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Performance standards' use is rising. (financial services industries)
- Article from:
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National Underwriter Life & Health-Financial ServicesEdition
- Article date:
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May 13, 1991
- Author:
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Copyright informationCOPYRIGHT 1991 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The use of performance standards is growing in the home service industry, as debit companies look to raise agent productivity and company revenue.
"Performance standards are gaining steam on a daily basis," said Douglas B. Chomeau, president of Reliable Life Ins. Co. of Webster Groves, Mo.
"It gives everybody something to strive towards, and provides certainty," he said, adding that his company has used the standards for "three or four years."
The standards, Mr. Chomeau explained, are typically based on annualized premium increases sold by an agent during a 52-week cycle.
"The very minimum basis is $5200 [premium increase] annually," Mr. Chomeau said, ...