INDIANAPOLIS, Ind. – (September 25, 2008) – MJ Insurance, Inc. is part of an elite group of independent insurance agencies around the United States participating in the Independent Insurance Agents & Brokers of America (IIABA) “Best Practices” Study Group.
Each year the IIABA and Reagan Consulting, an Atlanta-based management consulting firm, join 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 selected “Best Practices” agencies retain their status during the three-year cycle by submitting extensive financial and operational data for review each year.
Last year, the start of a new three-year study cycle, more than 800 independent agencies throughout the U.S. were nominated to take part in the annual study, but only 195 agencies qualified for the honor. To be chosen, the agency had to be among the 25-35 top-performing agencies in one of six revenue categories. The agency was nominated by either an IIABA affiliated state association or an insurance company and qualified based on its operational excellence.
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.
MJ Insurance, Inc. provides proactive risk management solutions and a full array of property and casualty insurance, employee benefits, surety, and personal insurance products. Founded in 1964, MJ Insurance has since grown to become one of the top 100 privately-held insurance agencies in the country. MJ Insurance provides solutions to businesses and individuals who have challenging or unique exposure to loss and has developed specialization in employee benefits consulting, construction, real estate, manufacturing, energy, life sciences, sorority, transportation, personal lines, and contractor surety market segments in all 50 states and 15 countries.
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. Independed agents and brokers offer all lines of insurance – property, casualty, life and health – as well as employee benefit plans and retirement products. Web address: www.independentagents.com.
Reagan Consulting is a financial and management consulting firm specializing in services to the insurance distribution system. Clients include the leading brokers, agents and bank-insurance programs in the United States. They provide thought leadership to the banking and insurance industries through perennial research, seminars, and other industry forums. Web address: www.reaganconsulting.com.
ABOUT MJ INSURANCE
MJ Insurance, Inc. provides proactive risk management solutions and a full array of property and casualty and employee benefit products. Based on the values integrity, innovation, and intensity, MJ Insurance, Inc. has since grown to become Indiana’s largest privately-held insurance agency and launched a second office in Phoenix, AZ in 2004. The 120-employee operation, headquartered in Indianapolis, IN, houses designated industry-specific teams specializing in benefits, construction, real estate, manufacturing, energy, life sciences, sorority, transportation, personal lines, and surety market segments across the United States.
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