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News: Sterling named a Best Practices Agency in 2019

By September 13, 2019 News

Best in class

Since 1993 the Best Practices Study has examined top performing agencies across the country.  For these agencies, inclusion provides the prestigious status of “Best Practices Agency” and opens the doors to many benefits.

The purpose of the research is to compile the operating statistics of the country’s leading agents and brokers.  This is provides the industry benchmarks and operational information on growth, profitability, productivity and financial stability. The current release is the 2019 Best Practices Study Update, available here.

Sterling Insurance Group is proud to share it has been selected to be part of an elite group of independent insurance agencies around the United States participating in the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) “Best Practices” Study Group.

Qualifications

Only 267 independent agencies throughout the U.S. qualified for inclusion in the 2019 Best Practices Study. An IIABA affiliated state association or an insurance company must first nominate the agency which then must qualify based on outstanding customer retention, growth, stability and financial management. More than 1,300 agencies were nominated this year.

The Best Practices Study was initiated by IIABA in 1993 as the foundation for efforts to improve agency performance. The annual study of leading independent insurance agencies, which is conducted for IIABA by Reagan Consulting of Atlanta, Ga., documents the business practices of these high-performance agencies and urges others to adopt similar practices. Hundreds of workshops and seminars have been conducted at various producer association functions, company sponsored agency meetings and national automation users group conventions.

 

The IIABA and Reagan Consulting jointly maintain the Best Practices Gateway website that provides executive summaries of the annual Best Practices Studies, the Best Practices Study Comparison Workbook tool and ordering information for Best Practices products.  The Gateway, as well as the annual study, is made possible in part through the financial sponsorship of various insurance companies and industry organizations.

The 2019 Best Practices Study sponsors include:  Agency Business Solutions and Amerisure, Applied, Beyond Insurance, Central Insurance Companies, Chubb, EMC Insurance, Encompass/Allstate, The Hanover Insurance Group, The Hartford, Imperial PFS, InsurBanc, Liberty Mutual Insurance and Safeco Insurance, MetLife, Nationwide, Travelers, Vertafore and Westfield Insurance.

A full list of agencies involved in the study can be found here.

For all media inquiries, please contact Sterling Insurance Group’s Director of Marketing, Joan Dalgleish.

Thank you to everyone who made this award possible!