Agency with no incentives??

[Colie06]

Good day everyone. Alright so I am currently with 2 different agencies for whatever reason. Well at first because of the "shouldn't have all your eggs in one basket" way of thinking. But now that I think about it I wonder if it would be best to have all my contracts at 1 agency. I have1 in mind, but they never offer any incentives, like bonuses or trips.. I think that's rather odd..maybe not.

What does everyone look for when contracting with an agency?

 

[Todd King]

Good day everyone. Alright so I am currently with 2 different agencies for whatever reason. Well at first because of the "shouldn't have all your eggs in one basket" way of thinking. But now that I think about it I wonder if it would be best to have all my contracts at 1 agency. I have1 in mind, but they never offer any incentives, like bonuses or trips.. I think that's rather odd..maybe not.

What does everyone look for when contracting with an agency?

*Will they release upon request? (as long as you don't owe the insurance company any money)
*Are they responsive to emails and phone calls?
*What can they do to help you improve your bottom line?
*Do you get paid directly by the carrier? That's what you want. Otherwise you might as well say you are captive.
*Are you getting at least street level? (Street level set by the insurance company, not the agency/IMO).

Those are a few things you need to know.

On a side note, many of the trips given away for production are still charged to you via your 1099 at the end of the year. Agents think they are winning something when they are still actually paying for it in the end.

 

[Colie06]

*Will they release upon request? (as long as you don't owe the insurance company any money)
*Are they responsive to emails and phone calls?
*What can they do to help you improve your bottom line?
*Do you get paid directly by the carrier? That's what you want. Otherwise you might as well say you are captive.
*Are you getting at least street level? (Street level set by the insurance company, not the agency/IMO).

Those are a few things you need to know.

On a side note, many of the trips given away for production are still charged to you via your 1099 at the end of the year. Agents think they are winning something when they are still actually paying for it in the end.

Thank you for your reply. Yes they're helpful,responsive and give good commission. Yes I am paid directly by the carrier as well so that's good.
May I ask what street level means?

 

[pfg1]

To me, the # 1 concern is having a knowledgeable support team- across a variety of products/companies. Not a place that steers you only to what they get the best incentives on, or is the hot thing right now. Beyond that, for me, I'd rather see some marketing dollars or systems or tools, rather than trips.

 

[Colie06]

To me, the # 1 concern is having a knowledgeable support team- across a variety of products/companies. Not a place that steers you only to what they get the best incentives on, or is the hot thing right now. Beyond that, for me, I'd rather see some marketing dollars or systems or tools, rather than trips.

Totally agree, some tools, free website maybe. Good point

 

[Mark Squire]

I used to think getting paid a fair comp was #1, but honestly, I'd probably put it at #2 these days. #1 definitely has to be training/support/resources. It's so vitally important, especially to new agents.

Don't get me wrong, compensation is important. But really, what's 10-15 points going to do in the long run, when you can't even close a deal to begin with?

I've seen so many agents pissing and moaning about their comp level, when they're writing a paltry 2-3 apps a month. That's a difference of maybe $50 a week if you're 10-15% lower than you want to be. Either way, you're broke and out of the business.

Training, support, and having the resources in place for success, bar none, most important thing to look for in working with an agency.

 

[Colie06]

I totally agree, thank you