Bankers Association Details Survey Findings On Producers Earnings
Bank life-health producers selling individual policies averaged $68,400 in total pay last year, a new study by the American Bankers Insurance Association in Washington finds.
In contrast, bank producers specializing in sales of group life and health products were the most highly compensated of all selling insurance in banks, averaging $118,200 in pay. Those selling commercial property/casualty products averaged $101,800, ABIA found, while bank producers selling personal p/c insurance averaged $46,800.
There are, however, far more producers involved in individual L/H sales in banks than there are selling group products. ABIA found staffing levels for employees involved in selling individual L/H policies ranged from 47 per bank among institutions with assets of $10 billion or less to 533 among those with over $10 billion.
That compares to an average of six group-product producers among smaller banks and 21 in larger banks.
In looking at individual L/H sales, the study found among 26 financial institutions selling these products, revenue per employee (excluding licensed employees) was $130,731 for bigger banks and $64,105 for smaller ones.
Among all banks offering individual L/H products, half offered commissions only as compensation, 31% offered commission plus bonus and 19% salary plus bonus.
Commission-only banks paid the average individual L/H producer an average of $69,700, while average compensation was $65,300 for those paying commission plus bonus and $70,000 for those paying salary plus bonus.
Producers in the top 25% in this group earned an average of $80,000 among commission-only reps, $90,000 for commission plus and $85,000 for salary plus.
Overall, customer service reps involved in individual life-health sales earned an average of $30,200. CSRs on salary averaged $32,300, and those on salary plus bonus averaged $27,200.
CSRs in the top quartile averaged $32,000, with salary-only CSRs earning $38,500 annually, vs. $29,200 for those paid salary plus bonus.