AN OVERVIEW OF THE 2024 BIG I BEST PRACTICES STUDY data compiled by Big I and Reagan Consulting
Since 1993 , Reagan Consulting and the Big “ I ” have partnered to produce the Best Practices Study ( BPS ), a comprehensive examination of the top performing agencies across the country . The study compiles benchmarking data on the key metrics of agency performance and value including revenue growth and profitability , financial stability , expense management , and sales and operations productivity .
THE PROCESS
Every three years , the Big " I " and Reagan Consulting ask insurance companies , state association affiliates , and other industry organizations to nominate agencies they consider to be among the best in the industry for each of the BPS ' s revenue categories . Nominated agencies are then invited to participate in the study by completing an in-depth survey detailing their financial and operational year-end results . These results are then scored and ranked objectively to determine which agencies earn the Best Practices agency designation .
In 2022 , the beginning of the current three-year study cycle ( 2022-2024 ), over 2,600 independent agencies throughout the U . S . were nominated to participate in the annual Best Practices Study . Although participation took extensive time and effort , 286 of the nominated agencies qualified and were designated as Best Practices agencies . These top-performing agencies ' results serve as the foundation for the 2022 Best Practices Study . The 2024 study continues to examine the agencies who participated in 2022 and 2023 .
THE RESULTS
When last year ’ s Best Practices results were published ( which were excellent – across the board ), the $ 64,000 question was : could the industry go anywhere but down ? Rising interest rates , the inevitable tapering of P & C rates , and a looming recession had the industry on edge . Most brokers braced themselves for softer rates and a declining economic environment . It was largely assumed that growth and profitability levels would decline – the only question was how steep the decline would be .
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