Best Practices Benchmarks
IIABA's Best Practices
Tools are available to improve your agency's performance. The Best Practices
initiative evolved by asking top rated agencies how they got where they are. IIABA provides a complete family of Best Practices
tools, workshops, and services to help your agency reach its full potential. Best Practices
can help you understand the past, analyze the present and formulate a strategy for the future.
To obtain the resources you need, visit IIABA's Best Practices
website by clicking here
The Best Practices line of tools and seminars was developed
out of the need to help Big “I” members maintain and improve the value of their
most important asset – their agencies. Since the first products were released in 1993, a continuously growing
library of high quality materials has helped thousands of agencies contrast,
evaluate, and enhance their performance in areas critical to their continued
success. At the heart of the program is
the annual Best Practices Study and the Updates, which are based on 224 top
performing agencies. When reviewing the
interviews and results are looked at as a whole, there are certain
characteristics that are seen across the board with all the Best Practices
agencies. How many do you recognize
within your agency?
CHARACTERISTICS OF A BEST PRACTICES AGENCY:
on customer service and satisfaction through both formal and informal surveys
and informal inquiries about customers’ perceptions of how the agency is
meeting their expectations and how it might improve service.
customer contact for the purposes of educating the client, building the
account, explaining new products and prices, serving as consultant and problem
solver and making each contact pleasant and productive.
staff. Employees are given the education, training and tools they need to
do their jobs. They are expected to perform at high levels and to grow
personally and professionally, and their accomplishments are rewarded,
recognized and celebrated. Finding & keeping valued staff is now
incredibly important as baby boomers retire by the droves.
4. Participatory management. Top managers are involved in day-to-day operations. They share financial information and make sure that employees understand profit expectations. Employees have the authority to exercise their responsibilities and have input in planning and budgeting.
The agency has a clear mission statement that focuses on the customer.
The mission statement is shared with and understood by every member of the
supplier relationships. Agencies seek partnerships with insurers that
share their vision and values. They take part in joint planning and the
principles that govern agency-company relationships are trust and respect.
processes. Technology is no longer an option, it is a necessity for
growth, continuous improvement, and customer contact & satisfaction.
Agencies must streamline workflows for the benefit of both employees and
customers and strive “to do things right the first time.”
improvement. Always seeking ways to be better, agencies continually
measure their performance against past performance as well as against that of
competitors and successful non-insurance enterprises.
on revenue growth. This remains critical to long-term survival and agency
value. Growth comes from a focus on Account Development and
leveraging relationships but the new or renewed focus on growth encompasses new
ways of finding customers and keeping them such as social media and other technologies.
If you are looking to improve your agency
customer service check out Customer
Service Made Simple, recruit new producers or need sample producer
contracts, check out Top Producers:
Discover, Train, Reward, or if you want to compare your agency results to
high-performing agencies, be sure to check out the latest version of the Best
Practices Study along with the other available resources. The Best Practices information, order forms
and e-book purchase links can be found by visiting the Big “I” Website at www.independentagent.com and then
selecting “Resources” then “Best Practices” or send an email to BestPractices@iiaba.net for more