Challenge/Opportunity
Client concerns about the strengths and weaknesses of the current compensation
plan, and interest in innovative concepts and leading practices within
and without the Life Insurance industry.
Consulting
Engagement
Teaming with a Big Four accounting firm and a head
office steering group, evaluate existing programs and consider key issues
from the field perspective.
Consulting Process
Diagnostic process with a steering committee. High-level review
of compensation strategies appropriate for the agency distribution channel.
Knowledge-based research of leading practices in Canada, U.K. and Australia.
Customized survey of selected competitors.
Results
Summary report of survey results. Management report highlighting
specific recommendations and action items related to various compensation
elements. Value added through field office-specific reports highlighting
developmental opportunities and potential issues or concerns requiring
management action.
Benchmarking Compensation Issues Challenge:
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