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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)
The commission rates below apply to new, total replacement business in calendar
year 2008 and may be subject to change.
(Download a
printable version of these rates)
| 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% |
|
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(Download a
printable version of these rates)
| |
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% |
|
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| 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% |
|
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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.
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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.
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.
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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.
| 2 - 4 |
$25 |
| 5 - 14 |
$50 |
| 15 - 29 |
$100 |
| 30 - 50 |
$200 |
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