Another year has passed, and Beehive Insurance has once again been named a Best Practices Agency in 2022.
As 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, the prestigious honor is presented to the top performers of the study.
Beehive Insurance first received the honor in 2018 after operating statistics of the country’s leading agents and brokers determined the group to be among the best in the nation. 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, including last year.
In 2019, over 1,000 independent agencies throughout the U.S. were nominated to take part in the annual study, but only 262 agencies qualified for the honor. To be chosen, agencies must 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 Insurance’s inclusion with these outstanding agents and brokers clearly recognizes them as an industry leader. Congratulations once again to the Beehive Insurance team!