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!” 

Storm Lake, Iowa: Central Insurance at Central Bank has been recognized as Best Practices Agency, earning ranks among an elite group of independent insurance agencies around the United States. This status comes by participating in a rigorous audit by the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) best practices study group. The annual survey of leading independent insurance agencies documents the business practices of the “best” agencies and urges others to adopt similar practices.

Since 1993, the Big “I” and Reagan Consulting, an Atlanta-based management consulting firm, have joined forces to study the country’s leading agencies in six revenue/operation categories. The agencies comprising the study groups are selected every third year through a comprehensive nomination and qualifying process. Those awarded with the Best Practices Agency status are qualified based on their operational excellence.

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 first year of the current three-year study cycle where over one-thousand independent agencies throughout the U.S. were nominated to participate in the annual study, but only 262 agencies qualified for the honor. To be chosen, the agency had to be among the
35 – 45 top-performing agencies in six categories by agency size. 

“With approximately 35,000 independent agencies in the US, this is a designation we have been working diligently to attain over the past three years,” shared Bill Cochran-Bray, Central Insurance Agency Principal. “Central Insurance has grown from one location to six locations, from providing only personal-lines insurance products to expanding our product suite to include commercial-lines, employee benefits and risk management services. Additionally, Central Insurance has made significant investments in our agency management platform, our staff development and our client deliverables. This designation represents the best of the best in our industry and confirms our promise to our clients, our incredible team members and Central Banks’ Board of Directors – to be a premier agency operating in multiple state jurisdictions, providing insurance and risk management solutions that protects what matters.”

About Central Insurance

Central Insurance was founded in 1933 as a bank-owned agency in Storm Lake, Iowa.  Since 2009, Central Insurance has grown significantly and now operates locations in Storm Lake, Cherokee, Spirit Lake, Sioux City, Des Moines and Sioux Falls, South Dakota. Central Insurance is a wholly owned agency operation of Central Bank.  Central Insurance is authorized and licensed to operate in 16 additional states including California where it operates as Central Risk and Insurance Services.

About Independent Insurance Agents & Brokers of America

Founded in 1896, the Independent Insurance Agents & Brokers of America (the Big “I”) is the nation’s oldest and largest national association of independent insurance agents and brokers, representing more than 25,000 agency locations united under the Trusted Choice brand. Trusted Choice independent agents offer consumers all types of insurance—property, casualty, life, health, employee benefit plans and retirement products—from a variety of insurance companies.

Offered insurance products are not a deposit. Not FDIC insured. Not insured by any Federal Government Agency. Not guaranteed by the bank. May go down in value.

The creation of useable risk and insurance architecture is the centerpiece of our delivery platform. We create pro-active solutions that help you manage risk.