Producer Profile: Compensation, Production, and Responsibilities
Producer Profile is based on a survey of over 600 P&C producers from independent insurance agencies to determine how producers are performing with respect to compensation, sales production, responsibilities, qualifications, education, and training. Complementing the survey results is an expert panel summary with tips and suggestions for hiring, training, and managing producers.
This study is a valuable guide for agency owners and sales managers as they can see how their agency producer compensation plans compare to others regarding annual compensation, commission rates, benefits, and covered expenses. Owners can compare their producers' sales production to the study's averages, and learn about average account size, new business production, growth rates, and hit ratios. The study discusses producers' qualifications, training needs, and various responsibilities.
Producer Profile is also an important tool for producers to compare themselves to their peer group. Producers can see how much others are compensated, what commission rates are paid, the amount of sales achieved, the time actually spent on sales, difficulties experienced, and opportunities for professional development. This study comes with a downloadable file folder containing sample producer contracts or agreements and job descriptions. Agencies can use these samples as templates for constructing new agreements or fine tuning existing ones.
- Compare survey results on compensation, commission rates, benefits, and equity, to attract and retain top producers.
- Examine annual sales production, growth rates, and new business focus.
- Implement tips and suggestions from the expert panel about managing producers.
- Use checklists, data tables, and job descriptions for both CL and PL producers.