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October 2, 2013

Area insurer earns honor for best practices

Mang Insurance Agency is among 12 independent insurance agencies in the state that has been recognized as being among the top performing “best practices’’ agencies in the country, according to a media release.

The 12 agencies recognized are members of the Independent Insurance Agents & Brokers of New York, the state’s oldest insurance producer trade association, the release from Norwich-based Mang Insurance said.

Rick Mirabito, chief executive officer of Mang Insurance, attributed the achievement to the firm’s employees.

“This is the culmination of many years of hard work to develop Mang into a top-performing organization,” Mang said in a prepared statement. “It is a credit to all of the devoted employees who make Mang such a great organization.”

The annual “Best Practices Study” originated in 1993 as a way for the Independent Insurance Agents & Brokers of America to provide member agents with performance benchmarks and business strategies that could be used in improving agency performance, the release said. Mang Insurance was the only area firm recognized this year in the study.

“We could not be prouder of these agencies,” Andrew Kaufman, chairman of the IIBNY board, said in the release. “These agencies are fine examples of the professionalism of insurance producers typical in the state of New York. I congratulate each of them.”

Conducted by the Independent Insurance Agents & Brokers of America and Atlanta-based Reagan Consulting, the study examines the leading agencies and brokers in the country on a variety of measures.

The annual updates provide important financial and operational benchmarks, the release said, and the study is an effective and valuable resource in the industry.

Participating agencies from throughout the country are nominated by the insurance companies that work with them and by state producer associations. Nominated agencies that choose to participate must submit detailed financial and operational information for evaluation and ranking.

Top performing agencies in six revenue categories are included in the study and designated “best practices agencies.”

Mang Insurance Agency LLC is a wholly owned subsidiary of NBT Bancorp and has been in business since 1894. Mang provides a wide range of insurance services to individuals and businesses from more than 20 offices in upstate New York.

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