Latest Eastbridge study shows rising expectations for voluntary/worksite sales reps

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Apr 25, 2023, 08:00 ET

More carriers using multiple distribution approaches to reach their goals

AVON, Conn., April 25, 2023 /PRNewswire/ -- Voluntary/worksite carrier expectations for sales rep production are up significantly in recent years, according Eastbridge Consulting Group's newest research.

Eastbridge's "Voluntary Rep Compensation" Spotlight™ Report shows more companies (61%) expect their sales reps to produce $3 million or more in annual sales, up from 45% in 2020. Carriers with voluntary-only reps tend to expect higher production: 30% expect $5 million or more, compared to just 14% of companies with multiline reps who also sell other types of coverage.

The "Voluntary Rep Compensation" Spotlight™ Report uses survey responses from 22 voluntary/worksite carriers in February and March 2023 to examine how carriers compensate and support their sales reps. Carriers can use this information to compare their own sales rep compensation strategies to others active in the market and assess their competitiveness in this key area.

"Distribution is a critical component of success in this market," said Nick Rockwell, Eastbridge president. "Carriers are competing for many of the same brokers and distributors, so they have to offer attractive comp and support to attract and keep the best sales reps."

Other key findings in the report include:

An increasing number of carriers are using multiple distribution approaches, such as both multiline and voluntary-only reps, or company employees as well as nonemployees.
Voluntary sales account for a growing proportion of total sales for companies that use multiline reps, up from 30% in 2020 to 43% this year.

Information about purchasing the "Voluntary Rep Compensation" Spotlight™ Report is available on Eastbridge's website. Those interested can email [email protected] or call (860) 676-9633.

About Eastbridge Consulting Group

Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada. Follow Eastbridge on LinkedIn at https://www.linkedin.com/company/eastbridge-consulting-group.

CONTACT: Ginger Bates
EMAIL: [email protected]

SOURCE Eastbridge Consulting Group