the 2015 Best Practices Study Update release, the new nomination cycle is now underway and will continue until February 2016.
Nominated agencies will receive notification and an invitation in early 2016. If they choose to participate, they must submit detailed financial and operational information about growth, profitability, productivity and financial stability for objective analysis, scoring and ranking based on operational excellence. This year, the data entry process will be streamlined to lower the time it takes to submit the required information.
The 2013 study cycle saw nearly 1,200 nominated agencies from around the country in the six revenue categories. More than 325 agencies submitted data, but only 195 scored high enough to qualify for inclusion and the coveted title of Best Practices Agency.
There is no commitment to retain the status of Best Practices Agency except to submit year-end results for review each year. Every third year with new agency nominations, Best Practices agencies must re-qualify as one of the top performers in their revenue category. Approximately 25% of Best Practices agencies have retained their status for more than 10 years.
Participation in the Best Practices Study has become a prestigious recognition of the superior accomplishments of top insurance agencies. If you believe your agency has what it takes, submit a self-nomination form. If your local Big “I” state association or designated carrier verifies your good standing in the agency community, you will receive an invitation to participate in the 2016 study.
Additional information is available online. Send related Best Practices nomination questions to Jennifer Becker, Big “I” director of education programs.