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At Delta Dental, we recognize that brokers are key members of our team. We’re pleased to announce a new bonus program for 2020 that rewards brokers for marketing our fully insured group commercial business. These bonuses are in addition to our standard commission schedule. Here’s what brokers need to know.
What sales are eligible for the Group Commercial Business bonuses?
The bonuses are for new sales and persistency in the fully insured group commercial business. Fully insured commercial groups with Delta Dental PPO™ and Delta Dental PPO Plus Premier™ - type plans in New Jersey or Connecticut are eligible.
How is the New Group Commercial Business sales bonus determined?
The new sales bonus is based on either:
Fully Insured Group Commercial New Sales Bonus: Broker
New Sales Bonus Level | New Cases | New Fully Insured Commercial Premium | New Sales Bonus | |
---|---|---|---|---|
Level 1 | 5 | $150,000 - $499,999 | 2.00% | |
Level 2 | 15 | OR | $500,000 - $999,999 | 3.00% |
Level 3 | 25 | $1,000,000 or more | 4.00% |
Sales must be new, meaning the group must not already offer a Delta Dental plan. Sales are counted based on the effective date of the policy, starting January 1, 2020.
How is the Group Commercial Business persistency bonus determined?
The persistency bonus is for retaining existing fully insured commercial business. Persistency is defined as:
“Delta Dental” refers to Delta Dental of New Jersey, Inc., Delta Dental of Connecticut, and affiliated companies. These companies are members, or affiliates of members, of the Delta Dental Plans Association.
Brokers have two ways to qualify for the persistency bonus. Either:
Fully Insured Group Commercial Persistency Bonus: Broker
Persistency Bonus Level | Persistency 92% - 93.9% | Persistency 94% - 95.9% | Persistency 96% + |
---|---|---|---|
Level 1 Bonus | 0.10% | 0.25% | 0.50% |
Level 2 Bonus | 0.20% | 0.45% | 0.75% |
Level 3 Bonus | 0.25% | 0.50% | 1.00% |
What else should brokers know?
Sample Bonus Calculations:
Fully Insured Group Commercial Sales Bonus: Broker | Fully Insured Group Commercial Persistency Bonus: Broker | ||
---|---|---|---|
New Policies Sold | 5 | New Sales Reached | New Sales Bonus Level 1 |
New Annual Premium | $45,623.55 | Annual Premium | $452,836.24 |
New Sales Bonus Level 1 | 2.00% bonus | Persistency Rate 94.78% | 0.25% bonus |
Bonus Paid | $912.47 | Bonus Paid | $1,132.09 |
OR
Fully Insured Group Commercial Sales Bonus: Broker | Fully Insured Group Commercial Persistency Bonus: Broker | ||
---|---|---|---|
New Policies Sold | 2 | New Sales Reached | N/A |
New Annual Premium | $365,246.08 | Annual Premium | $10,358,952.71 |
New Sales Bonus Level 1 | 2.00% bonus | Persistency Rate 93.52% | 0.10% bonus |
Bonus Paid | $7,304.92 | Bonus Paid | $10,358.95 |
Thank you for your partnership with Delta Dental. For more information about our plans and this program, contact your Delta Dental account executive, or our Sales Department: sales@deltadentalct.com; 844-335-8228.