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Big “I” Best Practices Agency – 2020

By September 22, 2020No Comments

We are pleased to confirm that The Reilly Company has retained its Best Practices Agency status for 2020.

In 2019, our firm was selected as a Best Practices agency. We qualified by ranking among the top performers in the annual Best Practices Study conducted by the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) and Reagan Consulting.

The purpose of the Best Practices Study is to compile the operating statistics of the country’s leading agents and brokers. To achieve this objective, the agencies included in the annual Study must first be nominated for participation by an insurance carrier or an IIABA state affiliated association. The agency must then submit detailed financial and operational information which is analyzed, scored, and ranked objectively for inclusion in the study, based on operational excellence, including growth, profitability, productivity and financial stability.

To retain the Best Practices agency status, we must submit our year-end results for review each year. Every third year, when new agency nominations are accepted, we must re-qualify as one of the top performers in our revenue category. A new study cycle starts in 2022 and we will be competing against new agency participants.

Participation in the Best Practices Study has become a prestigious recognition of the superior accomplishments of the top insurance agencies in each of the six revenue size categories studied. In 2019, which marked the start of a new three-year cycle, more than 1,000 agencies were nominated and 267 qualified for the study group. Our inclusion with these outstanding agents and brokers clearly recognizes us as an industry leader.

The 2020 Best Practices Study sponsors include:  Amerisure, Applied Systems, Allstate, Beyond Insurance, Central Insurance Companies, Chubb, EMC Insurance, Encompass, Grange Insurance, The Hanover Insurance Group, The Hartford, Imperial PFS, InsurBanc, Integrity Insurance, Liberty Mutual, MetLife, Nationwide, Progressive, Safeco Insurance, Travelers, Vertafore and Westfield.

Founded in 1896, the Independent Insurance Agents & Brokers of America (the Big “I”) is the nation’s oldest and largest national association of independent insurance agents and brokers, representing more than 25,000 agency locations united under the Trusted Choice brand. Trusted Choice independent agents offer consumers all types of insurance—property, casualty, life, health, employee benefit plans and retirement products—from a variety of insurance companies.

 Reagan Consulting is a financial and management consulting firm specializing in services to the insurance distribution system.  Clients include the leading brokers, agents and bank-insurance programs in the United States.  They provide thought leadership to the banking and insurance industries through perennial research, seminars and other industry forums.