Money Isnt Everything For Young Agents

Agencies that just think in terms of commission percentages are missing the bigger picture of what attracts and motivates younger producers. Items such as time off for studies and career advancement potential can have equally strong appeal to spur greater premium production, young agents contend.

Paying producers well is not always enough to keep them motivated to perform at peak efficiency, according to Madelyn H. Flannagan, vice president of research and education for the Independent Insurance Agents & Brokers of America, based in Alexandria, Va. Indeed, she said, especially for people in their late-20s to mid-30s, monetary compensation is “not the most important thing to them,” basing her observation on studies by various consulting groups that have done surveys on the subject over the years.

“They want time with the family. They want the opportunity to go to school and continue learning. There are other incentives that can keep a really good producer enticed to stay,” she said.

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