Despite the many difficulties that have arisen throughout the course of this year, the brokerage business in California continues to demonstrate remarkable resilience. The awards for Insurance Business America’s (IBA) 5-Star Brokerages – California acknowledge and promote the achievements of five brokerages that stood out among their peers in California in 2020 and 2021 based on a total of eleven criteria.
IBA compiled the list of 5-Star Brokerages – California by requesting that brokerages in the state disclose essential facts of their businesses for the years 2020 and 2021. These critical details included revenue, policies written, number of clients, and profit margin. In order to qualify, brokerage firms have to have at least three brokers and a physical presence in the state of California.
After that, each qualified brokerage was ranked based on the following 11 criteria:
- An increase in sales;
- Revenue per broker;
- Development of new brokers;
- The total number of customers;
- Number of brand-new customers;
- Clientele expansion;
- New customers for each broker;
- Formulation of policies;
- Policy growth; and
- The margin of profit
After that, the brokerages were ranked based on each of the criteria, and then the combined scores from those rankings were determined. The brokerages that had the lowest overall scores, comparable to a score in a round of golf, got the top ranks.
Read the report titled “IBA 5-Star Brokerages – California 2022” to learn more about this year’s winners as well as the factors that helped them stand out among their rivals in the state of California.