The 2013 Best Practices Study by the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) revealed an increase in agencies with specialization, an increase in technology investment and greater profitability across most of the study's revenue groups.
The Best Practices Study began in 1993, as part of the foundation's efforts to improve agency performance and create agencies of higher value. The survey and subsequent study of leading independent insurance agencies documents the effective practices and encourages other agencies to adopt similar tactics.
Findings reveal that specialization has increased in agencies of all sizes, suggesting that developing specialized expertise in a certain industry or product helps agencies facilitate targeted leads and referrals, improve retention and also remain competitive in the industry.
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