Voluntary Rep Compensation
Cost: $3,000; published 2023
Distribution is a critical component of success in the voluntary/worksite market. Companies compete for many of the same brokers/distributors, so attracting and keeping knowledgeable sales representatives to interact with brokers is vital to carriers’ success. Carriers must offer attractive compensation opportunities and support services for these sales reps.
The 2023 Voluntary Rep Compensation study takes a closer look at how today’s carriers compensate and support their sales reps and compares responses to previous surveys where applicable to illustrate trends. With this information, voluntary/worksite carriers can compare their own sales rep compensation strategies to those 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. Kickers Offered
2. Frequency for Paying Variable Compensation
3. Clawback Provisions
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. 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. Broker Support
L. Carrier Data
1. Total Voluntary Sales of Respondent Companies
M. Profiles of Two Rep Models for 2023
1. Company Employees Promoting Voluntary-Only Model—Voluntary-Only Rep
2. Company Employees Promoting Voluntary and Other Lines Model—Multiline Rep
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