What Is a Streak Bonus in Insurance Agency Pay?
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A streak bonus pays a producer for hitting a target several periods in a row.
What it is
It rewards steady months over one big one. A producer cannot hit a target three months running on luck: it takes a full pipeline every month.
Setting one up takes three choices:
- What counts as a hit, such as the month's policy goal.
- How many periods in a row, such as 3.
- What a miss does: start the count again, or pause it.
A worked example
Example. The target is 30 policies a month, and 3 months in a row pays $750. A producer writes 32 in January, 31 in February and 34 in March. The streak reaches 3 in March, so the $750 is earned in March. If April is 25, the count starts again from 0, or pauses, depending on what a miss does.
How Producify works it out
In Producify, a streak rewards consistency: it pays when the target is hit for several periods in a row.
The bonus pays in the month the run reaches the required count. If a Period is Missed is Reset to 0, where the streak breaks and starts over, or Keep progress, where a miss pauses the streak without clearing it. See Add a streak bonus.
Frequently Asked Questions
What if a producer misses the target by a little?
Decide before it happens, and write it into the plan. A miss is a miss unless the plan says otherwise.
Can I combine streak bonuses with other bonuses?
Yes. A producer who hits the month's target can earn the monthly bonus, and the streak bonus on top when the run is long enough.
What's a good streak length to start with?
Short enough to reach and long enough that luck alone does not reach it. Start short, such as 3 periods, and lengthen it once people reach it.
Reward steady months
Streak Bonus is one of the rule cards in Producify's commission plan builder.
Producify is commission tracking software for independent and captive insurance agencies.