Despite the challenges of falling premium rates, the nation's leading independent agencies continue to reinvest in their firms–mostly by hiring more staff, the latest "Best Practices" study reveals.
"This year's study indicates that the 'Best Practices' agencies are proactively taking steps to grow even in a very soft market and during tough economic times," said Madelyn Flannagan, president for education and research at the Independent Insurance Agents and Brokers of America, sponsor of the study, which was conducted by Reagan Consulting in Atlanta.
Although positive revenue growth was difficult to achieve, "Best Practices" agencies continued to invest in new staff. The majority of those agencies with revenues over $2.5 million hired at least 1.5 new agents during the last fiscal year, with the largest agencies hiring an average of 9.4 new producers, the survey reported.
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