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:
Voluntary Carrier Commissions and Compensation Practices, a Spotlight™ Report
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.