The Insurance Dudes

Why Insurance Agency Bonuses DON'T Work

January 08, 2024 The Insurance Dudes: Craig Pretzinger & Jason Feltman Season 3 Episode 662
The Insurance Dudes
Why Insurance Agency Bonuses DON'T Work
Show Notes Transcript

📻 Tune in for a short yet captivating playbook episode with Jason Feltman as he guides his listeners to build up motivation in their agents!

Learn the art of retaining the motivation within your agency by incentivizing their hard work in the best possible way. If you are an agency owner and you are looking for the perfect strategy to increase healthy competition and motivation among your team members, then you are at the right place!

The Insurance Dudes are on a mission to find the best insurance agentsaround the country to find out how they are creating some of the top agencies. But they do not stop there, they also bring professionals from other industries for insights that can help agents take their agencies to the next level. 

The Insurance Dudes focus on your agency’s four pillars: Hiring, Training, Marketing and Motivation! We have to keep the sword sharp if we want our agencies to thrive. 

Insurance Dudes are leaders in their home, at their office and in their community. This podcast will keep you on track with like minded high performing agents while keeping entertained!

About Jason and Craig:

Both agents themselves, they both have scaled to around $10 million in premium.  After searching for years for a system to create predictability in their agencies, they developed the Telefunnel after their interviews with so many agents and business leaders.  

Taking several years, tons of trial and error, and hundreds of thousands of dollars on lead spend, they’ve optimized their agencies and teams to write tons of premium, consistently, and nearly on autopilot!

LEARN MORE BY Registering for TUESDAY’s LIVE CALL With The Insurance Dudes!


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Craig Pretzinger & Jason Feltman
The Insurance Dudes

Jason Feltman:

I'm Jason Feldman, I'm going to tell you why insurance agency bonuses don't work. Insurance dudes are on a mission to escape big hit by our agents. How? by uncovering the secrets to creating a predictable, consistent, and profitable agency sales. I am Craig Pretzinger. I am Jason Feldman. We are agents. We are insurances. When I first came in the agency, how we get commission was on our year in bonus, so I thought, hey, I know, let me help the team out. And I'm going to give them a piece of it. And so we started off at the beginning of the year, pretty strong. But as we went through, I noticed like, there wasn't much of like motivation behind the bonus. And I kept bringing it up and they didn't care. They say like, when would you get it and I said well in like February of next year. And it dawned on me that it's just that bonus is just too far out. Think about it, your team gets paid every two weeks, right. So that's what they're looking for. They're usually kind of paycheck to paycheck, and they're looking for their next paycheck. So if it's not going to be on there, then it's a little too far out. And that's when we realized it just it didn't matter how big the bonus was, it was just too far out. They couldn't picture it. So we started shrinking it down, we started doing monthly bonuses at the end of the month. And that worked pretty well until we saw a trend. And it was right around week two. And if they weren't on pace for whatever that bonus was, they would fizzle out and it wouldn't work even though they were still getting their commission, until we realize that the number one way of keeping them motivated was to do weekly bonuses or even daily bonuses, because it wasn't too far out. And if they screwed up prior like the week before or a few days before, it wasn't enough, enough of an impact to screw them up, you know, ruin the bonus, there was always like a reset button on it. And it made it really fun to because you'd celebrate the win of the person in the agency. So it created this kind of like this challenge between them. And it was just highly motivating. So if you are an insurance agency owner, and you really want to help incentivize your team do the weekly bonuses or even daily bonuses or something like that, anything longer than that becomes harder and harder and more difficult. I like saving, you know, the Commission for one time a month. I think that that's far enough out. And you can even see that sometimes that's too far out, right. Like I said, after two weeks of not having success, it's hard to get them motivated, especially on a on a tiered commission structure where it goes up well, if they're never going to hit like a good tear to them or what they're used to, then they'll kind of give up right, so that weekly bonus is huge. Or if you want to be bold, and I think you do because you're staying on here, I think you want to be bold, then do a daily bonus. And it can be anything it doesn't have to be crazy amounts of money. It can be fun, like it can be gift cards, it can be spin the wheel and the wheel can have a high bonus and a low bonus and go through those. That's a real fun way to do that. But just keep those bonuses quick. Keep them fast and furious, like the movie. Thank you. That's the playbook.

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