Incentives are a huge business driver in the insurance industry, the industry utilises aggregators, agency networks, sales teams and employee marketers to sell their products and services. Apart from the remuneration paid for sales activities for every insurance sale achieved, rewards are utilised as a motivator to get higher performance from sales teams.
In the insurance industry, carriers are tasked with devising creative ways to incentivise their sales teams. It is a massive industry with huge potential but finding the right strategy or approach to designing the right growth plan however, has proven difficult for many of these companies. This has an impact on the business, as it results in:
Employee Churn: Carriers have many sales agents and marketers constantly leaving their business due to dissatisfaction and unmet expectations. This impacts the focus and targets of the business and subsequently reflects in the overall performance of the company.
Loss of top talent: Attracting and retaining top talent has become difficult for carrier companies due to the wrong application of rewards for performance achieved. This results in losing the best talent, especially those who have been wooed and lost to competitor companies.
Low return on sales, and low return on investments: Operational efficiency is impacted by low sales and overall company performance.