AVON, CONNECTICUT, USA (November 8, 2002)�Is your compensation package competitive enough to attract�and retain�quality worksite producers? How are others in the industry compensating producers, especially the key worksite players? How are enrollers compensated and what impact does this have on producer commissions?
These questions�and others�are answered in Eastbridge’s latest study: Commission and Compensation Practices in Worksite Marketing.
“Worksite marketing is a competitive marketplace, and sometimes the fiercest competition is for distribution,” says Eastbridge vice president Bonnie Brazzell. “Distribution remains the scarcest commodity in the worksite market and to compete effectively, carriers must develop strategies to attract�and retain�producers. A key component of that strategy is having an attractive and effective compensation program.”
Specifically, the study looks at general carrier information (voluntary products sold, distribution, enrollment method, enrollment support, etc.), as well as producer commission and compensation systems in detail, including:
- Compensation packages
- Commission schedules by product line
- Commission splits
- Contract types
- Commission benchmarks
- Advance practices
- Payment practices
- Conferences and contests
- Miscellaneous data (benefits/services, continuing education, contract language, exclusivity, licensing/appointment fees, billing services)
With this information, carriers will be able to develop (or fine-tune) their compensation policies and practices to be a competitive advantage.
“Our approach gives carriers significantly more in-depth information on compensation practices than other studies we have seen,” says Brazzell. “Like all our studies, the commission and compensation report provides carrier by carrier answers for every question. And, while the identity of the carrier is not provided at the detailed level, companies can compare answers within each question and review a single carrier’s answers across all questions.”
The Commission and Compensation Practices in Worksite Marketing spotlight report is the latest in a series of Eastbridge consortium studies. Interested parties can e-mail Eastbridge at [email protected] or phone the company at (860) 676-9633.
Eastbridge Consulting Group, Inc., is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.