Savoy Associates - Health Insurance Benefit Specialists

	Broker Compensation

Since Savoy Associates is a true general agent, brokers get paid the same commission dollars that they would have earned had the business been written directly with the carrier. In other words, you have access to all of our services for free, and with no minimum production requirements!

In addition, Savoy Associates offers extremely competitive bonus programs -- and you can qualify for at least one of them with your very first case!

Carrier-Sponsored Commission and Bonus Programs
(New Jersey, New York, Pennsylvania)
Savoy Associates Bonus Programs
(2008 Broker Bonus, Clean Case Bonus)

New Business Producer Commissions

The commission rates below apply to new, total replacement business in calendar year 2008 and may be subject to change.

New Jersey

(Download a printable version of these rates)

Carrier Qualifying Level Commission Rate Carrier-Sponsored
Bonus

AETNA

2 to 50 employees All paid premium 5.5% Northeast
Midatlantic

51 to 200 employees All paid premium 5.0%

AIG AMERICAN GENERAL FINANCIAL GROUP

2 or more employees All paid premium

Group Life 20.0%

Group Dental 10.0%

Group Long Term Disability 15.0%

AMERIHEALTH

2 to 99 employees All paid premium 5.0% Details

Individual Per contract per month $9

CIGNA HEALTHCARE

2 to 300 employees All paid premium 5.0%

FORT DEARBORN LIFE INSURANCE COMPANY

Group Life:
First $5,000 in paid premium
15.0%

HEALTH NET

2 to 50 employees All paid premium 5.0% Details

51+ employees All paid premium 5.0%

HORIZON BLUE CROSS BLUE SHIELD OF NJ

Medical 2 to 50 employees All paid premium 5.0%

Medical 51+ employees Please contact your dedicated Savoy Associates Account Executive for details.

Dental 2 to 50 employees First $10,000 in paid premium 7.2%

Next $10,000 in paid premium 5.76%

All excess above 3.6%

Individual Per contract per month $12.23

OXFORD HEALTH PLANS

Medical 2 to 50 employees All paid premium 5.5%

Medical 51 to 99 employees All paid premium 5.0%

Medical 100+ employees Please contact your dedicated Savoy Associates Account Executive for details.

Oxford Benefit Management (OBM) All paid premium 8.0%

Individual All paid premium 2.0%

PRINCIPAL FINANCIAL GROUP

Group Term Life, STD, Dental, Voluntary Dental, & Vision:

1st $5,000 10.0%

Next $5,000 8.0%

Next $15,000 6.0%

Next $25,000 4.0%

Next $100,000 3.0%

Next $350,000 2.5%

Over $500,000 1.6%

Group Long-Term Disability

1st $15,000 15.0%

Next $10,000 10.0%

Next $25,000 5.0%

Next $50,000 2.0%

Next $100,000 1.0%

Next $300,000 0.6%

Next $500,000 0.3%

Next $1,000,000 0.1%

UNICARE

51+ employees All paid premium 5.0%

UNITED HEALTHCARE

51+ employees All paid premium 5.0%

New York

(Download a printable version of these rates)

Carrier Qualifying Level Commission
Rate Carrier-Sponsored
Bonus

ALL PAID PREMIUM

SMALL GROUP (2 - 50)

Aetna HMO & POS 4.0%

PPO & EPO 5.0%

Atlantis HMO & POS 4.0%

CIGNA HealthCare HMO & POS 4.0%

GHI EPO 5.0% Details

HMO 4.0%

PPO 4.5%

Health Net HMO & POS 4.0%

HealthPass All Medical Products 4.0%

Oxford Health Plans POS & PPO 4.0%

PerfectHealth PPO 5.0%

EPO 4.0%

LARGE GROUP (51+)

Aetna HMO & POS 5.0%

PPO 5.0%

CIGNA HealthCare HMO, POS, & PPO 4.0%

Health Net HMO & POS 4.0%

Oxford Health Plans POS & PPO 4.0%

Pennsylvania

Carrier Qualifying Level Commission Rate Carrier-Sponsored
Bonus

AETNA

2 to 50 employees All paid premium 5.5%

Independence Blue Cross

2 to 99 employees All paid premium 5%

UnitedHealthcare

2 to 99 employees All paid premium 5.5%

Savoy Associates Bonus Programs

2008 Savoy Associates Broker Bonus Program

Eligible brokers may qualify for one or both of two categories of measurement: Persistency and New Business.

Persistency
- To be eligible for the Persistency Bonus, a broker must have a minimum of 500 in-force contracts on the books as of 1/1/2008.
- Persistency is calculated by taking one snapshot of the number of in-force contracts as of 1/1/2008 and a second snapshot of the number of in-force contracts from the same groups as of 12/31/2008. The number in the second snapshot is divided by the number in the first snapshot to determine persistency %.
New Business
- To be eligible for the New Business Bonus, a broker must have a minimum of 500 in-force contracts on the books as of 1/1/2008.
- New Business is defined as the contracts associated with groups that were new group medical business to Savoy Associates with an effective date between 1/1/2008 and 12/31/2008. This would include new business to the carrier as well as broker of record business - so long as it is new to Savoy Associates.
Both categories of measurement will have two tiers: Tier I will be the top 5 performing brokers and Tier II will be the next 5 performing brokers.
- A broker may qualify for both categories - Persistency and New Business
- The bonus payable to the 5 qualifying brokers in Tier I for both categories (for a total of 10 qualifiers) will be $3,000 each.
- The bonus payable to the 5 qualifying brokers in Tier II for both categories (for a total of 10 qualifiers) will be $1,500 each.

2008 Bonus Persistency New Business

Tier 1
Top 5 - Results $3,000 $3,000

Tier 2
Next 5 - Results $1,500 $1,500

Exclusions:

Any business for which Savoy Associates does not receive compensation is not included toward either bonus.
Ancillary (i.e., non-health) business is not included toward either bonus.

Clean Case Bonus

Savoy Associates' Clean Case Bonus is our way of rewarding brokers for high quality submissions.

To qualify and be eligible for this special bonus, a case must be complete and without error upon arrival at Savoy Associates. This means that the case can be processed and an approval letter generated by the carrier without any necessary contact to the broker by Savoy Associates or the carrier. If any information must be requested for case processing -- either by Savoy Associates or by the carrier -- then the case is not eligible for a bonus.

The Clean Case Bonus is applicable only to new small group (2-50) health cases. Broker of record, 51+, and ancillary cases are not eligible.

The amount of the bonus is based on the number of enrolled employees (see table below). Bonuses are paid on a quarterly basis.

Enrolled Employees Bonus

2 - 4 $25

5 - 14 $50

15 - 29 $100

30 - 50 $200