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Best Practices

How does your brokerage stack up against the top performing brokerages in North America? The Best Practices program helps you find the answer. The foundation for this program is the groundbreaking Best Practices Study done by the Independent Insurance Agents & Brokers of America (IIABA). The study identifies the characteristics of leading agencies and brokerages, which provide a benchmark of performance to measure your brokerage against. This information will help you perform an in-depth financial analysis of your brokerage, comparing figures such as net revenue, profit percentage, growth rates, and average commission per employee.

Program Overview
The Best Practices Program consists of five one-day modules. You can register for individual modules; however, the five-part seminar series run in sequence and should be completed over a period of one year for best results. A certificate is awarded to the brokerage upon completion of the entire program.

Program Outline

Setting the Framework for Change

  • Assess brokerage options for change
  • Develop a framework for a strategic plan
  • Develop an action plan
  • Develop a plan to involve brokerage staff in the Best Practices process

Sales and Marketing

  • Develop a “big picture” approach to sales and marketing
  • Review producer programs and consider options for change
  • Assess and set goals for carrier relationships
  • Define and set customer service standards

Human Resources Management

  • Define roles and responsibilities with job descriptions
  • Hire and orient new employees
  • Position brokerage with respect to employment laws and regulations
  • Develop a training and development plan and human resources manual

Operations and Financial Management

  • Identify office-operational and financial goals
  • Develop approaches for effectively dealing with technology issues
  • Compare income, expense and cash flow management strategies
  • Develop an operations manual

Action Planning

  • Planning for succession
  • Making use of the business plan
  • The fine-tuning brokerage action plan
  • Finalizing strategic plan and next steps

Method of Study: five one-day modules held in Toronto, completed over a period of one year.

Please send an email to the Marketing and Program Coordinator should you wish to learn more about this program.