It's about building a book of business: incentives of insurance salespersons

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      <subfield code="a">Berry-Stölzle, Thomas R.</subfield>
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      <subfield code="a">It's about building a book of business: incentives of insurance salespersons</subfield>
      <subfield code="c">Thomas R. Berry-Stölzle, David L. EckIes</subfield>
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      <subfield code="a">Most property-liability insurance contracts are short-term contracts which can be renewed at expiration. With an average policy renewal rate of 89%, selling a policy not only generales immediate revenue but also results in expected future revenue for an agency. Outside employment options give salespersons negotiating power to claim a fraction of their increased production. This link between current performance and future compensation creates implícit incentives. Our empirical analysis documents a strong positive relationship between the fraction of renewals and salespersons' output, and between output and salespersons' compensation. These results hoid regardless of whether salespersons receive a fixed salary, a combination of salary and commission, or compensation entirely based on conimission. Overali, these findings support the view that property-liability insurance salespersons have strong incentives to build a book of business, and that these indirect sales incentives allow insurance agencies to offer compensation schemes with a fixed salary component.</subfield>
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      <subfield code="g">01/10/2019 Volumen 44 Número 4 - octubre 2019 , p. 702-731</subfield>
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