May 8, 2017
The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) has released its 2016 Best Practices Study (BPS) benchmarking analysis, naming Garrett-Stotz a 2016 Best Practices Agency.
“The 2016 Best Practices Study provides important information to help identify the business practices and methods that propel the top firms to the performance levels others seek to match,” says Madelyn Flannagan, Big “I” vice president of agent development, research and education. “These are challenging times for the independent agency system as slow growth, record consolidation, an aging workforce and threats from technology upstarts impact even the top performing agencies. The Best Practices Study is poised to help all agencies address these challenges.”
The 2016 Best Practices Study benchmarking analysis includes in-depth discussion on four key challenges facing the insurance brokerage industry: Growth, Consolidation, The workforce is aging and Technology. “All of us at Garrett-Stotz are proud to be considered within this outstanding group of insurance agencies.,” says Bill Kantlehner, Garrett-Stotz Company President and Shareholder.
Every three years, the Big “I” collaborates with Reagan Consulting to select “Best Practices” firms throughout the nation for outstanding management and financial achievement in six revenue categories (less than $1,250,000; $1,250,000 to $2,500,000; $2,500,000 to $5,000,000; $5,000,000 to $10,000,000; $10,000,000 to $25,000,000; and more than $25,000,000). Agencies are nominated by either a Big “I”-affiliated state association or an insurance company and qualified based on operational excellence. Financial and benchmarking information for the participating agencies are also reviewed and updated for the following two years. This is the 24rd edition of the annual benchmarking analysis and the first year of the current three-year study cycle.
The Best Practices program was developed out of the need to help Big “I” members maintain and improve the value. At the heart of the program is the annual Best Practices Study and Updates, which are based on 260 top performing agencies. When the results and interviews are reviewed, there is a focus and characteristic seen across the board: A value placed on Customer Service, Business Operations, Leadership Lessons, Employee Support.
Founded in 1896, IIABA is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Learn More