Compensation Modeling Tool
This modeling tool was designed to assist you in understanding the value and potential of selling Assurant Employee Benefits Voluntary products. It is targeted for benefits professionals like yourself who have yet to capitalize on the opportunity of selling Voluntary products. The compensation tool gives you the ability to tailor the data that reflects your typical block of business. Therefore, you can reveal a reasonably accurate projection of compensation potential. Download the tool now (Excel 97 file, 1.2 MB)
Getting started
There are three tabs you can use to evaluate commission potential: by individual Voluntary block, True Group (Base) block and Combined (Vol. + True Group) block. The areas in red display sections that are variable and can be changed by you to model the most accurate representation of your current block of business. The results are then posted by calendar year for the next six years depending on the year you would like to begin with. The combined tab will generate the results of the Voluntary and True Group coverages combined.
Example: As you can see in the illustration below, we are modeling the Voluntary commission potential based on the following factors:
- Enter the estimate on the Voluntary premium persistency. As you can see in this example we used 95%, so the renewal commissions are gradually decreasing by 5% every year.
- For Voluntary Life/LTD/STD the broker, we assumed, has an average of 31% participation for each group.
- Adding eight new Voluntary Life/LTD/STD coverages with an average yearly premium of $120,419.
- Repeat your projections for Voluntary Dental and Voluntary Pre-Paid to complete the commission potential worksheet.
- The next step is to model your True Group coverages by entering the assumptions in the “Base Compensation” worksheet.
- Once you have completed the “Base Compensation” worksheet, you can view the projected Voluntary and True Group commissions combined by selecting the “Combined Compensation” worksheet.
Download the tool now (Excel 97 file, 1.2 MB)
Disclaimer
The information presented in this Modeling Tool is not a guarantee of compensation. Your actual compensation will depend on the facts and circumstances of the business submitted and the compensation programs in effect at that time. While we don't anticipate making changes, we reserve the right to change the information contained in this Modeling Tool and our compensation formulas at any time without notice. You should always contact our group representative to confirm the compensation rates and rules then currently in effect.
The information presented in this Modeling Tool is the property of Union Security Insurance Company and affiliates. This information is provided for your internal use only. You are not permitted to duplicate, distribute, publish or otherwise communicate this information to third parties without our advance written permission.
The Modeling Tool is presented as an Excel 97 file consisting of four spreadsheets in one workbook. We have scanned the file for viruses using Norton AntiVirus Corporate Edition 7.0. We recommend that you consult your IT professional prior to use. We disclaim any liability for damages or liability related to or arising out of your use and/or installation of this file.
The Underlying Products
The underlying life, disability and dental insurance products, as well as the prepaid dental products, contain limitations, exclusions and provisions which permit the issuing Company to continue or discontinue coverage. For details concerning premium or other costs and for detailed information concerning the coverage, consult your group representative. Some products are not available in all states and, due to differences in state regulations, will differ from state to state. Products and services marketed by Assurant Employee Benefits are underwritten or provided by Union Security Insurance Company or one of the following affiliated prepaid dental companies: DentiCare of Alabama, Inc., UDC Dental California, Inc., UDC of Ohio, Inc., United Dental Care of Arizona, Inc., United Dental Care of Colorado, Inc., Union Security DentalCare of New Jersey, Inc., United Dental Care of Michigan, Inc., United Dental Care of Missouri, Inc., Union Security DentalCare of Georgia, Inc., United Dental Care of Texas, Inc., United Dental Care of New Mexico, Inc., United Dental Care of Utah, Inc. In New York, insurance products are underwritten by Union Security Life Insurance Company of New York, which is licensed in New York and has its principal place of business in Syracuse, NY.