High scoring candidates are twice as likely to be top producers
WINDSOR, Conn., Sept. 27, 2022 — A year ago, LIMRA launched its RightChoice System, a new customizable approach to assessing sales candidates, improving the experience of candidates and hiring managers.
New data analysis of RightChoice assessments conducted over the past year finds candidates who achieved high scores were 1.5 times more successful, and more than twice as likely to be a top producer (i.e., in the top 25%).
Retention rates for high-scoring producers were significantly greater than those who tested poorly. Fifty-two percent of candidates who had high scores in the RightChoice assessment tool remain under contract after one year, compared with just 29% of those who scored low. This represents a 79% higher retention rate for those who excelled on the assessment.
“LIMRA has been offering state-of-the-art assessment testing for more than 80 years,” said Sarah Sears, assistant vice president, Product Innovation & Development, LIMRA and LOMA Talent Solutions. “In today’s market, we recognized the need to allow companies to customize their assessment program to align with their sales culture and examine multiple dimensions of a candidate. Not only has RightChoice provided that flexibility but our analysis shows it enabled companies to successfully identify the best sales candidates in an extremely challenging job market.”
The RightChoice System improves the candidate and hiring manager experience by providing more visual and streamlined reporting. Candidates can receive personalized reports that detail their strengths and opportunities for career growth. Hiring managers receive straightforward results that they can easily interpret to make informed decisions based on the proven predictability they have come to expect from LIMRA assessment solutions.
For more than 100 years, LIMRA and LOMA have developed cost-efficient, industry-standard solutions like anti-money laundering training and the Customer Assurance Program to help financial services companies address common business challenges. RightChoice joins the suite of offerings to help member companies achieve their business goals.
Currently, the RightChoice System is available in the United States and Canada.
For more information on the assessment system, please visit: https://www.limra.com/rightchoice.
Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections, and solutions to help more than 700 financial services member organizations navigate change with confidence. Visit LIMRA at www.limra.com.
Established in 1924, LOMA helps to advance the financial services industry by empowering more than 700 financial services companies navigate change with confidence. Visit LOMA at www.loma.org.