Key Findings from BDO’s 2024 Health Insurance Compensation Survey

This report presents the findings from BDO’s 2024 Health Insurance Sales Force Compensation Survey, which analyzes compensation levels, plan designs, and incentive practices for sales roles within the health insurance industry. The survey indicates a notable increase in pay levels for sales representatives from 2022 to 2023, particularly for new sales representatives focusing on Medicare Advantage, driven by the growing demand due to the aging U.S. population. The report details how total cash compensation (TCC) has risen, with junior representatives experiencing a 13.6% increase and senior representatives a 25.7% increase in TCC. It also outlines the influence of account size and product specialization on compensation, noting that representatives selling specialty products tend to earn more. The report emphasizes the importance of aligning sales compensation plans with company strategies and highlights the need for a balanced approach to avoid losing talent while managing costs effectively. The survey includes data from 1,900 positions across various health insurance organizations.