Recruiting Powerpoint
- 1. Welcome
- 2. Make Your Career Count With Us The Need / Marketplace The Products and Services The Compensation The Timing Colonial Voluntary Benefits products and services are offered by The Paul Revere Life Insurance Company.
- 3. The Need / Marketplace * Source: LIMRA Worksite Marketing Sales Survey, 2007. Worksite marketing is one of the fastest-growing segments of the insurance industry. Voluntary insurance products (employee paid) sold at the employer worksite increased 9% in 2006.* Worksite sales sustained their strong momentum* into 2007. New premiums from voluntary products again grew by double digits in the first quarter of 2007.
- 4. The Need / Marketplace 1 Aon Consulting, “What’s Hot and What’s Not in Voluntary Benefits,” 2006. 2 Analyzing the Size and Potential of Voluntary Worksite Benefits, LIMRA, 2007. 80 percent of workers perceive voluntary benefits to be extremely valuable or valuable. 1 More than 25 percent of firms with at least 10 employees express some interest in introducing a new voluntary option in the near future. 2
- 5. The Products & Services Colonial Voluntary Benefits products and services are offered by The Paul Revere Life Insurance Company. Benefits Counseling Insurance products Enrollment services
- 6. Product Solutions Short-Term Disability insurance Life insurance Accident insurance Specified Disease for Cancer insurance Specified Disease for Critical Illness insurance Hospital Indemnity insurance We offer the following personal insurance products:
- 7. Enrollment Options One-to-one sessions to help educate and counsel employees on their benefit needs. Group meetings. Co-browsing and Call Center offer one-to-one enrollment with a benefits representative over the Internet and telephone.
- 8. Enrollment Options Multi-location and multi-state enrollment capabilities and options for remote employees or staggered shifts. All enrollments powered by web-based Harmony ® system.
- 9. The Compensation – Our Support Colonial College Career producers & managers Undergraduate courses Graduate courses Joint Field Training RACE & RING events Ongoing learning opportunities
- 10. Different Approach to the Market Commissions vary depending on your role 25% Average 36.5 – 56.5% Total Account Enroller 15% Account Coordinator 4% Account Opener 17.5% – 37.5%
- 11. The Compensation – Opener Commissions This is not a guarantee but for illustrative purposes only. Actual commissions will vary depending on actual results. * Our average for employee participation is between 40% and 50%. For the sake of this example, 50% is being used. 50 Employees * 50% Enrollment (Average) 25 Employees Participate $500 Annual Premium / Employee (Average) $12,500 Total Annual Premium Opener Commission (25%) = $3,125 $2,187.50 Commission Advanced (@70%) =
- 12. The Compensation $2,187.50 * 2 Cases / Month = $4,375 Or 24 / year = $52,500 Opener Commissions This is not a guarantee but for illustrative purposes only. Actual commissions and bonuses will vary depending on actual results.
- 13. New Account Bonus (YTD) 24 cases = 9% x $270,000 premium = $24,300 New Account Bonus (QTD) Averaged opening 6 cases per Quarter 3% X $270,000 premium = $8,100 The Compensation – Opener Commissions This is not a guarantee but for illustrative purposes only. Actual commissions will vary depending on actual results. Model assumes company average 10% never effect rate.
- 14. Quick Strike (Tier 3 in 90 days) = $1,250 (For opening 3 accounts / $10,000 New Acct. Opener Premium) Tier Bonus* = $10,250 * Includes extra $5,000 bonus for 12+ cases and over $120,000 in new acct. opener sales premium Incentives for Successful New Start-up Operations This is not a guarantee but for illustrative purposes only. Actual bonuses may vary depending on actual results. $11,500 in startup money… for new representatives only!
- 15. The Compensation Commission $ 52,500 New Account Bonus (YTD) $ 24,300 New Account Bonus (QTD) $ 8,100 TOTAL Commission Bonuses $ 84,900 New Start-up Bonus = $ 11,500 This is not a guarantee but for illustrative purposes only. Actual commissions and bonuses will vary depending on actual results. Total Compensation = $96,400 Total Opener Commissions
- 16. The Compensation This is not a guarantee but for illustrative purposes only. Actual commissions and bonuses will vary depending on actual results. Total Opener Commissions If you only achieve ½ the production used in the prior example and open 12 cases with $130,000 in premium: You Qualify for Leaders Conference.
- 17. The Compensation Incentives Contests Awards
- 18. The Timing Career Path Opportunities Territory Sales Manager District General Agent Agency Development Manager District Development Manager Agency Sales Representative TSM DGA ADM DDM ASR
- 19. The Timing Up to 363,000 U.S. businesses are considering introducing a new voluntary benefit in the near future. Assuming that these employers follow through on their intentions, almost 45 million employees will have access to these new products. 1 1 Analyzing the Size and Potential of Voluntary Worksite Benefits, LIMRA, 2007.
- 20. Review Four ingredients for success: The Need / Marketplace The Products and Services The Compensation The Timing
- 21. Our Team Being a part of the team representing Colonial Voluntary Benefits means: You have the flexibility to determine your own hours. You are in control of your income. You are in business for yourself, not by yourself. We give you the tools, training and support to build a successful business.
- 22. Next Steps Discussion with Territory Manager and/or District General Agent. Call Louis Croce at (716) 828-4400 Email at louis.croce@coloniallife.com Complete our selection process.
- 23. Renewals and Re-enrollment The Compensation – Opener Commissions This is not a guarantee but for illustrative purposes only. Actual commissions will vary depending on actual results. TOTAL = $29,400 Renewals = $8,400 Rework = $21,000 Renewal: for an Opener (Average) = 4% 4% * $300,000 = $12,000 Average renewal premium collection rate * 70% = $8,400 Re-enrollment: 40% of 1 st Year Premium (Average) 40% * $300,000 = $120,000 * 25% = $30,000 Colonial advance rate * 70% = $21,000
- 24. The Compensation * Actual commissions and bonuses will vary depending on actual results. Model was based on 24 new accounts opened, average number of 50 employees each, 50% penetration and an average monthly sales premium per payor of $40. Commissions and bonuses 5 Year Rep Compensation* Year 1 Year 2 Year 3 Year 4 Year 5 $96,000 $108,000 $130,000 $152,000 $173,000
- 25. Colonial Voluntary Benefits products are underwritten by: The Paul Revere Life Insurance Company Worcester, MA Administrative office: Colonial Voluntary Benefits 1200 Colonial Life Boulevard, Columbia, SC 29210 colonial-paulrevere.com 97934