RHSB Retains Status for Best Practices Agency
Roach Howard Smith & Barton (RHSB) has retained its status as a Best Practices Agency designation. An elite group of independent insurance agencies around the United States participating in the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) “Best Practices” Study.
Each year since 1993, IIABA and Reagan Consulting, an Atlanta-based management consulting firm, joined forces to study the country’s leading agencies by 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 selected “Best Practices” agencies retain their status during the three-year cycle by submitting extensive financial and operational data for review each year.
“We are honored to be awarded the “Best Practice Agency” designation this year and elated to be part of this elite group every year for the past 15 consecutive years. This is a testament to the hard work and efforts of a great staff who are committed to making RHSB the very best it can be.”
– Tom Hughston, CEO, RHSB
RHSB’s initial nomination was in 1996 and has been awarded the designation consecutively for the last 15 years, and 23 of the 32 total years. This year initiates another three-year study cycle in which more than 1,100 independent agencies throughout the U.S. were nominated to take part in the annual study, but only 348 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.
“Despite some market headwinds, Best Practices agencies delivered another year of excellent results,” says Charles Symington, Big “I” president & CEO. “We extend our congratulations to these cream-of-the-crop agencies for their outstanding operational success. They are the best examples of the resiliency and strength of the independent agency channel.”
The Best Practices Study provides benchmarks and insights for all independent insurance agencies to strengthen their foundations for the challenges the market may bring in the coming years. “All agencies can look to these results and learn from the best,” Symington says.
The Best Practices Study was initiated by IIABA in 1993 as the foundation for efforts to improve agency performance. 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. The agency must be nominated by either an IIABA affiliated state association or an insurance company and qualified based on its operational excellence.
About IIABA: 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 various insurance companies. Independent agents and brokers offer all lines of insurance – property, casualty, life and health – as well as employee benefit plans and retirement products.