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Recruiting Powerpoint

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Recruiting Powerpoint

  1. 1. Welcome
  2. 2. Make Your Career Count With Us <ul><ul><li>The Need / Marketplace </li></ul></ul><ul><ul><li>The Products and Services </li></ul></ul><ul><ul><li>The Compensation </li></ul></ul><ul><ul><li>The Timing </li></ul></ul><ul><ul><li>Colonial Voluntary Benefits products and services are </li></ul></ul><ul><ul><li>offered by The Paul Revere Life Insurance Company. </li></ul></ul>
  3. 3. The Need / Marketplace * Source: LIMRA Worksite Marketing Sales Survey, 2007. Worksite marketing is one of the fastest-growing segments of the insurance industry. <ul><li>Voluntary insurance products (employee paid) sold at the employer worksite increased 9% in 2006.* </li></ul><ul><li>Worksite sales sustained their strong momentum* into 2007. New premiums from voluntary products again grew by double digits in the first quarter of 2007. </li></ul>
  4. 4. The Need / Marketplace <ul><li>1 Aon Consulting, “What’s Hot and What’s Not in Voluntary Benefits,” 2006. </li></ul><ul><li>2 Analyzing the Size and Potential of Voluntary Worksite Benefits, LIMRA, 2007. </li></ul><ul><li>80 percent of workers perceive voluntary benefits to be extremely valuable or valuable. 1 </li></ul><ul><li>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 </li></ul>
  5. 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. 6. Product Solutions <ul><li>Short-Term Disability insurance </li></ul><ul><li>Life insurance </li></ul><ul><li>Accident insurance </li></ul><ul><li>Specified Disease for Cancer insurance </li></ul><ul><li>Specified Disease for Critical Illness insurance </li></ul><ul><li>Hospital Indemnity insurance </li></ul>We offer the following personal insurance products:
  7. 7. Enrollment Options <ul><li>One-to-one sessions to help educate and counsel employees on their benefit needs. </li></ul><ul><li>Group meetings. </li></ul><ul><li>Co-browsing and Call Center offer one-to-one enrollment with a benefits representative over the Internet and telephone. </li></ul>
  8. 8. Enrollment Options <ul><li>Multi-location and multi-state enrollment capabilities and options for remote employees or staggered shifts. </li></ul><ul><li>All enrollments powered by web-based Harmony ® system. </li></ul>
  9. 9. The Compensation – Our Support <ul><li>Colonial College </li></ul><ul><ul><li>Career producers & managers </li></ul></ul><ul><ul><li>Undergraduate courses </li></ul></ul><ul><ul><li>Graduate courses </li></ul></ul><ul><li>Joint Field Training </li></ul><ul><ul><li>RACE & RING events </li></ul></ul><ul><li>Ongoing learning opportunities </li></ul>
  10. 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. 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. 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. 13. <ul><li>New Account Bonus (YTD) </li></ul><ul><li>24 cases = 9% x $270,000 premium = $24,300 </li></ul><ul><li>New Account Bonus (QTD) </li></ul><ul><li>Averaged opening 6 cases per Quarter </li></ul><ul><li>3% X $270,000 premium = $8,100 </li></ul>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. 14. <ul><li>Quick Strike (Tier 3 in 90 days) = $1,250 </li></ul><ul><li>(For opening 3 accounts / $10,000 New Acct. Opener Premium) </li></ul><ul><li>Tier Bonus* = $10,250 </li></ul><ul><li>* Includes extra $5,000 bonus for 12+ cases and over $120,000 in new acct. opener sales premium </li></ul>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. 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. 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. 17. The Compensation <ul><li>Incentives </li></ul><ul><li>Contests </li></ul><ul><li>Awards </li></ul>
  18. 18. The Timing <ul><li>Career Path Opportunities </li></ul><ul><ul><li>Territory Sales Manager </li></ul></ul><ul><ul><li>District General Agent </li></ul></ul><ul><ul><li>Agency Development Manager </li></ul></ul><ul><ul><li>District Development Manager </li></ul></ul><ul><ul><li>Agency Sales Representative </li></ul></ul>TSM DGA ADM DDM ASR
  19. 19. The Timing <ul><ul><li>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 </li></ul></ul><ul><ul><li>1 Analyzing the Size and Potential of Voluntary Worksite Benefits, LIMRA, 2007. </li></ul></ul>
  20. 20. Review <ul><li>Four ingredients for success: </li></ul><ul><ul><li>The Need / Marketplace </li></ul></ul><ul><ul><li>The Products and Services </li></ul></ul><ul><ul><li>The Compensation </li></ul></ul><ul><ul><li>The Timing </li></ul></ul>
  21. 21. Our Team <ul><li>Being a part of the team representing </li></ul><ul><li>Colonial Voluntary Benefits means: </li></ul><ul><ul><li>You have the flexibility to determine your own hours. </li></ul></ul><ul><ul><li>You are in control of your income. </li></ul></ul><ul><ul><li>You are in business for yourself, not by yourself. </li></ul></ul><ul><li>We give you the tools, training and support to build a successful business. </li></ul>
  22. 22. Next Steps <ul><li>Discussion with Territory Manager and/or District General Agent. </li></ul><ul><li>Call Louis Croce at (716) 828-4400 </li></ul><ul><li>Email at louis.croce@coloniallife.com </li></ul><ul><li>Complete our selection process. </li></ul>
  23. 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. 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. 25. <ul><li>Colonial Voluntary Benefits products are underwritten by: The Paul Revere Life Insurance Company Worcester, MA </li></ul><ul><li>Administrative office: Colonial Voluntary Benefits 1200 Colonial Life  Boulevard, Columbia,  SC 29210 colonial-paulrevere.com </li></ul>97934

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