Most Worksite Reps Earn Over $100,000, Study Finds
About 54% of sales representatives selling worksite insurance and investment products through brokers typically earn between $100,000 and $199,999, including incentive pay, according to a new study by Eastbridge Consulting Group Inc., Avon, Conn.
Average total compensation was between $50,000 and $99,999 for a third of the worksite reps, while 13% earned between $200,000 and $300,000, Eastbridge found.
The top five voluntary worksite products sold by the surveyed firms are universal life, supplemental medical, disability, critical illness and cancer.
Eastbridge cautions that its findings are based on returns from only 32 companies selling voluntary employer benefits through sales reps who call on brokers.
While the sample is small, it does give an indication of trends in compensation and how companies use sales reps to sell worksite products, says Bonnie Brazzell, vice president of Eastbridge.
The study does not cover broker compensation–only the compensation paid to company sales reps who call on brokers in an effort to get them to sell their insurance companys voluntary products, Brazzell notes.
About a third of the companies in the market sell to brokers through employees who promote only worksite products, she says. About another third employ sales reps to promote both worksite and group products to brokers.
In addition, 29% use other vendors reps to promote either their own or other companies worksite products.