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

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<title>It's about building a book of business: incentives of insurance salespersons</title>
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<namePart>EckIes, David L.</namePart>
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<abstract displayLabel="Summary">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.</abstract>
<note type="statement of responsibility">Thomas R. Berry-Stölzle, David L. EckIes</note>
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<topic>Ventas de seguros</topic>
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<topic>Seguro de daños patrimoniales</topic>
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<topic>Modelos de negocio</topic>
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<topic>Empresas de seguros</topic>
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<title>Geneva papers on risk and insurance : issues and practice</title>
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<publisher>Geneva : The Geneva Association, 1976-</publisher>
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<identifier type="issn">1018-5895</identifier>
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<text>01/10/2019 Volumen 44 Número 4 - octubre 2019 , p. 702-731</text>
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