WILMINGTON, NC, August 7, 2023 – Wells Insurance continues to be part of an elite group of independent insurance agencies around the United States participating in the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) Best Practices Study Group.
The agencies comprising the study group 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 study cycle (2022-2024) by submitting extensive financial and operational data for review each year. During the 2023 Study year, only 264 independent agencies throughout the U.S. qualified and retained their status as a Best Practices agency. To be chosen, the agency had to be among the 35-45 top-performing agencies in one of six revenue categories.
Since 1993, the Big “I” and Reagan Consulting, an Atlanta-based management consulting firm, have joined forces to study the country’s leading agencies. The agencies comprising the study groups are selected through a comprehensive nomination and qualifying process and awarded a “Best Practices Agency” designation. The agency was nominated by either an IIABA affiliated state association or an insurance company and qualified based on its operational excellence. The annual Study of leading independent insurance agencies, which is conducted by the Big “I” and Reagan Consulting of Atlanta, GA, documents the business practices of these “best” agencies and urges others to adopt similar practices.
The Big “I” and Reagan Consulting jointly maintain the Best Practices Gateway website (www.reaganconsulting.com/reasearch/best-practices) that provides executive summaries of the annual Best Practices Studies and various Best Practices tools. The Gateway, as well as the annual study, is made possible in part through the financial sponsorship of various insurance companies and industry organizations.
The 2023 Best Practices Study sponsors include: Amerisure, Applied Systems, Central Insurance, Chubb, EMC Insurance, First Insurance Funding, The Hartford, Imperial PFS, InsurBanc, Liberty Mutual Insurance, Safeco Insurance, State Auto Insurance Companies, National General, Nationwide, Progressive, SunLife, Travelers, Vertafore, Westfield Insurance and Westfield Bank.
Wells Insurance was founded in 1920 and offers a wide range of insurance products including Personal Insurance, Commercial Insurance, Employee Benefits and Marine insurance.
For more information on the Best Practices Study, contact Jennifer Becker at IIABA, 1-800-221-7917.
Founded in 1896, the Independent Insurance Agents & Brokers of America (the Big “I”) is the nation’s oldest and largest national association of independent insurance agents and brokers, representing more than 25,000 agency locations united under the Trusted Choice brand. Trusted Choice independent agents offer consumers all types of insurance—property, casualty, life, health, employee benefit plans and retirement products—from a variety of insurance companies.
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