Wells Insurance awarded as a 2021 best practices agency in IIABA’s best practices study!
Wells Insurance remains a member of a distinguished organization of independent insurance agencies from around the country involved in the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) Best Practices Study Group.
The Wells Insurance Agency is a 4th generation family-owned agency, founded in 1920, offering a wide range of insurance products including Commercial, Personal, Marine and Employee Benefits services.
The Best Practices Study’s purpose is to aggregate operating statistics from the country’s top agents and brokers. To reach this goal, agencies must first be nominated for participation in the annual Study by an insurance carrier or an IIABA state affiliated association. The agency must then submit specific financial and operational data, which is objectively examined, scored, and ranked for inclusion in the research based on operational excellence, such as growth, profitability, productivity, and financial stability. During the three-year cycle, the Best Practices agencies maintain their position by providing substantial financial and operational data for assessment each year. This is the third year of the current three-year study cycle, in which over 1000 independent agencies throughout the United States were nominated to participate in the yearly survey in 2019, but only 262 were selected for the honor. The agency has to be one of the top 35-45 performing agencies in one of six revenue categories to be selected.
The IIABA began the Best Practices Study in 1993 as a foundation for initiatives to improve agency performance. The Big “I” and Reagan Consulting of Atlanta, GA conduct an annual study of leading independent insurance agencies which documents the business practices of these “best” companies and encourages others to follow suit. The Big “I” has been developing a range of products and webinars to help agencies establish a Best Practices culture for nearly 30 years. The Agency Comparison Workbook, Guide to Producer Contracts, Customer Service Experience Handbook, Sales Potential Quick Check, Interactive Agency Self-Diagnostic Tool, and Best Practices Joint Planning Tool Quick Scan are among the products available. Guidelines, spreadsheets, and case studies are included in many of the publications to assist agents in putting the information in each report into practice.
In addition to the resources mentioned above, hundreds of workshops and seminars have been held at various producer association functions, business sponsored agency meetings, and national automation users group conventions. The Big “I” and Reagan Consulting collaborate on the Best Practices Gateway website (www.reaganconsulting.com/research/best-practices), which features sneak peeks at the yearly Best Practices Studies as well as a variety of Best Practices resources. The Gateway, as well as the annual Study, are made possible in part by the financial support of a number of insurance firms and industry groups.
The 2021 Best Practices Study sponsors include: Amerisure, Applied, Allstate/Encompass/NatGen Premier/National General Insurance, Central Insurance, Chubb, EMC Insurance, The Hanover Insurance Group, The Hartford, Imperial PFS, InsurBanc, Liberty Mutual/Safeco Insurance, Foremost, Nationwide, Progressive, Travelers, Vertafore and Westfield.
For more information on the Best Practices Study, contact Jennifer Becker at the Big “I”, 1-800-221-7917.
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.
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