2024 BPS Study_Final (8.16.24)

nominating your agency to participate in the 2025 Best Practices Study , please contact Reagan Consulting at 404-233-5545.

About the Study: The History

Since 1993, Reagan Consulting and the Big “I” have partnered to produce the Best Practices Study , 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. 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. Inclusion in the Best Practices Study is a prestigious recognition of superior performance. 2025 will mark the beginning of a new study cycle in which the nomination and qualification process will be repeated. Agencies who believe they have the qualities of a Best Practices agency and wish to be nominated to participate in the 2025-2027 study cycle should contact their state association or an insurance carrier and ask that their name be submitted. To learn more about The Process Future Participation

The 2024 Best Practices Study

The 2024 Best Practices Study is composed of three primary sections:

1) Study Highlights – an overview of the Study results and the latest industry trends

2) Executive Summaries — Key benchmarks and perspectives summarized for each of the six revenue categories. 3) Cross Category Comparison — The complete array of Best Practices benchmarks for all six revenue categories, arranged in a side-by-side format that allows for quick metric comparisons.

For More Information

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: www.reaganconsulting.com/best-practices. Other resources and tools to help agencies improve their performance and enhance the value of their business are also available via the Big "I" website: www.independentagent.com. If you would like to purchase the Study , contact the Big "I" Education Department by calling 800-221-7917 or online at www.independentagent.com/best-practices.

Intro & Overview

8