Banks that establish life insurance sales goals get much higher insurance sales from their sales representatives than banks without goals get.
LIMRA, Windsor, Conn. and Kehrer-LIMRA, a LIMRA research unit, have reported that finding in a bank life sales goal study.
At banks with life sales goals for individual reps, average productivity of financial consultants was about 68% higher than at banks without sales goals for individual reps, the researchers found.
For platform reps, productivity at banks with individual rep goals was 63% higher.
- Trevor Thomas