Voluntary Rep Compensation

Cost: $2,500; published 2020

In the voluntary/worksite market, distribution is a main area of competitive advantage, as sales results often correlate with the depth and breadth of a carrier’s distribution channel. In addition, because companies compete for many of the same brokers/distributors, having knowledgeable and loyal sales reps to interact with brokers is vital to success in the industry. To create sustained sales growth, carriers need to keep their sales reps happy, which requires continually reviewing and developing attractive compensation opportunities and support services.

The 2020 Voluntary Rep Compensation Spotlight™ report  takes a closer look at how today’s carriers are currently compensating and supporting their sales reps and compares responses to previous surveys where applicable for trending purposes. With this information, voluntary/worksite carriers can compare their own rep compensation strategy to that of other companies active in the market and assess their competitiveness in this key area.


View Table of Contents

1. Executive Summary

A. Study Background and Objectives

B. Methodology

C. Key Findings

2. Analysis of Findings

A. Distribution Model

1. Mix of Sales for Reps Selling Multiple Product Lines

B. Base Salary/Fixed Compensation

C. Variable Compensation

1. Meeting or Exceeding Premium Goals Compensation Details

2. New Lines of Coverage Offered Compensation Details

3. Profitability Compensation Details

4. Enrollment Participation Results Compensation Details

5. Other Variable Compensation

D. Total Compensation

1. “Average” Rep vs. “Top Rep”

2. Total Compensation Variations by Type of Rep

E. Additional Types of Compensation

F. Expected Production Levels

1. Voluntary Production Goals/Expectations

2. Potential Impacts on Expected Production

3. Reasons for not Setting Voluntary Production Goals

4. Expected Production Variations by Type of Rep

5. Penalties for Not Meeting Expectations

G. Voluntary Rep and Size of Market

H. Size of Region Handled

I. Number of Sales Reps and Reporting Structure

1. Number of Reps and Brokers Handled

2. Reporting Structure for Sales Reps

J. Sales Rep Support

K. Carrier Data

1. Definition of Voluntary/Worksite

2. Total Voluntary Sales of Respondent Companies

L. Profiles of Two Rep Models for 2020

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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