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BizReport : White Papers : Sales & Marketing

6 Secrets for Sales Performance Success in Insurance

As the pace of business accelerates, insurance companies continue the struggle to keep up with changes in strategy, markets and products. The sales and distribution leadership is finding it extremely difficult to prioritize and drive the desired sales behaviors using existing processes and platforms. To effectively align the behaviors of your sales force and the various sales channels with your corporate vision, new strategies need to be embodied in your incentive compensation plans.

From sales managers to field reps and sales operations – everybody knows salary plays a vital role in employee motivation. But is money the only reason to get up and go to work? How much should people earn? How much is salary affecting employee turnover and retention?

Though insurance sales agents can usually expect only a modest salary, with average pay of just $35K per year, most enjoy their work and report high job satisfaction, according to a PayScale salary survey. We might think a higher pay produces better results, but there is scientific evidence to indicate that the relationship between compensation, motivation and performance is much more complex. The following secrets have been identified by Synygy over nearly 25 years of delivering innovative technologies and expert know-how to help large sales organizations at global insurance providers improve sales performance.

The 3 most powerful words other than “I love you” are “Salary is credited”. This whitepaper aims to equip insurance sales leaders with few tips to help them improve sales force motivation and performance through an easy-to-remember ‘SALARY’ structure.

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