Hartford, Conn. - With fewer large books of business changing hands recently, insurance agencies are relying on staff-driven, organic growth to expand their operations. Compensation packages and new recruitment and training strategies have shifted to reflect this trend, and also to address the shortage of trained sales professionals, according to the recently-published Business Management Group, Inc.'s "2006-2007 Owner, Executive and Producer Compensation Survey."Business Management Group (BMG), a subsidiary of The Hartford Financial Services Group Inc., is an independent agency/broker consulting firm that has surveyed and published agency compensation studies since 1990. The surveys enable agencies to benchmark their compensation plans against industry norms by looking at various factors, including revenue size and region.
"With a shortage of sales talent in today's market, hiring producers from outside the industry has become a key recruiting strategy for almost 85% of respondents in our survey," says Suzy Hammett, vice president, Business Management Group and author of the study. "That means it's even more important for agency principals to know how to attract and retain top performers with good training programs and competitive compensation packages."
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