This year marks the 20th anniversary of Best Practices, which was created in 1993 in partnership with Reagan Consulting. The program continues to provide tools and resources with the purpose to help agents increase their agency value and better serve their clients, community and company partners.
With offerings such as the Joint Planning Tool Quick Step, Top Producers: Discover, Train, Reward and Customer Service Made Simple to the 2012 Best Practices Study Update, Best Practices provides a broad scope of products designed to meet agency performance evaluation, research and management needs.
At the heart of the program is the annual Best Practices Study, which provides the most up-to-date benchmarking figures for Best Practices research and data members need to create and update yearly comparisons to accurately track agency performance.
Specific benchmarking information includes:
•Revenue per employee
•Compensation per employee
•Revenue by account size
•Revenue by niche or specialty
•Net unvalidated producer payroll amounts
•Top five challenges per revenue category
This research provides unique insight into what the best agencies are doing to succeed through the ever-changing marketplace, trends and economy environment and can help answer some questions agency principals consider as they develop their own agency growth efforts.
Until Feb. 15, agencies across the United States can apply to become a Best Practices Agency for the study. Self-nomination forms are available, along with more information on the process.
In addition, learn the top five ways Best Practices can help your agency during a webinar on Jan. 30.
The Big “I” and Reagan thanks everyone who has used, supported and been involved in the research process—it couldn’t have been done without you.
Andrew McElhannon is the Member Services Coordinator for the Independent Insurance Agents of Georgia www.iiag.org, and can be contacted at: firstname.lastname@example.org or b y phone at 770-458-0093, x.110, or 800-878-6487.