In response to the coronavirus pandemic, Travelers announced that it will accelerate commission payments to eligible agents and brokers.
In response to the coronavirus pandemic and the challenges presented to businesses both large and small, including their independent agency partners, Travelers announced that it will accelerate commission payments to its eligible agents and brokers.
The accelerated payment will be made in mid-April, according to a press release sent by Travelers to its agents and brokers. In total, Travelers is accelerating more than $100 million.
“As always, Travelers is ahead of the curve, recognizing that independent agents and brokers are entering the front lines of economic challenge, where their business clients are today,” says Bob Rusbuldt, Big “I” president & CEO. “Travelers has put together a bold plan in an expeditious manner to help their distribution force with an immediate and efficient capital infusion. Travelers chairman & CEO Alan Schnitzer and his executive team know the critical role their agents and brokers play in the marketplace, with consumers, and in the economy. I commend Travelers for their incredible leadership and partnership during this critical time in our nation.”
The program will provide a significant boost of cash flow to its distribution partners when they need it most. “As so many are facing a significant financial burden due to the COVID-19 pandemic, we want to show our agent and broker partners, many of whom are small business owners, our support at this challenging time,” says Alan Schnitzer, chairman and CEO of Travelers.
“Independent agents and brokers not only provide invaluable counsel and care to our customers but also play a critical role in the U.S. economy, and we are committed to standing by them,” Schnitzer adds.
As Big “I” members and their clients look for guidance in the days, weeks and months ahead, the Big “I” is making the most up-to-date information available and continuing to lobby on behalf of independent agents and their clients. To help Big “I” members prepare and respond to the coronavirus epidemic, the association created a resource page, which will be updated as the outbreak develops.
AnneMarie McPherson is IA news editor.