Best Practices Award 2023
For the 4th consecutive year, Central Insure was recognized as a Best Practices Agency!
Our agency qualified for this status by ranking among the top performers in the annual Best Practices Study conducted by the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) and Reagan Consulting. During the 2023 study year, only 264 agencies throughout the U.S. qualified and retained their status as a Best Practices Agency status.
The Best Practices Agency study is conducted jointly by the Big “I” (independent insurance agents and brokers trade group) and Reagan Consulting. The study provides critical performance benchmarks in six agency revenue categories ranging from under $1.25 million to over $25 million.
The selected Best Practices Agencies retain their rank during the three-year cycle by submitting extensive financial and operational data for review each year. This is the second year of the current three-year study cycle.
“The past few years have brought challenges for independent agencies and their clients, but top-performing agencies have demonstrated resiliency as they’ve weathered these obstacles to grow their businesses and even break study records in numerous categories,” says Chris Boggs, Big “I” vice president of agent development, education and research. “These industry leaders are setting the bar and demonstrating the independent agency channel has never been healthier.”
The Best Practices Study analyzes takeaways from nominated Best Practices firms throughout the nation that have been recognized for outstanding management and financial achievement in categories such as income and expense distribution; revenue and profitability growth; staff compensation and productivity; technology expenses; and property-casualty and life-health carrier representation.
“Best Practices agencies are writing the playbook for success, and agencies can look to these strategies to guide them toward operational excellence as they seek to better serve their clients,” says Tom Doran, a partner with Reagan Consulting.
“This designation represents the best of the best in our industry and confirms our promise to our clients and our staff – to be a leader in expertise and experience,” said Paul Brown, SVP Agency Principal. “Congrats to our agency team for going above and beyond to protect what matters!”