The annual Best Practices Study began in 1993 as an initiative to help independent agents build the value of their most important assets: their agencies. By studying the leading agencies and brokers in the country, the Big "I" hoped to provide member agents with meaningful performance benchmarks and business strategies that could be adopted or adapted for use in improving agency performance, thus enhancing agency value.
After 23 years, why does the initiative still matter? It matters because industry performance remains strong, and agency ownership remains a good investment. It matters because healthy firms can control their own destiny by understanding their business’s value, setting goals, managing carefully and strategically and leveraging opportunities.
Best Practices can help provide an analysis through valuable peer performance and benchmarks to set the bar for the future. The program also encourages a management orientation and culture of measureable excellence and accountability.
Other benefits include:
- Metrics that monitor the key drivers of agency value.
- A vision of excellence with specific targets for agencies who desire superior performance.
- Tools for establishing a culture of accountability resulting in long-term viability, increased shareholder return and valuation, increased ability to perpetuate internally and increased care of customers, employees and carriers.
Don’t miss out on a resource that can help ensure your agency’s success today and in the future. The 2015 Best Practices Study Update is available in both e-version and print.
If you belong to an agency that exhibits Best Practices characteristics and would like to be included in the next Best Practices Study process, consider self-nominating for the 2016 research cycle. Learn more about the process online and send questions to Best Practices staff.