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2024 Best Practices Study Update - IndependentAgent. com The annual Best Practices Study originated in 1993 as an initiative by the Big “I” to help its members build and maintain their value By studying the leading agencies and brokers in the country, the study provides businesses with meaningful performance benchmarks and business strategies that can be adopted or adapted to improve agency performance
Big ‘I’ and Reagan Consulting Release 2024 Best Practices Study Update The annual Best Practices Study began in 1993 as a joint initiative between the Big “I” and Reagan Consulting and studies leading agencies and brokers in the country to help independent agents build the value of their agencies
2024 Best Practices Study - cld. bz 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
Broker and Independent Agent Compensation - Chubb A contingent commission is compensation paid to a broker or independent agent contingent upon its: (a) placing a particular number of policies or dollar value of premium with Chubb; (b) achieving a particular level of growth in the number of policies placed or dollar value of premium with Chubb; (c) meeting a particular rate of retention or
Maximize Profits With Contingency Contracts - Independent Insurance . . . In essence, contingency bonuses are profit-sharing dollars that a contracted insurance company pays to an agency if the agency achieves predetermined premium volumes, loss ratios, and other objectives Insurance companies offer contingency bonuses because they feel that agencies have a certain degree of control over loss ratios
An Exploration and Analysis of the Independent Agency System The primary focus of the Agency Universe Study is to provide information on the size and characteristics of the independent agency system, which is beneficial to developing more effective marketing and business practices
Contingent Commissions and the Management of the Independent Agency . . . Abstract Insurance agencies continue to exist as an important distribution mechanism because they give their contracting insurers advantages in risk selection and enable insurance applicants to transfer complex risks While independent agencies are compensated by up-front commissions, a key component of their profitability is tied to contingent commissions A contingency arrangement represents
Insurance Agency Best Practices: A Guide | AgencyMate This guide helps independent insurance agents and agencies explore the best practices that improve agency operations and sales velocity By adopting these methods and practices, agencies can thrive in a hard market and provide exceptional service that differentiates them from competitors
The Key to Agent Retention: Transparent Commission Processes That Build . . . The Impact of Transparent Commission Processes on Agent Retention Agent retention is more than a buzzword in the insurance and sales industries—it's the backbone of sustained business success High agent turnover is costly, disruptive, and often avoidable A significant contributor to dissatisfaction among agents is unclear or perceived unfair commission processes By fostering transparency