Beehive 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) Best Practices Study group.
Beehive was selected in 2019 as a Best Practices agency by ranking among other top performers in the annual Best Practices Study conducted by IIABA and Reagan Consulting. This study compiles operating statistics of the country’s leading agents and brokers. To even be included in the study, Beehive Insurance had to first be nominated by an insurance carrier or an IIABA state affiliative association. Once nominated, Beehive was then required to submit yearly detailed financial and operations information which was analyzed, scored, and ranked objectively for inclusion in the study, based on operational excellence, including growth, profitability, productivity and financial stability.
Every third year, when new agency nominations are accepted, Beehive must re-qualify as one of the top performers in its revenue category. This is the third year of the current three-year study cycle, where over 1,000 independent agencies throughout the U.S. were nominated to take part in the annual study in 2019, but only 262 agencies qualified for the honor. To be chosen, the agency had to be among the 35-45 top-performing agencies in one of six revenue categories.
The Best Practices Study was initiated by IIABA in 1993 as the foundation for efforts to improve agency performance. The annual study of leading independent insurance agencies, which is conducted by the IIABA and Reagan Consulting, documents the business practices of these “best” agencies and urges others to adopt similar practices. Beehive’s inclusion with these outstanding agents and brokers clearly recognizes them as an industry leader. Congratulations to the Beehive Insurance team!