ASKING FOR RAISE

[caliWCguy]

Very new to this forum, but happy I found it! Can anyone assist me with getting an idea of a raise I am considering requesting at the agency I work at.

Replies are appreciated from brokers in the field for at least 20 years experience, preferably in CA. specializing in W/C G/L, Commercial Auto/Trucking and those type of lines.

So,

I GET A PERCENTAGE OFF MY BOOK OF BIZ OBTAINED FOR THE CO, ROUGHLY AT 1.5M in TOTAL PREMIUM CURRENTLY, WITH AN AVG RETENTION RATE OF 4 YEARS.

THIS YEAR WAS MY BEST IN THE LAST 8, WELL OVER 500K IN NEW BIZ.

FOR NEW BIZ ATTAINED MOVING FORWARD? WHAT WOULD BE A FAIR % TO RECEIVE WHEN I'M GETTING A SLIGHTLY ABOVE AVERAGE BASE? ALSO WHAT WOULD BE A FAIR BASE?

Thank you for your feedback, it is appreciated.

 

[Allen Trent]

Very new to this forum, but happy I found it! Can anyone assist me with getting an idea of a raise I am considering requesting at the agency I work at.

Replies are appreciated from brokers in the field for at least 20 years experience, preferably in CA. specializing in W/C G/L, Commercial Auto/Trucking and those type of lines.

So,

I GET A PERCENTAGE OFF MY BOOK OF BIZ OBTAINED FOR THE CO, ROUGHLY AT 1.5M in TOTAL PREMIUM CURRENTLY, WITH AN AVG RETENTION RATE OF 4 YEARS.

THIS YEAR WAS MY BEST IN THE LAST 8, WELL OVER 500K IN NEW BIZ.

FOR NEW BIZ ATTAINED MOVING FORWARD? WHAT WOULD BE A FAIR % TO RECEIVE WHEN I'M GETTING A SLIGHTLY ABOVE AVERAGE BASE? ALSO WHAT WOULD BE A FAIR BASE?

Thank you for your feedback, it is appreciated.

do you pay any expenses or is CSR service work provided to the book. If you get nice base salary, benefits, CSR & no expenses, you may have a pretty good deal right now as those expenses being paid by the agency may be a lot more than you think including payroll taxes, etc

Also, if you are saying 4 yr retention, does that mean 25% of book cancels each year on average? If so, you are nearing the book flat lining at 1.5M as 375k will cancel at 25%. So, you either need to work on improving retention or work on writing more new business to not stall out at 1.5M