In the voluntary/worksite market, there is often a direct correlation between the size of the distribution channel and the sales results of the company, making distribution a main area of competitive advantage. Since many companies vie for the same brokers/distributors, having knowledgeable and loyal sales reps to interact with the brokers is a key to success in the industry. Creating loyalty from reps through better compensation opportunities, support services and clear goals has also become essential for carriers looking to grow their voluntary business.
The purpose of this 2016 study, Voluntary Rep Compensation, is to take a closer look at how today’s carriers are compensating their sales reps with comparisons, where appropriate, to results from past studies on the same topic. Where possible, the data is also analyzed by rep type (voluntary-only vs. multi-lines) to show any compensation differences between the two. Specifically, the report examines the compensation practices of 18 carriers including:
With this information, companies can compare their own rep compensation strategy to that of other companies and take steps to improve their competitiveness.
Voluntary Rep Compensation, a Spotlight™ Report
The cost of the report is $2,000. To purchase, call
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.