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Industry News

Best Practices
Measure Your Agency’s Performance Against the Best

In order to accurately gauge their agency’s performance in today’s highly competitive and volatile business environment, agents need to know what the best agencies are doing to survive and thrive. The Best Practices Study  was designed to identify new ways for agencies to grow, increase profitability and stability, perpetuate ownership and operations and enhance viability and value through an analysis of selected Best Practices agencies. The 2008 Best Practices Study Update provides up-to-date benchmarking figures for the 2007 Best Practices Study along with a current analysis of the financial and operating results of the Best Practices agencies. Organized by revenue size of the Best Practices agencies from less than $250,000 to more than $5 million, these studies are easy to use and contain meaningful information for every agency, regardless of size or mix of business.

With these Best Practices studies, agents will learn to develop an agency strategy to sharpen their competitive edge and to assemble an overall agency management plan to maximize potential. For more information visit www.independentagent.com and select “Member Resources,” then “Best Practices” or e-mail BestPractices@iiaba.net. To order the 2008 Best Practices Study Update, click here.


Big "I" Legislative Conference & Convention
“Freakonomics” and the Insurance Industry

The Big "I" knows the economy is on everyone’s mind, so join us for a presentation by rogue economist and co-author of  Freakonomics Stephen Dubner at the Big "I" Legislative Conference & Convention, April 30-May 1 in Washington, D.C. Freakonomics quickly became a cultural phenomenon and spent more than two years on The New York Times bestseller list with more than three million copies sold in more than 30 different languages. Dubner shows that economics is the study of incentives, or how people get what they want or need when others want or need the same thing. In times of economic uncertainty, this presentation will energize anyone’s economic plan. Dubner will present as part of the Big "I" General Session, which will also include a state of the association address by Big “I” Chairman Brett Nilsson. Back by popular demand is the insurance carrier CEO panel moderated by Big "I" President & CEO Bob Rusbuldt. To date, the panel includes Bob Restrepo, State Auto president/chairman/CEO, Ramani Ayer, The Hartford chairman and CEO and Glen Renwick, CEO of Progressive. Visit www.independentagent.com to get up-to-the minute scheduling information. Register early and save 10% on registration fees by using the code EARLY09 at checkout.


Virtual University
Guidebook to Agency Distribution Models Now Available

The concept of agency aggregation has been around for nearly three decades. This model was adopted by some enterprising insurance agencies as an organizational structure to provide greater negotiating strength, hone efficiencies and generate economies of scale, and it allowed agency owners to sustain growth while remaining independent entities. As the models evolved, they were given names such as clusters, huddles or networks. In recent years, the terminology has evolved into the all-encompassing term “agency aggregators.”

The Web-based guide “Evolving Options for Independent Insurance Agent & Broker Distribution: Aggregators, Alliances, Franchises & Networks” is an objective look at how existing and evolving alternative distribution models are affecting the future of the independent agency system for all the stakeholders—carriers, agents, brokers and consumers. A brief history of agency aggregation and alternative distribution models is provided, discussing how these concepts have evolved over the past 25 years. Also included is a discussion of various aggregator models which are taking different paths than models used by consolidators or acquirers, as well as a review of various aggregation models and some important highlights of each model. Finally, a SWOT analysis of the concepts is provided, as well as suggested business considerations for agents and brokers who are considering working with entities operating under such models.

The guidebook is intended to be a starting point for what may become ongoing analyses and forecasts. The Big “I” Virtual University and the Council for Best Practices will periodically update the material and will provide additional resources and research on the evolution of agency aggregation models as circumstances warrant.

The complete guide is available to Big “I” members only. Log on today at www.iiaba.net/VU. For more information about the guide, contact Madelyn Flannagan, IIABA VP of Education, at Madelyn.Flannagan@iiaba.net.


ACT
Real Time and Download Webinars Scheduled

ACT is making significant progress in getting independent agents to adopt Real Time and commercial and personal lines Download. However, there’s still a long way to go. 

In a continued effort to promote these workflows, the Real Time Campaign will be holding a one-hour webinar, "Real Time: The Next Major Advance in Agency Workflow," at 1:30 p.m. EST, Jan. 30 and March 4. The seminars will be led by Lisa Parry Becker and Cyndy Smith, co-chairs of the Real Time/Download Campaign. Cal Durland of AUGIE and Jeff Yates of ACT will also participate. 

Click here to register for the January 30 webinar or click here to register for the March 4 session. Both are free to attend. After registering you will receive a confirmation e-mail containing information about joining the webinar.


Trusted Choice^®
New Jersey Firm Awarded Trusted Choice^® Agency of the Month

E.A. Boniakowski Agency, Inc. of Green Brook, N.J. has been named the Trusted Choice^® Agency of the Month for December.

“We are proud to announce that for exemplifying the Trusted Choice^® Pledge of Performance and setting an extraordinary example of “Living the Brand,” the E.A. Boniakowski Agency is our Agency of the Month,” says Robert Rusbuldt, Big “I” president & CEO. The E.A. Boniakowski Agency was started 58 years ago as a family business. The firm prides itself in maintaining a personal and family-oriented environment. The E.A. Boniakowski Agency has more than doubled its business over the last 10 years while maintaining a personalized business approach.

“It brings us great pride to be chosen Agency of the Month for December 2008,” says Christine Hughes, E.A. Boniakowski Agency personal lines manager. “We will continue to promote the Trusted Choice^® brand and live up to our Pledge of Performance. Thank you for this great honor and for educating consumers about the value of using a local Trusted Choice^® Agent.” 

The Trusted Choice^® Agency of the Month program recognizes those Trusted Choice^® agencies that are going above and beyond in living the tenets of the Trusted Choice^® Pledge of Performance and in communicating the benefits of their services to consumers.

For more information, visit www.TrustedChoice.com.


IA Magazine
Start the New Year Right with the January Issue

It’s a new year and with lots of changes and challenges in store for the independent agency system, it’s more important than ever to stay on top of the latest news and trends. This month’s issue features articles guaranteed to get 2009 started off right, including: “New Year, New Universe,” a look at what the new Agency Universe study reveals about agent challenges and opportunities in the evolving business climate; “New Playbook for Employee Benefits,” an overview of how the new year and current economy will change the strategy for selling benefits; “Recession-Proof Your Agency: Find the Fat,” a guide to overcoming tough times by managing your agency expenses; and “From Crops to Condos,” a profile of a third-generation agency that’s adapted to significant changes in its community demographics. And if you’re still looking for more insights and information ---visit IAmagazine.com for this month’s Online Extras.