Senior sales representatives have seen a 20% base salary increase over the last five years, accounding to a report by BDO USA.
It’s a good time to be insurance sales, if you’re in the heath market that is. A report by BDO USA finds that senior sales representatives have seen a YoY base salary increase of 6% over the last 5 years, a 20% increase over the time period. Non-sales positions in the health insurance industry did not see the same increase. BDO conducts the report in order to provide companies in the industry with compensation and benefit benchmarks.
The steady increase of senior sales salaries is a strong indicator of a robust health insurance industry and competition for talent, especially for customer facing positions in national markets. The report finds that managing larger accounts and offering health insurance products, as opposed to specialty products, are garnering higher salaries.
Junior sales representatives in the industry are also seeing salary increases commensurate with overall averages. Compensation mix for junior sales reps has shifted toward incentive pay. As an overall trend in health insurance, companies are opting for one form of compensation, either sales bonuses or commission as opposed to offering a hybrid.