Insurance Producer Profile: Compensation, Production, Responsibilities 6th Edition
This study is the 6th edition of the Insurance Producer Profile. This study is a continuation of the first five editions published in 1993, 1999, 2004, 2010 and 2016. This latest study focuses on the data collected during the latter part of 2021 and early 2022, revealing valuable insights into the industry during that period.
At this time, seismic shifts at most insurance agencies had just begun. The pandemic threw many unprepared agencies into a remote mode of operation. Uncertainty about transferrable sales skills and confidence around conducting business in this newly emerging environment plagued agency owners.
The Insurance Producer Profile is a useful tool for agency owners and managers. This edition is based on a survey of P&C producers from independent insurance agencies and examines producer compensation, sales production, responsibilities, qualifications, education, and training. It serves as a valuable guide for agency owners and sales managers to be able to compare data on annual compensation, commission rates, benefits, and covered expenses. Owners can also use this study to analyze sales production, average account size, new business production, growth rates, and hit ratios.
The Insurance Producer Profile is also an important tool for anyone in a production role. This text will help producers understand the industries average compensation, commission rates, sales achieved, time spent on sales, difficulties experienced, and opportunities for professional development.