Why Trips and Vacations -instead of Cash

[Charpress]

They can keep the trophies, pens, etc.

They can especially keep the wall plaques. Unless you're a captive, I think having awards from particular companies gives clients the impression that you push those companies.

"Mr. Jones, I think this policy from xyz company is the best fit for you."

"Yeah, I noticed on the wall you are a top producer with that company."

I'll stick with interesting artwork that get people to notice and ask questions. Good icebreaker. I have some good bronzes that about 25% of the people that come in ask about. I have stories about each one that really gets us off on the right foot.

 

[Crabcake Johnny]

I'll take both - cash bonuses and the trip - which has been my experience in this industry.

 

[Josh]

It's really just another way of motivating agents to make an extra push and give them a warm fuzzy about the plan. Like one person said, cold hard cash is just that, cold hard cash. Extra cash doesn't make the plan tangible. It's similar to an agent giving their clients a warm fuzzy by using welcome calls, holiday cards, annual review calls, thank you cards, etc so they'll stay with the agent even if it doesn't make financial sense because the rates went up, coverage is less, company got bad press, etc.
Even if agents don't spend 10 minutes listening to company propaganda, by sending an agent on a trip they get more "face time". Before, during and after the trip agents are thinking about their plans/products and it makes the carrier more tangible to the agent.

On a side not, insurance carriers aren't always really good at getting "deals" on trips, they usually pay noticeably more for them than an agent would on their own.

 

[Russ]

I won a trip years ago(back in the 80's), with Southern Life and Health. A trip to Acapulco, Mexico....best part of the trip was when a fellow agent and I went to check out some hookers that only needed a credit card. We left without doing anything.

Worst parts of the trip....every time we left the grounds of the high-rise motel we got hounded to buy this and that....the food sucked and when we got back to the states, half of our district wound up sick from drinking the water, including me. Talk about the runs. Some wound up in the hospital.

I'd rather take the money.

I won a bunch of plaques with that company. They all wound in the garbage. Show me the money!

 

[m2788]

But for the companies vacations/trips, I would never take the time off from work.

I can't remember what I did with the bonus money, but I can remember every trip that I have been on.

One company gave me 1000 dollars and 4 days and 3 nights and I got to pick my location for my trip.

 

[Charpress]

A common theme her is the wives.

Just ask them how they feel about a trip versus some cash.

They know darn well they may not see the cash, but a trip is a trip.

In my case, the solo trips I make to meetings have to be balanced with something. If I didn't qualify for an occasional award trip, then I would get a lot more flack at home.

 

[CHUMPS FROM OXFORD]

I always liked the P&C trips. They weren't as glitzy, but a lot of fun.

One trip was to Chicago (weekend trip) and we went to Second-City. Hilarious skits highlighted by this overweight guy that acted just like John Belushi. I think this was in the early 90s.

The guy's name was Chris Farley. I assume he followed in the footsteps of Belushi...in many ways.

 

[GreenSky]

I managed the insurance department at a credit union. I actually worked for an insurance agency who had a contract to provide a manager.

The contract ended and I was not able to negotiate a reasonable salary plus commission so I left after about 18 months. However by changing the auto insurance program the credit union qualified for a trip for two to England. The credit union was nice enough to give the trip to me even though I had left 4 months earlier.

The great thing about the trip (aside for the fact that the pound was only $1.19) was that since I was not an employee of the credit union, there was no 1099 issued. I guess the other great thing is that I learned to love English ales.

Rick

 

[moonlightandmargaritas]

A common theme her is the wives.

Reminded me of a funny story.

Maybe ten years ago, I took an insurance company trip with a girlfriend to Cancun. Leslie was very petite, a real cupcake, about 5'1" and 100 lbs. She was a very light drinker...

Spotted a guy in the lobby that I had worked with in another market coming back in after dinner one night with his wife, and invited him for a nightcap...

The four of us headed for one of the hotel bars, where my little light drinking cupcake Leslie proceeded to down five Grand Marniers (up). I warned her a couple of times, to no avail!

Ended up fireman's carrying her into the elevator and up to the room. Thank god she only weighed a hundred pounds...

 

[David C]

Why? Human nature. People really like to be recognized for a job well done.

A friend who, before retiring, was a big executive in the Meijer's chain said test after test showed people would prefer a plague, or some similiar recognition over cash.