MarshBerry 2014 Agency Compensation Trends Report Reveals Shift in Personnel and Overall Increase in Compensation
WILLOUGHBY, Ohio, June 12, 2014 /PRNewswire/ -- MarshBerry conducts an insurance Agency Compensation Survey every other year to determine how salaries, commissions, bonuses and employee benefit levels in agencies have changed. This report is one of a kind in the industry.
It is extremely important to take a look at what agencies are paying their sales, service, support and management personnel. Most agencies allocate just under 70% of their revenues to compensation costs. Since this is the largest expense an agency will have, it makes sense to manage it wisely.
According to Megan Bosma, Senior Vice President at MarshBerry, "There has been a noticeable shift in personnel from production to service. More agencies appear to be adopting an Account Executive model, in which a client-facing service person is responsible for account retention and provides high-level service to the insured. In 2011, 58% of agencies indicated high-level client facing service personnel were on staff, compared to 69% of respondents for the 2013 survey." In addition, about 90% of the survey respondents indicated that the rates of salary and bonus increases were either flat or higher in 2013 as compared with the increases in 2012.The average salary increase was 3%, while the average bonus increase was 4% in 2013.
The 2014 Agency Compensation Trends report, available for $599, presents the aggregate responses provided by the hundreds of agencies that participated in the survey, as well as relevant data sets from the MarshBerry proprietary financial management system Perspectives for High Performance ("PHP").
The complete report offers industry insight, trends and payroll ranges for:
- Executive Compensation
- Validated & Unvalidated Producer Compensation
- Service Staff Compensation
- Support Staff Compensation
- Trends in Employee Benefits
How to Purchase:
- Cost is $599 for the full report which is available in PDF only.
- Log on to www.MarshBerry.com/AgencyComp and follow the instructions provided.
Founded in 1981, MarshBerry is a merger & acquisition advisory and consulting firm to the insurance distribution system. Ranked #1 by SNL Financial for each of the past 15 years in terms of number of M&A transactions, MarshBerry's primary objective is to help insurance distributors maximize their value through our industry-specific services that include: merger and acquisition advisory*, financial consulting, valuations, performance benchmarking, peer-to-peer exchange networks, organic growth consulting and producer recruiting. Visit www.marshberry.com to learn more.
Lauren Byers, Director – Marketing, MarshBerry
Direct Phone: 440.392.6546
*Securities offered through MarshBerry Capital, Inc., Member FINRA and SIPC, and an affiliate of Marsh, Berry & Company, Inc., 4420 Sherwin Road, Willoughby, OH 44094 800.426.2774