A total of 189 independent insurance agencies from around the country kept their status this year as a Best Practice Agency, the designation conferred by a consulting firm and the Independent Insurance Agents & Brokers of America.
The announcement came from the Atlanta-based Reagan Consulting and the Alexandria, Va.-based IIABA with a listing of the Best Practices Agencies for 2008-2009.
Six agencies were named the best performers in the top six revenue categories.
This year's Best Practices Top Performers by revenue were:
o Less than $1.25 million: Mostad Insurance Services in Langdon, N.D.
o Between $1.25 and $2.5 million: Treutel Insurance Agency of Bay St. Louis, Miss.
o Between $2.5 and $5 million: Bigham Kliewer Chapman Watts Insurance Agency of Killeen, Texas.
o Between $5 and $10 million: York International Agency in Yonkers, N.Y.
o Between $10 and $25 million: SKCG Group of White Plains, N.Y.
o More than $25 million: McGriff, Seibels & Williams of Birmingham, Ala.
“The criteria for becoming a Best Practices Agency is very demanding and the competition is fierce, so to achieve this standing is a strong testament to these agents and brokers,” says Shirley Lukens, a Reagan Consulting partner and leader of the initiative.
Launched in 1993, the Best Practices Study annually documents the operating statistics of the country's leading independent agents and brokers to determine the common threads in their success.
Every three years, carriers and other industry leaders are asked to recommend agents and brokers for the study, with more than 800 firms typically named. Of that, some 300 will submit data, from which 195 firms will be chosen as Best Practices Agencies.
To retain their Best Practices status, those agencies must provide updated operational information for the two following years. The next full selection will take place in 2010.
This year, Best Practices is highlighting the tools available to agents and brokers on its Web site: http://bp.reaganconsulting.com.
The site includes executive summaries of the annual Best Practices studies, the Best Practices Quick Check interactive comparison tool, and samples from the various Best Practices tools.
“The true value of Best Practices is the ability to transform these operational data into tools other agents can use to enhance their own productivity,” said Ms. Lukens in a statement. “For example, agents can now download a comprehensive spreadsheet that enables them to determine their own 'performance gap' relative to these Best Practices agencies. That's a significant benchmarking instrument.”
The 2008 Best Practices Study sponsors include Applied Systems, Central Insurance, Chubb, EMC, Encompass, Harleysville, Imperial AI Credit, InsurBanc, Hanover, Liberty Mutual, MetLife Auto & Home, Safeco and Zurich.
More information on the study is available by contacting Shirley Lukens at (404) 233-5545 or by e-mail at shirley@reaganconsulting.com.
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