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T H U R S D A Y , N O V E M B E R 8 , 2 0 0 7
Industry News
BEST PRACTICES
2007 Best Practices Study Now Available
The Big “I” has released its annual Best Practices Study, including the new “Rule of 20” statistic, which provides a quick means of calculating whether or not an agency creates value for its shareholders.
The 2007 Best Practice Study names 195 new agencies in six agency revenue categories ranging from less than $1.25 million to more than $25 million. The Big “I” will follow the financial results of these agencies for the next two years and publish annual updates. New this year, the study provides greater detail for both revenues and expenses to provide more meaningful benchmarks for better apples-to-apples comparisons of the agencies.
The leading agencies included in the annual study must be nominated for participation. Once every three years, the Big “I” asks its insurance company partners, state association affiliates and other industry organizations, to nominate agencies they believe to be among the most efficient and high performing agencies in the industry, for each of the studies’ revenue categories. These agencies are asked to submit operational information in many areas. This information is carefully evaluated and ranked, culminating in the choice of the top 30 agencies in each revenue category earning the status of Best Practices Agency. Participation in the Best Practices Study has become a prestigious recognition of the superior accomplishments of the top insurance agencies in the United States.
This year’s study shows that, overall, the agencies are doing much more with fewer people, and the organic growth rate was much stronger than expected. When asked what they attributed their success to, the new crop of Best Practices agencies—regardless of agency size—overwhelmingly noted “the quality of our people.” This quality can be defined as a strong work ethic, expert knowledge in agency products and services, as well as a high ethical stands and dedication. These factors coupled with advanced proficiencies with agency technologies allowed the 2007 Best Practices Agencies to push productivity levels higher than ever.
“These are just two of the myriad reasons that the BP agencies continued to grow, be more productive and achieve quantifiable success, “says Madelyn Flannagan, Big “I”vice president for education and research.
The study and a listing of the 2007 Best Practices Agencies can be accessed at www.independentagent.com and Reagan Consulting at http://bp.reaganconsulting.com. This site also offers HTML versions of the current and past executive updates; a downloadable Best Practices comparison spreadsheet that allows agencies to compare year-end results with the study’s results; access to other Best Practices studies, tools, and products; and download order forms.
The annual Best Practices Study originated in 1993 as an initiative by the Big “I” to help members build and maintain the value of their most important assets: their agencies. By studying the leading agencies and brokers in the country, the Big “I” hoped to provide member agents with meaningful performance benchmarks and business strategies that can be adopted or adapted for use in improving agency performance, thus enhancing agency value. The Big “I” retained the principals of Reagan Consulting to create and perform the first Best Practices Study. Annual updates conducted by Reagan Consulting continue 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.
IIABA NEWS
Big “I” in Media Spotlight
Local TV newscasts across the country are broadcasting a couple of familiar Big “I” faces lately. Chicago Trusted Choice® agent Rebecca Woan of Chartwell Insurance Services is the featured insurance expert in a nationally syndicated personal finance story currently running on more than 70 stations across the country. The report is on insurance coverage for popular, high-tech electronic gadgets such as iPods, laptops and video gaming systems. Woan discusses how and when this gear is protected by homeowners insurance. The story also profiles one of Woan’s clients who had computers and accessories stolen from her car, but was able to replace them, thanks to a good insurance policy.
In addition, most Fox News affiliates nationwide are playing a story this week starring another Big “I” and Trusted Choice® member. Sharon Emek of the CBS Coverage Group in New York City was interviewed for a consumer piece on disaster preparedness and the importance of regularly updating homeowners coverage. Her appearance will be seen by more than a million viewers of local Fox stations. For more information on these stories or any other Big “I” media hits, contact Sue Nester at 703-706-5448; susan.nester@iiaba.net.
InVEST
Free Webinars Available
At the request of the Virginia Association, InVEST recently offered a free Webinar to 35 industry professionals throughout the Commonwealth of Virginia.
“I thought it was great,” says Bill Howard of Clarke & Sampson Insurance Agency in Alexandria, Virginia. “Without leaving my office, I was able to get a good understanding of what InVEST is all about. I can see now why InVEST is a very practical solution for attracting young people to our industry.”
Similar Webniars can be arranged for any state or local association. The Webinar topics include: InVEST Liaisons: How to Get Involved; State Associations: How to Launch InVEST in Your State; and Teachers: How to Teach the InVEST Program at Your School.
The InVEST Webinars are a great way to reach a large group of people who are interested in implementing the program. Participants need access to a phone line to take part in the conference call aspect of the presentation and a computer with Internet access. To setup a Webinar, contact Sandra Skipper at 800-221-7917; sandra.skipper@iiaba.net.
BIG “I” PROFESSIONAL LIABILITYSM
A.M. Best Assigns “A+” Rating to Westport/Swiss Re Group
On Nov. 5, A.M. Best Co. affirmed the financial strength rating (FSR) of “A+” (Superior) to Swiss Re Group and its policy writing company for the Big “I” Professional Liability Program, Westport Insurance Company. A.M. Best affirmed that Swiss Re maintains a strong capital position. On the same day, Swiss Re announced continuing strong performance in the third quarter of 2007 based on several years of diligent underwriting.
“It’s always nice to have an unbiased party like A.M. Best validate a long-time and very important company partner and rate them so highly,” says Big “I” Professional Liability Committee Chair and Big “I” Mississippi Director Ronnie Tubertini. “This is especially important when you realize that this partner works closely with every Big ‘I’ state association and two of three member agencies.”
Interested in the Big “I” Professional Liability Program? To find the information for your state E&O contact, go to www.independentagent.com/EO and click “Your State E&O Administrator.”
VIRTUAL UNIVERSITY
Access Consumer Articles on VU
The Big “I” Virtual University offers members a number of articles written from an agent’s perspective for use when communicating with clients and the local media. Topics include how divorce affects insurance, the personal auto policy and global positioning systems, as well as several articles covering commercial insurance topics. Articles are provided in Microsoft Word format and are suitable for use in agency newsletters, press releases and a variety of community outreach projects. These articles are provided as a free service to Big “I” member agencies only. Any agency that is interested in reproducing these articles, please visit the article reprint guidelines page for additional information. Remember these articles are a free benefit for Big “I” member agencies. All agencies and their employees need to access this online resource and classroom center is a personal login provided by the Big “I.” (Those who do not have this login information, click here.)
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