We are pleased to confirm that the Merriam Agency has retained its Best Practices Agency status for 2012.
Our firm was first selected as a Best Practices Agency in 2010. 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 on the basis of operational excellence including growth, profitability, productivity and financial stability.
To retain our 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 in order to retain our spot. A new study cycle starts in 2013 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 revenue size categories studied. Last year, which marked the start of a new three-year cycle, more than 1,200 agencies were nominated. Only 224 qualified for the study group. Our inclusion with these outstanding agents and brokers clearly recognizes us as an industry leader.
Founded in 1896, IIABA is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life and health—as well as employee benefit plans and retirement products. Web address: www.independentagent.com.
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.
The 2011 Best Practices Study sponsors include: Applied Systems, Addis Intellectual Capital, Central Insurance Companies, Chubb, EMC Insurance Companies, ENCOMPASS Insurance, Erie Insurance, Great American Insurance Group, The Hanover Insurance Group, Harleysville Insurance, Imperial PFS, InsurBanc, Kemper Preferred, Liberty Mutual, Ohio Mutual, and Zurich North America.