Houston, TX September 22, 2022 – Risk Specialty Group retains its Best Practices status for the fourth consecutive year, once again becoming a part of an elite group of independent insurance agencies around the United States. This status comes by participating in the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) Best Practices Study group. The annual survey and study of leading independent insurance agencies documents the business practices of the “best” agencies and urges others to adopt similar practices.
Each year since 1993, the Big “I” and Reagan Consulting, an Atlanta-based management consulting firm, join forces to study the country’s leading agencies in six revenue categories. The agencies comprising the study groups are selected every third year through a comprehensive nomination and qualifying process and awarded a “Best Practices Agency” designation. The selected “Best Practices” agencies retain their status during the three-year cycle by submitting extensive financial and operational data for review each year.
More than 2,600 independent agencies throughout the U.S. were nominated to take part in the annual study, but only 282 agencies qualified for the honor. To be chosen, the agency had to be among the top-performing agencies in one of six revenue categories.
The agencies were nominated by either a Big “I” affiliated state association or an insurance company and qualified based on its operational excellence.
The Best Practices Study was started by the Big “I” in 1993 as the foundation for efforts to improve agency performance. The annual survey and study of leading independent insurance agencies documents the business practices of the highest performing agencies and urges others to adopt similar practices.