Commission rates overall have held steady over the last five years with just a few exceptions according to Eastbridge Consulting’s recently released report

AVON, Conn.--()--Since Eastbridge’s 2009 and 2012 surveys, commissions have stayed consistent; only a few voluntary products in the most recent survey have changed rates. Commissions for universal life, accident and critical illness, for example, have increased slightly, while rates for dental and hospital indemnity/supplemental medical products are down somewhat.

The 2014 Voluntary Carrier Commission 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 findings from the report:

  • Most carriers offer multiple commission schedules generally based on product or enrollment type and sales volume.
  • Few carriers offer any incentives for using electronic enrollment.
  • The majority of carriers offer a bonus program for their brokers/producers, most often ones for new sales and persistency.

Some of the specific topics covered in the report include:

  • Commission schedules, by product line and by company, for worksite business
  • Enrollment costs and impact on commissions paid for different enrollment types
  • Commission rates for takeover cases
  • Approach to handling vesting and Broker of Record letters
  • Advance practices including eligibility, timing and recapture procedures
  • Bonuses and other types of compensation offered
  • Payment procedures (i.e., types, minimum requirements, etc.)

The report is now available for purchase for $3,500. For more information or to order, call today at (860) 676-9633 or email us at info@eastbridge.com.

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

Contacts

Eastbridge Consulting Group
Ginger Bates, 803-782-0560

Contacts

Eastbridge Consulting Group
Ginger Bates, 803-782-0560