Welcome to the Best Practices Gateway

Since 1993, Reagan Consulting and the Big “I” have partnered to produce the Best Practices Study, a comprehensive examination of the top performing agencies across the country.  The study compiles benchmarking data on the key metrics of agency performance and value including revenue growth and profitability, financial stability, expense management, and sales and operations productivity.  Data is provided for each of six revenue categories (from under $1.25MM to over $25MM), and nominations for agencies in each of these categories are accepted at the beginning of each three-year study cycle. The aggregate results of the highest performing firms (approximately 40 per category) are included in the study and these agencies earn the prestigious status of “Best Practices Agency,” and the industry recognition and exclusive benefits that accompany it.

Best Practices are timeless and cutting-edge strategies developed from studying top U.S. insurance agencies of all sizes for over 20 years. They have proven to be transformative tools for agencies seeking to excel. Here you can browse the latest research on top-rated agencies and see how your agency’s results compare with the best. You can also link to a variety of useful tools to help improve agency performance.

Preview the 2016 Best Practices Study Summary of Key Benchmarks
Purchase the Complete 2016 Best Practices Study
View the 2016 Best Practices Agencies

The 2016 Best Practices Study  is now available to purchase from the Big “I”

Please Click Here to Order

 Thank you to all of the firms that participated and congratulations to the firms who were selected as a

2016 Best Practices Agency

General Information

What is the Best Practices Study and how does it work?  An overview.

Nominations are accepted and Best Practices Agencies are designated every three years at the start of a new study cycle.  Why should you become a Best Practices Agency? Read this.

We welcome the partnership of carriers and other insurance industry partners in the Best Practices initiative.  Contact us to learn more.

A Brief Overview of Key Metrics and Why They Matter. Learn from a brief 15 minute webinar about why benchmarking is important and how attention to key metrics in the study can help you improve agency value and performance.

Best Practices Study Archives

Click on the titles below to view the Best Practices Studies from prior years:

Additional Resources

2016 Best Practices for Agency Operations Webinar Series:

  1. Best Practices – Key Metrics
    March 2016
    Webinar recording link:  https://vimeo.com/bigivirtualuniversity/review/160923718/fef66fea7e
  2. Mergers & Acquisitions as a Growth Strategy
    June 2016
    Webinar recording link:  https://vimeo.com/bigivirtualuniversity/review/170845677/d6b8002bc9
  3. 2016 Best Practices Study Highlights
    September 2016
    Webinar recording link:  https://vimeo.com/bigivirtualuniversity/review/183696282/82d5609a09
  4. Perpetuation Planning
    October 2016
    Webinar recording link:  https://vimeo.com/bigivirtualuniversity/review/188021057/4a0b71baa7
  5. Producer Recruiting and Development
    December 2016
    Webinar recording link:  https://vimeo.com/bigivirtualuniversity/review/196052479/02c737b7d8

Listen to Best Practices Agencies explain how participation in the study has impacted them:
Why is it important for an agency to participate in Best Practices?  Lloyd Einsenrich, Weatherby Eisenrich Insurance, TX
How do Best Practices change the way an agency looks at itself?  Barbara Walker, Heartland Insurance Agency, MI
How do agencies use Best Practices information in planning for the future?  James Marek, Stratton Agency, CA
On being a Best Practices Agency  Chris Van Abel, VAST, MI

2016 Best Practices Agency Nominees: “Your Best Practices Nomination – What’s Next? A Timeline, Tips, and Benefits Review” Listen to the webinar recording here.

Additional Reagan Consulting Studies
Organic Growth and Profitability Survey:   This quarterly study was launched in 2008 and is the industry’s premier source of real-time data for mid-size and large insurance brokers. Many of the industry’s leading firms rely on the data each quarter to benchmark their results and assess their performance.  To learn  more about the OGP, which is open to participation by any interested agency, visit the OGP webpage.

Producer Recruiting and Development: A consistent challenge for many agencies.  To read about the findings of a recent Reagan Consulting Study in the area, and gain a new perspective on your own efforts in this area, download the Producer Recruiting and Development Study.

View and purchase other Best Practices products from the IIABA. Go to the IIABA Best Practices website.

 

 

Contact Us
If you have questions about the Best Practices initiative that are not addressed here, please contact the Best Practices team at Reagan Consulting at 404-233-5545.
 Paula Williams, Research Director, pwilliams@reaganconsulting.com
Michelle Appelbaum, Research Coordinator, michelle@reaganconsulting.com