Hello!
Historically, GuideOne’s agent tiering program groups its distribution partners into four categories based on production and other criteria: platinum, gold, silver and bronze. After a thorough review of our agent tiering program and our performance bonus plan, we learned the following:
- Our tier criteria and benefits are outdated and not aligned with our existing business objectives, product offerings and partners' needs
- Our performance bonus plan doesn’t always adequately reward our highest performing distribution partners
As we continue to focus on making our business as transparent as possible and assure that we are in line with industry standards, GuideOne’s current agent tiering program will be discontinued, effective immediately.
The two most relevant changes you will see include:
Agent of Record (AOR) Protection
We will no longer offer AOR protection for certain distribution partners to ensure all parties are given equal treatment when a client selects the distribution partner who they would like to work with to represent them for their insurance coverage with GuideOne.
While AOR letters are not a frequent occurrence, GuideOne strives to be fair and will follow these guidelines in a consistent manner.
- An AOR request must be received from an authorized representative of the insured on their company letterhead
- The current agent has 10 business days to obtain a rescinding letter
- It is preferred that an AOR change coincide with the renewal effective date
- Since the change is happening at renewal, a full submission is required; however, coverage terms, building limits, IRPM, etc., can be changed
- While the vast majority of AORs will be handled in this manner, GuideOne ultimately reserves the right to reject an AOR in certain circumstances.
Performance Bonus Plan
Effective January 1, 2021, our new performance bonus plan eliminates the platinum multiplier and instead incorporates higher growth payouts for partners with $1.5 million in premium or greater. All other plan components and terms remain unchanged, including the minimum premium qualification of $500,000 in year-end premium. You may view the previous performance bonus plan here.
We value your partnership, and look forward to working with you to grow your business with GuideOne – and your agency. If you have any questions, please contact your GuideOne Territory Account Executive or Inside Sales Representative.
Thank you,
Dave
