One of the fastest ways to improve your business is to compare your agency and its practices against high performing agencies similar in nature to your own.
In this episode of Agency Nation Radio, Marty Agather talks to Madelyn Flannagan from the Independent Insurance Agents and Brokers of America (aka IIABA) talk about the recently released report on Independent Insurance Agency Best Practices Study.
The challenge with sharing best practices is that sometimes most of the time this does not happen naturally. The ‘friendly’ agency principal down the street is happy to talk sports and the weather, but most of the time she isn’t willing to share information that is going to help you compete more effectively with her agency.
So how does an agency that wants to join the top tier of agencies in their town, their state, or even nationwide get that insight from other top performers?
The IIABA has worked with Reagan Consulting for over 20 years to study the performance of agencies throughout the United States, and to analyze those factors that identify the highest performing organizations.
This report is released every three years, and this year, there are some very interesting observations about challenges facing today’s independent agency.
These challenges are cluster in four areas:
- Growth is slowing – Leading agencies to focus on performance improvement.
- Consolidation is accelerating – Leading agencies to seriously consider perpetuation issues.
- The agency workforce is aging – Leading to a talent drain.
- New technologies are threatening the traditional model – Leading to agencies focusing on new client experience models.
If you are looking to improve your agency, you want to listen in as Madelyn explains how these challenges can be addressed by agencies of all sizes across the country.
Here are links to the Best Practices Study and other resources:
- Best Practices Self Diagnostic Tool
- Purchase the Best Practices Report
- View the Best Practices Report Summary (Reagan Consulting)
- Connect with Madelyn Flannagan on LinkedIn.