Voluntary Rep Compensation

Cost: $2,000; published 2016

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 this information, companies can compare their own rep compensation strategy to that of other companies and take steps to improve their competitiveness.


View Table of Contents

1. Executive Summary

A. Key Findings

B. Study Background and Objectives

C. Methodology

2. Analysis of Findings

A. Distribution Model

B. Base Salary/Fixed Compensation

C. Variable Compensation

D. Total Compensation

1. Total Compensation Variations by Type of Rep

E. Other Types of Compensation

F. Expected Production Levels

1. Expected Production Variations by Type of Rep

2. Penalties for Not Meeting Expectations

G. Size of Market Worked

H. Mix of Business for Multi-line Reps

I.  Number of Sales Reps and Structure

J. Sales Rep Support

K. Total Voluntary Sales of Respondent Companies

L. Profiles of Two Rep Models for 2013

1. Company Employees Promoting Voluntary-Only Model—Voluntary-Only Rep

2. Company Employees Promoting Voluntary and Other Lines Model—Multi Line Rep

 

 

 

 

 

 


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