Time: 2024-06-28
Insurance brokerages play a vital role in facilitating the purchase of products and providing advisory services, claims assistance, and risk management solutions. The Insurance Business Americas 5-Star Brokerages of 2024 have achieved significant milestones, with an average total revenue of $92 million from new policies. The industry expert, Adam Frugoli, highlights the importance of cultivating a culture of success within brokerages to excel in the competitive market.
One key indicator of success for brokerages is revenue growth, with this year's top firms experiencing an average increase from $71.6 million to $92.5 million between 2022 and 2023. The top five firms by revenue growth include CAC Specialty, Allied Insurance Agency, Virtus, Higginbotham, and C3 Risk & Insurance. Frugoli emphasizes that revenue growth per broker is also crucial for overall organizational growth.
In addition to revenue growth, client growth is another essential metric for the best insurance brokerages. Maintaining a steady influx of new business is vital to ensure the organization's sustainability. The top firms with the highest client growth include AssuredPartners, C3 Risk & Insurance Services, American Risk Management Resources Network, Higginbotham, Allied Insurance Agency, and Morrison Insurance Services.
Policy growth is another pillar supporting successful brokerages, with the top firms like Allied Insurance Agency, C3 Risk & Insurance Services, AssuredPartners, American Risk Management Resources Network, and Morrison Insurance Services showing significant growth in policies written. Diversification in expertise across different industries is key to offering clients a wide range of services.
The best brokerages in the USA, such as Higginbotham, AssuredPartners, C3 Risk & Insurance, CAC Specialty, ANCO Insurance, and others, have achieved 5-Star status by demonstrating outstanding performance in revenue growth, client retention, and policy expansion. These brokerages have focused on attracting top talent and fostering a culture of success within their organizations.
In 2023, the proudest accomplishments of these brokerages include hosting volunteer events, achieving significant revenue growth, developing exclusive insurance programs, and exceeding production goals. By focusing on customer service, talent development, and innovative solutions, these brokerages have set themselves apart as industry leaders in the insurance market.
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