Review the insurance advisors' compensation model
Main contact
Project scope
Categories
Accounting Marketing strategy Market research Sales strategySkills
growth strategies value propositions selling techniquesProblem Statement:
- Current compensation model does not fully support growth strategy in advice-based products
- Tight alignment of shift to digital/shifts in distribution channels with changes in compensation model
- Apprehension in the field regarding impacts in strategy and timing of compensation changes
- Need to align compensation model with newly created Advisor Profiles; allowing for regionalization and flexibility
Benefit Statement:
Leverage science and advance optimization techniques to establish a compensation model which drives the right selling behavior to deliver overall organizational strategic objective effectively and results in high engagement with our Advisors.
Desired Outcome:
The new compensation model will:
- Align with our 5 Guiding Principles
- Alignment with Strategy
- Balance Needs of All Parties
- Ease of Use and Understanding
- Focus on Relationships and Engagement
- Flexible, Fair and Self-Sustaining
- Create a value proposition for our Advisor network that align with the industry
About the company
The Co-operators is a leading Canadian multi-line insurance and financial services co-operative with $41.7 billion in assets under administration. Our subsidiary companies provide solutions in four core areas: property and casualty (P&C) insurance, life insurance, institutional asset management and brokerage operations. We are supported by 5,350 employees and a dedicated financial advisor network with 2,753 licensed insurance representatives throughout Canada. We also serve 252 credit unions with more than 5.7 million members.
The Co-operators is ranked among the Best 50 Corporate Citizens in Canada by Corporate Knights and listed among the Best Employers in Canada.
Main contact