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Sample Letter to Company Branches regarding BP Nomination Request
The Independent Insurance Agents & Brokers of America (IIABA) and Reagan Consulting are currently accepting new
nominations for agency participation in the 2016 Best Practices Study. As supporters of the research and efforts,
INSERT COMPANY NAME, is invited to submit agency nominations for participation. The opportunity to nominate our
high performing agencies only happens once every three years.
Please take some thoughtful time to determine which agencies potentially meet the desired criteria of a “Best Practices”
agency and submit their information via the PDF form or an Excel spreadsheet by February 15, 2016. The agency
nomination revenue categories range from small (UNDER $1,250,000) to much larger (GREATER THAN $25,000,000)
allowing nominations for all agency sizes.
Desired Characteristics of a Best Practices Agency Nominee:
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Organic Growth: has a history of successfully pursuing and writing new business.
Strong Retention: demonstrates an ability to retain profitable accounts (through good pre-underwriting, service,
account development, and relationship building)
Professional Development: displays a willingness to invest time and resources for employee education
(technical, management, sales, etc.) and for owners and staff to be involved in industry/carrier/user group
activities. Generally has low employee turnover but is quick to bring in good new talent if the opportunity
presents itself.
Quality Work Product: submissions, information, communications and interactions with agency staff are
generally complete, correct and professional. Easy to do business with and strive to enhance the agency/carrier
relationship.
Effective and Efficient: has good systems and procedures in place and is willing to embrace available
technology.
Our nomination does not obligate the agency to participate and in many cases the agency will not know who nominated
them. In late March, Reagan Consulting will contact all nominees and provide each one with a data collection file to
submit financial and operational information and responses to various management topics and industry issues. The
data, which will be held in the strictest confidence and seen only by Reagan Consulting, will be analyzed to develop an
overall agency score which is weighted on agency growth, profitability, productivity, and financial stability.
These scores are objectively calculated through a proprietary software program. Responses to some of
the management issues are then factored into an overall analysis. Once Reagan Consulting has developed all scores, the
top 30 agencies in each of the study's six revenue categories are then awarded the status of “Best Practices Agency” for
a three-year period.
That status opens the door to numerous benefits throughout a three-year cycle. In addition to providing a clear picture
of an agency’s performance, earning the status of Best Practices Agency can serve as an effective agency marketing tool,
aid in recruiting new employees, and enhance carrier relationships. Many Best Practices Agencies say the greatest
benefit of participating in the annual study is that it “forces us to take the time to work on the agency rather than in the
agency. It is a great management exercise.”
For those agencies that participate in the 2016 research but don't make the top 30, Reagan will provide free of charge
an individualized Agency Performance Analysis (a $495 value). This management report compares results with those of
the other agencies in their peer group.
We are proud to be represented by so many outstanding agencies and look forward to the opportunity to nominate
agencies for participation. Should you have any questions about the Best Practices nomination process, please feel free
to contact Susan Hughes at Reagan Consulting. She can be reached at 404-233-5545 or
shughes@reaganconsulting.com.