Compensation for CSR's-Producers? IDEAS?

[Insurance-Guy]

Just trying to gather some ideas of what others do as far as compensation packages for Producers/CSR’s. I feel that the pay/compensation package that my agency offers is competitive for this area and I am trying to lean more towards commission packages for new hires. I am also considering instead of the traditional $1.00 hr raise for the salary based employees...maybe to mix things up a bit and instead of doing a raise offer a package for all CSR/Producers who are not currently commission based to get $10.00 Auto, $10.00 home...if a cross sell is made and they capture auto and home $25.00. I currently have some incentives that if they sell X number of policies than they get a bonus each week...also I will give them an hour paid time off in addition for certain policies.

What other ideas other than doing a 5% of the agencies commission or something like that. That can become a lot of work on the guy doing the commission statements. I am trying to avoid becoming payroll heavy and I would like to offer incentives to create more growth...

Just to kind of offer an idea of what I have is…

2 – Salary based employees – No commission (Paid good salaries/Health INS/ IRA/ etc.)
1 – Salary based employee (office manager) – 25% commission on Commercial Business (Paid Extremely good Salary/ Pay health INS for her and her family/IRA etc)
1 – Salary based – 25% commission on commercial Business (good salary / no health ins/IRA)
2- Commission Only Producers about 60% commission in their favor NB. 30% Renewals – both are kind of part time
2- Salary based/Commission Producers small base pays with 50% NB, 25% on Renewals

Depending on the produce the splits are a little different on the commissions but this is basically what I am offering now. What I would like to do is stop offering RAISES and find a pay for performance…Maybe set a company goal each month…

Issue X number of policies and each get a $250 bonus.
Another idea that has run across my mind is to change our health insurance plan which would save me about $600 a month to an HSA plan and give the raises as usual and let everyone know that they should contribute to their HSA plan…this kind of would be a was just about but at least they would get their raise…


Any IDEAS? Thanks for the feedback in advance…I love this forum…getting some great ideas here.

 

[CaptiveGuy]

For your salaried employees definately increasing the amount per policy for auto or home would work. I think SF pays their staff this way.

As for your sales team, maybe keep the comp plan how it is and give monthly or quarterly bonuses for hitting a certain sales goal. You are definately making a killing on your commission only staff.

How large is your book if you don't mind me asking? I plan to hire staff once I hit $1M. I'm starting scratch this month.

 

[Insurance-Guy]

Sent a pm on book size. Thanks.

 

[b61mack]

bonus money is a good idea. it motivates your staff.

 

[Insurance-Guy]

bonus money is a good idea. it motivates your staff.

I give bonuses...good bonuses too. But the thing is I think some of the Salary based are just are not hungry.
One of the best IDEAS I had was to give them comp time for issuing particular policies...(Allstate Auto) man this they got excited about. If I offered them $30.00 for each Allstate Auto application (which is more than any of them get paid/hr) got little production.

Just looking for some new ideas...

I think I am going to go with a per application deal...keep base pay as it is...if you want to earn more "earn" more.

 

[rudy323]

Of course they aren't hungry, they are salaried staff, if they were hungry they wouldn't have a job expecting to answer phones and service policies

On the other end, your commissioned sales staff don't have too much to get excited about with 50% and 60% NB rates, they should have much higher NB rates and maybe reduced renewals

Hungry people(sales people) need to have their fix and instant gratification with a higher NB rate, if they cared a whole lot about building their renewals they would be working for themselves and not for you

 

[GMANPRO]

Of course they aren't hungry, they are salaried staff, if they were hungry they wouldn't have a job expecting to answer phones and service policies

On the other end, your commissioned sales staff don't have too much to get excited about with 50% and 60% NB rates, they should have much higher NB rates and maybe reduced renewals

Hungry people(sales people) need to have their fix and instant gratification with a higher NB rate, if they cared a whole lot about building their renewals they would be working for themselves and not for you

AGREED!!!!! I was a "producer" for a Allstate agent for way too long on salary.

Work your ass off = $1500/mth

Dont do **** = $1500/mth

You tell me which seems to make more sense

 

[GMANPRO]

I give bonuses...good bonuses too. But the thing is I think some of the Salary based are just are not hungry.
One of the best IDEAS I had was to give them comp time for issuing particular policies...(Allstate Auto) man this they got excited about. If I offered them $30.00 for each Allstate Auto application (which is more than any of them get paid/hr) got little production.

Just looking for some new ideas...

I think I am going to go with a per application deal...keep base pay as it is...if you want to earn more "earn" more.

I know a couple of agents who are having great success with this:

Base $1250/month
Commission: 8%(all P&C)

Of course it depends of your commission. The base isn't dirt but its not enough to keep them afloat. and the aggressive commission will make them hungry. They will start by trying to hit enough to pay their bills but then the rest of the pipe will close and put them over their goal.


Good luck my man!

 

[oicu812nbama]

I know a couple of agents who are having great success with this:

Base $1250/month
Commission: 8%(all P&C)

Of course it depends of your commission. The base isn't dirt but its not enough to keep them afloat. and the aggressive commission will make them hungry. They will start by trying to hit enough to pay their bills but then the rest of the pipe will close and put them over their goal.


Good luck my man!

i was thinking the same thing. seems like a small base, rich comish, and no renewals would be ideal for me. i might start talking about a small % of renewals after they have proven to be valuable and loyal.

 

[Guest]

whatever happened to the OP?