FEATURE
Best Practices Study generally cites EBITDA , or Earnings Before Interest , Taxes , Depreciation , and Amortization . In this year ’ s Study , the industry ’ s profitability levels remained historically high .
SUMMARY
This year ’ s Study results confirm what we have known for decades – the independent insurance industry is the world ' s finest and most resilient industry . Think back to the make-or-break and transformational events that our industry has powered through over the decades since the inception of the Best Practices Study in 1993 .
Our industry not only survived these events and threats — it thrived ! We believe the Best Practices Study played a significant role in helping the industry to power through these challenging decades . Although the operating and financial benchmarks today are light years ahead of those in the first years of the Study , the process remains the same for agents and brokers who intend to be the best of the best . By committing to a culture of continual improvement using the Best Practices Process Improvement Cycle , Best Practices agencies ensure that they will not only survive in a future characterized by change but flourish .
The results of this year ’ s Study are nothing short of remarkable . It will be amazing to see where this generation of Best Practices agencies can take the industry in the coming decades with their continued commitment to excellence .
If you have questions about the information published in the 2024 Best Practices Study or to learn more about nominating your agency to participate in the 2025 Best Practices Study , please contact Reagan Consulting at 404.233.5545 .
Visit the Best Practices Gateway for access to the annual Best Practices Study at reaganconsulting . com / bestpractices .
KAIA members may view the full summary document at https :// cld . bz / oJSV36y / 20 /
SEPTEMBER / OCTOBER 2024
7