Best’s Review Asks the Experts How They Boost Agency Profits in Tumultuous Times

OLDWICK, N.J.--(BUSINESS WIRE)--Insurance agencies are under the same economic stress as the rest of the economy, yet some owners have found ways to succeed despite the turmoil.

Best’s Review magazine’s cover story for December, “Way to Grow!” profiles several savvy agency owners, industry experts and software gurus to help readers better understand how the business is changing — and how to keep pace.

Not surprisingly, having technology in place gives agencies a huge advantage, according to West and Owen Wingate, who founded Wingate Insurance Group in 2004. Ironically, the Wingates opened their own shop after their employer refused to heed the brothers’ advice that information technology was a key factor in future profitability.

Wingate Insurance Group proceeded to grow at an annual 30% rate in its first four years. Last year, in spite of the worsening economy, Wingate posted 5% growth, while its competitors’ revenues plunged as much as 30%.

The article also deals with purely human improvements, such as developing agent expertise in key lines of business or bringing in a financial expert with an insurance background to provide top-notch underwriting.

December’s other highlights include:

• A.M. Best’s exclusive rankings of inland marine, marine, fire and allied lines writers;
• How state regulations are changing the life settlement market;
• An exclusive look at up-and-coming reinsurer Ironshore Insurance Services;
• A feature about an insurance veteran with an uncanny eye for developing talent; and
• How “green” building codes can present thorny insurance issues.

Best's Review is published by the A.M. Best Co. for insurance professionals, including home office executives, agents, brokers and others who are affiliated with the industry, such as bankers, lawyers and educators.

To read these articles and more, subscribe to Best’s Review by visiting our Web site at www.bestreview.com, calling A.M. Best Customer Service at [phone], ext. 5742, or e-mailing your request to [e-mail].

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.