The 2014 Best Practices study from the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) revealed slowed revenue growth rates and an increase in profitability in some of the study’s six revenue groups.
“The results of this year’s Best Practices Study further demonstrate the stability of the independent agency system despite some challenges,” says Madelyn Flannagan, Big “I” vice president of agent development, research and education. “Most study participants have either grown their business or remained consistent. The industry is also continuing to invest more in staff and technology.”
While last year’s study revealed the highest organic growth rates since 2008, this year’s study shows a different picture, with only one study group achieving an increase growth rate of at least one percentage point ($1.25-5 million). Growth rates, in general, remained in the high single digits, with two study groups ($1.25 to 5 and $10 to 25 million) achieving double-digit growth rates.
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