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TDsngumbo
USA Fan
TDsngumbo (R)
Member since Oct 2011
12415 posts

re: Do sales producers at independent insurance agencies typically earn residuals of some type
I hate commercial and specialize in personal lines P&C and L&H.


BamaCoaster
LSU Fan
God's Gulf
Member since Apr 2016
1651 posts

re: Do sales producers at independent insurance agencies typically earn residuals of some type
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.


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Tiger Prawn
LSU Fan
Member since Dec 2016
10424 posts

re: Do sales producers at independent insurance agencies typically earn residuals of some type
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


TDsngumbo
USA Fan
TDsngumbo (R)
Member since Oct 2011
12415 posts

re: Do sales producers at independent insurance agencies typically earn residuals of some type
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.


Tiger Prawn
LSU Fan
Member since Dec 2016
10424 posts

re: Do sales producers at independent insurance agencies typically earn residuals of some type
No problem.

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.



TDsngumbo
USA Fan
TDsngumbo (R)
Member since Oct 2011
12415 posts

re: Do sales producers at independent insurance agencies typically earn residuals of some type
Thanks


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nugget
LSU Fan
Member since Dec 2009
6970 posts

re: Do sales producers at independent insurance agencies typically earn residuals of some type
quote:

I hate commercial


Captive is probably your best bet if this is true. Money is made on the commercial side for independents.


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snatchola
LSU Fan
Baton Rouge
Member since Nov 2007
983 posts

re: Do sales producers at independent insurance agencies typically earn residuals of some type
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.



Chad504boy
New Orleans Saints Fan
Member since Feb 2005
128221 posts

re: Do sales producers at independent insurance agencies typically earn residuals of some type
Agency names rhymes with plumburg?


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yellowfin
Chicago Cubs Fan
Coastal Bar
Member since May 2006
91166 posts

re: Do sales producers at independent insurance agencies typically earn residuals of some type
Do they get s salary and this? What would the salary be for someone with little to no experience?


GeorgeQGlass
Texas Fan
Austin
Member since Oct 2017
234 posts

re: Do sales producers at independent insurance agencies typically earn residuals of some type
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).


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21
snatchola
LSU Fan
Baton Rouge
Member since Nov 2007
983 posts

re: Do sales producers at independent insurance agencies typically earn residuals of some type
Long term, there is no salary. 100% commission. There could be a small “guarantee” to get you going.


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Slickback
New Orleans Pelicans Fan
Deer Stand
Member since Mar 2008
27076 posts

re: Do sales producers at independent insurance agencies typically earn residuals of some type
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.


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I B Freeman
Member since Oct 2009
18993 posts

re: Do sales producers at independent insurance agencies typically earn residuals of some type
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.
This post was edited on 1/14 at 11:26 am


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