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Run Time: 6:59
Producer Compensation: The Good and the Great
Creating a compensation plan that is both fair to producers and the agency is critical in today’s competitive market, the experts say. But to do this, agency managers must distinguish between the good and the great. What makes a great producer and how should their compensation differ from that of average producers? In this interview with Insurance Journal’s Andrea Ortega-Wells, Al Diamond, president of the Agency Consulting Group, Chris Burand of Burand and Associates and Megan Bosma of Marsh Berry discuss what makes a great producer, how a great producer should be paid, why penalties for not meeting goals make a difference, and why the time is right to evaluate compensation plans.