Congratulations to the 2019 Big "I" and Reagan Consulting Best Practices Study agencies
By: Doug Mohr, VP Industry Relations & Partnerships
You may remember back in January when we encouraged you to apply for participation in the IIABA/Reagan Consulting Best Practices Study. Well, many of you did and now that the results are in, I'm excited to report that out of 268 participating agencies, 107 of them use Vertafore management systems - with 86 on AMS360, 20 on Sagitta, and one using QQCatalyst.
If that isn't big enough news on its own, we'd like to give a special shout out to the 40 of these 107 agencies who were not Best Practice Agencies in the previous study cycle. Of course, the 67 repeat-timers also deserve recognition for their continued success, but we particularly love that new agencies are participating and being recognized as best-of-the-best. Congratulations are in order all around!
Being named a "Best Practice Agency" is a huge honor because it means that out of all the thousands of independent agencies in the country, the participants are demonstrating excellence across a variety of business measures and outcomes. From profitability, to organic growth, to use of technology, the agencies selected to participate in the study are at the head of the class.
Regardless of the systems used, the study found that Best Practice Agencies largely take advantage of multiple technological tools to help them conduct business. For example. between 86-97% of the agencies studied utilize paperless document systems and between 62-79% of them use comparative rating software (the ranges represent different levels of usage based on agency size).
Between 86-97% of agencies studied use a paperless document system like ImageRight and between 62-78% use a comparative rating software like PL Rating.
One of the hallmarks of a Best Practice Agency is great balance of profitability and growth. These are truly well-run businesses that retain and find new customers, sell better, and have streamlined processes that make their employees productive.
The study isn't limited to technology, however. It examines over 3,000 key data points to benchmark agencies and reveal trends in what the best re doing to stay on top. With the search for talent always at the forefront of agencies' minds, one interesting finding is that a large chunk of newly hired producers, about a third of the new producers hired at most agencies studied, are under 35 years old and come from outside the insurance industry.
About one third of all new producers hired at most Best Practice Agencies are under 35 years old and come from outside the insurance industry.
With revelations on everything from employee compensation to average producer age, the Big "I" and Reagan Consulting Best Practices Study is a highly detailed and informative look into what the most successful agencies are doing right - and even where there is still room for improvement.
So, congratulations to each and every one of the 2019 Big "I" and Reagan Consulting Best Practices Study participants! Those that participate get access to the full report and a deep dive into their own data, which is a big perk in and of itself. For everyone else, you can purchase the report from Big "I" and get incredible insights here.