Bonuses at these [commercial] carriers are likely to trail other sectors in financial services, which are likely to increase in the range of 5% to 20%, according to Alan Johnson, founder of Johnson Associates, a compensation consulting firm…
Another challenge, when it comes to compensation is that some insurance companies are more diversified than others, Johnson said. More diverse firms may have asset and wealth management units, or less cost-intensive insurance products, such as dental / vision insurance and supplemental benefit policies. They may offer retirement products and have other nontraditional business lines as part of the broader organization. This means that over time, there will be more diversity in terms of bonuses at firms based on their business mix, which can create cultural issues and jealousy, Johnson said. “Those are some of the challenges that the industry is going to have more of as it goes forward.”
P & C Specialist / July 22, 2024