Wisconsin’s M3 Insurance Named an IIABA Best Practices Agency
October 2, 2014 by M3 Financial
M3 Insurance, based in Madison, Wis., announced it has been named a 2014 Best Practices Agency by the Independent Insurance Agents and Brokers of America (IIABA).
M3 is one of only 206 insurance agencies from across the country to be selected, out of more than 1,100 nominations.
Requirements for being named a Best Practices Agency include nomination by either an IIABA affiliated state association or an insurance company, and qualification based on outstanding customer retention, growth, stability and financial management. Each agency is scored and ranked objectively on 35 performance factors to determine qualification.
Each year since 1993, IIABA and Reagan Consulting, Inc., Atlanta, join forces to conduct the Best Practices Study, with the purpose of documenting the business practices of “best” agencies and urging others to adopt similar practices. The agencies comprising the study groups are selected every third year, with the current cycle beginning in 2013. The selected Best Practices agencies retain their status during the three-year cycle by submitting extensive financial and operational data for review each year.