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Do sales producers at independent insurance agencies typically earn residuals of some type
Posted on 1/9/19 at 10:29 am
Posted on 1/9/19 at 10:29 am
Thanks for the answers, guys. I appreciate all your input.
This post was edited on 1/11/19 at 10:59 am
8
Posted on 1/9/19 at 10:34 am to TDsngumbo
I would imagine they get a cut of it, with the larger cut going to agency owner
Posted on 1/9/19 at 11:07 am to TDsngumbo
Typical for industry in LA is around 50% of new business and 25% renewals. Would be a miserable job if you didn't get renewals. And also make sure you get a portion of your "agency fee". That is where you make your money.
This post was edited on 1/9/19 at 11:08 am
Posted on 1/9/19 at 11:35 am to TDsngumbo
usual standard from my experience is 50% new 50% renewals. That's not to say its always this way and lots of agencies vary. also depends how you're obtaining your new business. Is this agency hand feeding business to write? are you on your own with marketing and cold calling and obtaining your own customers. Not all agencies have business just shaking off the trees that they are just handing over free business to write for them that they couldn't already handle.
Posted on 1/9/19 at 6:12 pm to TDsngumbo
Just curious as to why you want to switch from captive to independent?
My experience in seeing people make the transition from captive to independent doesn't go so well. I've seen more success with the opposite (independent to captive).
There's so much more to know; more coverages, more forms, all sorts of different carriers. It tends to be a shock at the increase of information.
In speaking with many underwriters whom I know that have past experience on the agnecy side, all have said the same thing - they didn't particularly enjoy the agency side and revert to carrier side just because they can focus on one product, two at most.
I do know some Boulder Captives focus on Auto, GL, and Comp, only.
Just curious why you're wanting to leave the captive setting?
My experience in seeing people make the transition from captive to independent doesn't go so well. I've seen more success with the opposite (independent to captive).
There's so much more to know; more coverages, more forms, all sorts of different carriers. It tends to be a shock at the increase of information.
In speaking with many underwriters whom I know that have past experience on the agnecy side, all have said the same thing - they didn't particularly enjoy the agency side and revert to carrier side just because they can focus on one product, two at most.
I do know some Boulder Captives focus on Auto, GL, and Comp, only.
Just curious why you're wanting to leave the captive setting?
Posted on 1/10/19 at 4:30 pm to TDsngumbo
We pay 50% new business and 50% renewals but producers are responsible for finding their own referral sources and leads and they handle their own service work.
ETA: we don’t charge agency fees
ETA: we don’t charge agency fees
This post was edited on 1/10/19 at 4:31 pm
Posted on 1/10/19 at 5:00 pm to TDsngumbo
My wife works in insurance. She gets a percentage. I don't know what it is off the top of my head.
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 1/11/19 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.
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