Originating in 1993, the insurance industry’s annual Best Practices Study is an initiative by the Independent Insurance Agents & Brokers of America (or Big I) to help its members build and maintain the value of their most important assets, their agencies. By studying the leading agencies and brokers in the United States, the Big I provides meaningful performance benchmarks and business strategies that insurance agencies across the country adopt for improving agency performance.
The Big I retained the principals of Reagan Consulting to create and perform the first Best Practices Study. Annual updates are conducted to provide important financial and operational benchmarks and the Study is recognized as one of the most thoughtful, effective and valuable resources ever made available to the industry.
In 2020, an outstanding group of 264 agencies across 45 states qualified as Best Practices Agencies out of a group of 1500 nominees, and that includes Peel & Holland, headquartered in Benton, Kentucky. To participate, Peel & Holland submitted extensive financial and operational data for review after having been nominated and selected in 2019. The “Best Practices Agency” designation assure our clients that we rank among the best of the best nationwide based on our growth and operational excellence.
Here is a little more information on what Best Practices Agencies are and a little about the study.
What is a Best Practices Agency?
A Best Practices Agency is one that is constantly learning more about what their clients want and then figuring out ways to deliver it. By understanding and consistently exceeding client expectations, they build exceptional client loyalty and long-term relationships. They use financial and benchmarking tools to help make this happen.
What is the Best Practices Study?
The Best Practices Study spans 3 year cycles where an agency submits financial reports and operational metrics each quarter to be benchmarked among all participating agencies. At the end of the 3 year cycle, agencies are then evaluated among all participants in their size category. Those agencies that outperform their peers are chosen as Best Practices Agencies. The Best Practices Study allows agencies to better understand their own performance, make agencies aware of the performance of the best agencies in the industry, identify the factors most critical to the success and viability of agencies, and provide the necessary training, tools, and resources to allow agencies to elevate their performance.
Peel & Holland was highlighted in the October 2020 issue of the Big I’s Independent Agent magazine. This is a prestigious accomplishment and one that cannot be attained by individual effort or success in one area of agency sales and operations. It takes an entire team all moving in the same direction and one that seeks CONTINUAL IMPROVEMENT – a Core Value of our company.