The Best Practices Study has become an industry standard that provides benchmarks for agencies of every size on the most important performance metrics. In partnership with Reagan Consulting, the Big “I” selects a new group of Best Practices agencies every three years, and the results become the foundation of the comprehensive study and the annual update.
The 2016 agency nomination cycle is coming to a close with a record-breaking 2,000 agency nominations from Big “I” state associations, carrier partners and self-nominations. In mid-March, the Big “I” will invite all nominees to participate in the process and receive their data collection link direct from Reagan Consulting.
If you are a nominee, here are a few of the benefits you’ll reap from participating:
Enjoy proven results. Countless agencies have learned what to measure and why by participating in the study—and in turn, have improved their operating practices, performance and value tremendously. Experience shows that collecting the necessary data may be one of the most worthwhile education investments, creating a management focus that puts an agency on the path toward Best Practices levels of performance in the future.
Receive a custom Agency Performance Analysis at no charge. Every agency that provides the data receives an individualized Agency Performance Analysis (APA) from Reagan Consulting—a $495 value. The APA assesses your data and compares the results to those of the Best Practices agencies in your peer revenue group and is invaluable in helping agency managers identify strengths and weaknesses and put positive change into motion.
The process is easier than ever. A multitude of improvements are in place for 2016, including a new collection tool that will make it easier to gather the data necessary for participation. The Big “I” and Reagan have revised and updated the study and the APA to make them as current, user-friendly and impactful as possible.
Learn from the best and set a course. Agencies believe that comparing and contrasting top agencies’ performances is essential to charting their course of success with customers, carriers, employees and vendors alike. Operating with Best Practices standards becomes more expected in today’s competitive market.
It’s not too late if you want to throw your hat into the ring and join this cycle—submit the self-nomination form by Feb. 29. After that, the process will not open again until 2019. Don’t miss out!