Insurance brokers and carriers are constantly adjusting their agency compensation plans, whether it's fine-tuning their commission rates, adjusting bonus thresholds or creating other unique perks. These factors can affect both the production and retention of agents.
The latest Insurance Speak podcast features a conversation with Seth Preus, founder of Mivation, who offers insights into what comprises a good compensation plan, highlights mistakes companies should avoid and shares ideas for unique benefits to include in plans.
Preus says it's important to understand what the company is trying to achieve when it comes to designing a program. Does the company want higher sales volume or better retention? In addition, there are two aspects to consider: the creation and the execution of a plan.
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Patricia L. Harman
Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]
