FOR IMMEDIATE RELEASE

Wells Insurance Awarded In IIABA’s Best Practices Study

WILMINGTON, NC, September 2020 – Wells Insurance retains its Best Practices status, 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.

Since 1993, the Big “I” and Reagan Consulting, an Atlanta-based management consulting firm, have joined 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 agency was nominated by either an IIABA affiliated state association or an insurance company and qualified based on its operational excellence.

The selected Best Practices agencies retain their status during the three-year cycle by submitting extensive financial and operational data for review each year. This is the second 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 for IIABA by Reagan Consulting of Atlanta, Ga., documents the business practices of these high performance agencies and urges others to adopt similar practices.

The IIABA and Reagan Consulting jointly maintain the Best Practices Gateway website (http://www.reaganconsulting.com/research/best-practices) that provides executive summaries of the annual Best Practices Studies, the Best Practices Study Comparison Workbook tool and ordering information for Best Practices products.  The Gateway, as well as the annual study, is made possible in part through the financial sponsorship of various insurance companies and industry organizations.

Wells Insurance was founded in 1920 and offers a wide range of insurance products including Commercial, Personal, Benefits, Marine and Aviation.

For more information on the Best Practices Study, contact Jennifer Becker at IIABA, 1-800-221-7917.

Founded in 1896, IIABA is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally.  Its members are businesses that offer customers a choice of policies from a variety of insurance companies.  Independent agents and brokers offer all lines of insurance – property, casualty, life and health—as well as employee benefit plans and retirement precuts.  Web address:  www.independentagent.com.

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