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re: Do sales producers at independent insurance agencies typically earn residuals of some type
Posted on 1/10/19 at 7:57 pm to Tiger Prawn
Posted on 1/10/19 at 7:57 pm to Tiger Prawn
I hate commercial and specialize in personal lines P&C and L&H.
Posted on 1/10/19 at 8:10 pm to TDsngumbo
I own an agency in AL.
I pay 75/70.
After two years....found its time to rework the structure.
Costs of doing business are increasing. Had a agent frick up a policy and the E&O increased 5x. FML.
I pay 75/70.
After two years....found its time to rework the structure.
Costs of doing business are increasing. Had a agent frick up a policy and the E&O increased 5x. FML.
Posted on 1/10/19 at 8:25 pm to TDsngumbo
quote:
I hate commercial and specialize in personal lines P&C
Sounds like me
If you’re applying around NOLA area, you can shoot me an email with your resume to tigerprawntd@yahoo.com. I can almost guarantee that Pops would at least be interested in talking with someone who has P&C experience, even if it was on the captive side
Posted on 1/10/19 at 8:51 pm to Tiger Prawn
Thank you but unfortunately NOLA is an hour away for me. I’m looking in the BR/Livingston areas right now. I have had two interviews so far but they were looking for more service roles and I want sales due to commission. Don’t mind servicing as long as I’m in sales too. I have another interview for a sales producer role but it’s with a very small independent agency. Fingers crossed but I don’t have high hopes for it.
Posted on 1/10/19 at 9:14 pm to TDsngumbo
No problem.
Small agency isn’t a bad thing. Important thing (besides commission structure they offer) is going to be how many homeowner carriers they have contracts with and which carriers it is.
Good luck.
quote:
I have another interview for a sales producer role but it’s with a very small independent agency. Fingers crossed but I don’t have high hopes for it.
Small agency isn’t a bad thing. Important thing (besides commission structure they offer) is going to be how many homeowner carriers they have contracts with and which carriers it is.
Good luck.
Posted on 1/10/19 at 9:58 pm to TDsngumbo
quote:
I hate commercial
Captive is probably your best bet if this is true. Money is made on the commercial side for independents.
Posted on 1/10/19 at 10:08 pm to TDsngumbo
Specifically what role did you hold for the captives that you’ve worked for? And, how do you plan to build a book of business working at an independent agency?
To answer your question from your original post, I pay my producers on new business and renewals. The split is different for each producer, mostly based on their experience and qualifications. But a 50/50 split is not uncommon.
To answer your question from your original post, I pay my producers on new business and renewals. The split is different for each producer, mostly based on their experience and qualifications. But a 50/50 split is not uncommon.
Posted on 1/10/19 at 10:08 pm to TDsngumbo
Agency names rhymes with plumburg?
Posted on 1/11/19 at 4:47 am to snatchola
Do they get s salary and this? What would the salary be for someone with little to no experience?
Posted on 1/11/19 at 8:19 am to nugget
quote:
Captive is probably your best bet if this is true. Money is made on the commercial side for independents
Agreed.
I noticed my question never got answered. Why would you want to move from a captive to a retail agency... especially, if the agency focuses on commercial?
Also, what kind of agency fee could you possibly charge in personal lines?
I've come across some collegues charging upwards of $80k in risk management fees.
The revenue stream is most definitely on the commercial side. Perhaps there is money to be made on personal, but it's nowhere in the ballpark of commercial.
You just can't make that much based on rates for a personal auto and home. Your best client would be a home, boat, auto, and a jewelry floater for ole Gertrude's pearls.
A medium-sized ready-mix concrete operation would generate four times that personal lines commission in just one term for their program (property, equipment, gen. Liability, work comp, business auto, umbrella).
Posted on 1/11/19 at 4:53 pm to yellowfin
Long term, there is no salary. 100% commission. There could be a small “guarantee” to get you going.
Posted on 1/11/19 at 5:04 pm to TDsngumbo
Everybody is different and i wouldn’t say there is a standard. I’ve been around the industry for a while and have seen every type of comp plan out there.
I don’t pay residuals, but pay a higher salary. For the right producer, I would consider residuals.
I don’t pay residuals, but pay a higher salary. For the right producer, I would consider residuals.
Posted on 1/14/19 at 11:25 am to Buck Dancer
I am curious as to what cut the agency (salesman and all) get on big premiums. Say a business has $250K+ in combined P&C and workers comp premiums, what kind of cut do you think the agency gets?
How much can the agency cut the premium to match a competing agency?
I hate what seems to be the industry norm that the first agency to a market get dibs. I would like to see two agency quote the exact same policy but I never do.
How much can the agency cut the premium to match a competing agency?
I hate what seems to be the industry norm that the first agency to a market get dibs. I would like to see two agency quote the exact same policy but I never do.
This post was edited on 1/14/19 at 11:26 am
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