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Insurance and Reinsurance

Insurance and Reinsurance

About Us

Sibson has a consulting team that focuses specifically on insurance and reinsurance organizations. Through our work with clients and our research, we offer insight and intellectual capital specific to the industry.

Our multi-disciplinary team of consultants collaborates with organizations to address change, rewards, sales effectiveness and workforce transformation. Sibson serves as employee benefits, actuarial, compensation and human resources consultants to organizations operating in the property & casualty, life and accident, health and reinsurance markets.

We know and understand the unique issues that insurance and reinsurance organizations face, such as:

Cost of sales
Sales force compensation and benefits
Executive, key role and broadbased compensation and performance management
Succession and talent planning
Diverse workforce needs (from actuaries to call centers)
Benefit costs
Health and productivity

In addressing such issues, our multi-disciplinary team of consultants provide:

A collaborative consulting approach that provides unique insights into your strategic objectives
Customized approaches and tools specifically for the insurance industry
First-hand experience working at organizations within these industries

Services

Sibson provides a broad array of services aimed at addressing the various challenges faced by the insurance industry. Services that support business objectives include:

Case Studies

For further information and detail regarding our services and experience, we invite you to see some of the results we have helped our clients achieve.

What's New

Insurance Turbulent Times Survey

Sibson Consulting recently conducted a Turbulent Times Survey for the Insurance Industry, focusing on specific actions organizations have taken or plan to take with respect to their compensation and benefit programs.

Captive Agent Study

Sibson has recently completed a Captive Agent Study to understand effective captive agent strategies and the impact of those strategies. This study focused on understanding:

How a carrier's philosophical priorities and field competencies affect captive agent strategy

The key characteristics to seek in a captive agent candidate

The drivers of an effective agent hiring process

How important agent retention is to the top and bottom line

Health Insurance Forum

Sibson recently met with several health insurance carriers to share our observations of compensation trends for both sales employees and brokers/agents. Please contact Dennis Spahr at 312.456.7905 if your organization is interested in an in-person or Web meeting to learn more about:

Medical inflation and broker/agent/sales rep compensation trends

The use of PCPM vs. % of premium

Incentive measures being used

Bonus programs for brokers

Communicating with the sales force

Survey on Communicating with Your Sales Organization

In conversations with several health insurance carriers and during discussions at the Callidus Blues Users Group in May, we frequently heard that communication is a key to success. As a follow-up to these discussions, Sibson has been asked to conduct this brief survey on how sales compensation communications work, both with your direct sales organization and your agent/broker sales organizations. The survey is now closed and results will be posted soon. Please return to the Web site in the next few weeks to view results.

Insurance Brokerage Roundtable

Due to an increased interest shown in the insurance brokerage industry, Sibson is bringing together major insurance brokerage companies to discuss relevant sales/broker compensation and sales effectiveness issues and trends. The roundtable is anticipated to occur this fall. Please return to the Web site for additional details regarding time and location of the roundtable. Preliminary topics include:

Compensation Cost of Sales (CCOS) trends

Changes to sales compensation in light of the current economic environment

Cross-selling across product lines and how to compensate for cross-selling

Compensation splits

Overlay sales models and compensation for these roles

Incentive metrics and bonuses

Sales compensation plan cost-modeling