Eastbridge releases updated report examining carrier commissions and compensation practices in the voluntary market

AVON, CONNECTICUT, USA (June 23, 2020)

To attract and retain brokers in an increasingly competitive voluntary marketplace, half of carriers surveyed in Eastbridge’s latest study Voluntary Carrier Commissions and Compensation Practices Spotlight™ Report noted having made changes to their compensation system and structure in the last five years, and about a third of carriers are now making or plan to make compensation changes in 2020. Carriers are looking at adding new commission options such as adding heaped commissions and offering advances, expanding systems to offer better tracking capabilities, and streamlining systems to increase operational efficiency.

The 2020 Voluntary Carrier Commissions and Compensation Practices Spotlight™ Report updates Eastbridge’s past studies on the same topic by examining the compensation practices and policies of top voluntary/worksite carriers. Following are a few additional findings from the report:

  • Most carriers do not change commissions based on the type of enrollment conducted.
  • Most carriers provide brokers with enrollment support and resources and most do not adjust commissions.  
  • Carriers commonly offer both heaped and level commission options, and brokers still select heaped more frequently for most carriers.

Some of the specific topics covered in the report include commission schedules by product line and by company, takeover commission rates, vesting requirements, advance and payment practices; commissions paid for different enrollment types, bonuses and other compensation paid, and planned changes to compensation programs and future trends.

Voluntary Carrier Commissions and Compensation Practices, a Spotlight™ Report

The report is currently available for $3,500. To purchase, call (860) 676-9633 or email us at info@eastbridge.com.

Report Summary

Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.


 

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