Tuesday, July 16, 2024

Insurance Business unveils America’s 5-Star Brokerages for 2024

Insurance Business unveils America’s 5-Star Brokerages for 2024




Insurance Business unveils America’s 5-Star Brokerages for 2024 | Insurance Business America















Winners recognized for comprehensive advisory services, skilled claims assistance, and more

Insurance Business unveils America's 5-Star Brokerages for 2024

Insurance News

By
Roxanne Libatique

Insurance Business America (IBA) has published its list of 5-Star Brokerages for 2024, highlighting firms that excel in bridging the gap between clients and insurance providers.

The brokerages were noted for their comprehensive advisory services, skilled claims assistance, and proactive risk management strategies.

Top US insurance brokerages’ 2024 milestones

For 2024, the standout brokerages reported the following average figures:

  • $92 million in revenue from new policies;
  • 22% revenue growth; and
  • over 11,000 new clients.

Selection process for IBA’s 2024 5-Star Brokerages list

To qualify for IBA’s 5-Star Brokerages list, firms had to submit detailed business information for 2022 and 2023. This included data on revenue, number of policies written, client counts, and profit margins.

Eligible firms were required to have at least three brokers and a physical office in the US.

The brokerages were assessed across eight key performance indicators:

  • total revenue;
  • revenue growth rate;
  • revenue per broker;
  • total number of clients;
  • number of new clients acquired;
  • client growth rate;
  • number of policies written; and
  • policy growth rate.

Data from the 2022 and 2023 calendar years was used for this evaluation. Each brokerage was ranked on these criteria, and their rankings were combined to determine the overall score.

IBA’s scoring method, which resembles a golf scoring system, meant that the brokerages with the lowest combined scores ranked highest. This approach emphasizes performance per broker, allowing smaller, high-performing brokerages to be recognized alongside larger firms.

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