As insurance brokerages continue to look for ways to grow their business , whether it be through their product offerings , service capabilities , or technology upgrades – people will always be at the root of everything they do . Having a top-performing organization , with topperforming personnel starts with a top-performing compensation strategy . •
better , more efficient and focused on helping relieve some of the stress your service staff is experiencing . However , the costs are at an all-time high and not going away . The chart below shows how spending on technology is rising over time .
EMPOWER PRODUCERS BEYOND COMPENSATION
As you reflect where you want to spend your time , also ask where you want your producers to spend their time . Producer concerns about reduced renewal commissions and the impact on their W-2 is natural , so it is important to show them how they can earn more . By reducing their time servicing accounts and by giving them tools to make selling easier , your producers will have more time to uncover new business , helping the firm grow .
THE VALUE OF A COMP . STUDY
Understanding how high performing firms in this industry handle compensation is a great starting point . MarshBerry ’ s 2024 Insurance Agency & Brokerage Compensation Study evaluates compensation trends in insurance brokerage and provides detailed insights into the results . It offers firms the opportunity to benchmark where they sit in the range of industry peers on compensation approaches . It can provide reinforcement for their current approach – or reveal areas of opportunity for change .
As insurance brokerages continue to look for ways to grow their business , whether it be through their product offerings , service capabilities , or technology upgrades – people will always be at the root of everything they do . Having a top-performing organization , with topperforming personnel starts with a top-performing compensation strategy . •
Eric Kuhen is a Vice President , Growth Advisory for MarshBerry , an industry-leading consulting firm .
If a firm is committed to double digit organic growth , producers need proper motivation to focus on generating new business . Leaving the service to the service staff experts who are doing it every day will allow producers to concentrate on what they do best – sell .
Increasing the gap in commission splits for producers can also help your firm attract and retain top talent who understand the growth mindset . It will also help your firm adapt to new market dynamics and align employee performance with organizational goals . These changes will cultivate an environment of motivation , efficiency , and growth . Sales culture doesn ’ t begin and end with the producers , it ’ s a whole agency culture .
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22 KANSAS INSURANCE AGENT & BROKER