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2023 Best Practices Study Update
 The annual Best Practices Study (BPS) originated in 1993 as an initiative by the Independent Insurance Agents & Brokers of America (or Big I) to help its members build and maintain the value of their most important assets, their agencies. By studying the leading agencies and brokers in the country, the association 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. The Big I retained the principals of Reagan Consulting to create and perform the first Best Practices Study. Annual updates are conducted to provide important financial and operational benchmarks and the Study is recognized as one of the most thoughtful, effective and valuable resources ever made available to the industry.
| - Introduction & Overview
- 2023 SPECIAL FOCUS
State of the Industry
- Executive Summary and Analysis of Agencies. Key Metrics by Agency Revenue Category
- Under $1.25M in revenue
- Between $1.25M and $2.5M in revenue
- Between $2.5M and $5.0M in revenue
- Between $5.0M and $10.0M in revenue
- Between $10.0M and $25.0M in revenue
- Over $25.0M in revenue
- Cross Category Comparison
- Profile
- Revenue Overview
- Acquisitions
- Account Stratification
- Revenue Growth
- Revenue Growth by Line of Business
- Sales Velocity
- Pro Forma Expenses
- Profitability
- Rule of 20
- Technology
- Productivity
- Staffing
- Average Book Serviced
- Average New Commissions
- New Producer Hiring + More.
- Glossary of Terms Used
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