Captive Team Member Compensation

[ahuff541]

Captive Agent Compensation

Hello,

I graduated college a little less than a year and have been working at a State Farm Office.

The previous agent left and the off is in a task period servicing the book until the new agent takes over. The new agent asked me to present them a compensation plan for myself? I will be the only team member with experience.

I know my work load will increase with assisting in training new employees and so fourth.

just looking for some possible ideas for a compensation scheme with base + commission / bonuses.

I am debating to apply for positions at LM or AAA because the pay does seem higher with possibly better experience. I do have aspirations to run my own agency but not sure if captive or indy is way to go.

Just new and looking for advice

 

[ahuff541]

Captive Producer Compensation

What I came up with was;

My employer has no current ins exp.

Base $16-20 hr ( I will be training all new employees and some csr work for the first few months until they understand the systems)
P&C - 3% prem or $20 a policy
Life - 20%
Disability & health - not sure yet

The office goal for auto's will most likely be 40-50 a month, 25 fire I'm guessing.

My personal goal would be 25 & 13.

Any other ideas for possible bonuses for increasing production? Have not proposed this to the agent yet. Does seem reasonable or could I shoot for more on anything?

 

[Chazm]

Just a little bit of info from my close friend who opened up a SF office in Feb of 2016.

He worked for SF for about 5 years and finally decided to go through the rigorous training and work to start his own SF office. His office location would be in Jax.

He asked me, since we were both single and no kids, if I wanted to join him in Jax and split rent at an apt to live so I moved on up from orlando.
An agent here in Jax passed away so they were splitting that guys biz to two new agents, one being my friend who had been with SF for 6-7 years and the other to a new agent that never had insurance sales experience.


Fast forward a year later and my friend hadls doubled that guys sales. He also just brought in a $50k bonus and I'm betting the other guy with no experience got zero.

The girl I'm dating right now actually came from working at the other guys SF office and she said it was a **** show. He has no idea how to really sell and/or lead a team to teach them how to sell insurance.

I'm telling you this because if it were me, I'd stay away from the new agent who never had Insurance experience. It might not be the same but I wouldn't risk it.

I'd start at $40k salary plus bonuses/commissions. That's if you really want to stay.

 

[ahuff541]

Thank you so much, that is super helpful!

I originally took the position in the past because I was 'sold' the possibility of having my own office after a few years. After reading on here and working in an office for a year, and just the life products, I know I'd much rather go Indy in the later future.

I've been debating to stick this opportunity out or try to find a local indy office.