Carrier Reps - I FIGURED IT OUT!!!

[FL P&C Broker]

If my home premiums were that much I would be a millionaire (not kidding.)

Your average commission is 15% on new business for home?

 

[Derrick]

Your average commission is 15% on new business for home?

In MI, through A-O, I get 15/14 for auto, 17/16 for home monoline. That jumps to 17/16 and 19/18 respectively if I get both home and auto.

On top of that, good loss ratios also means absolutely fat bonus checks.

 

[insurance1822]

producers don't get fat bonus checks.

 

[Derrick]

Well, I do, so that's not always true.

Got a ~$9K check FY2015 this past March, depending on the winter this year, I'm hoping to double that depending on how the agency does as a whole as well.

 

[insurance1822]

if you assign "fat bonus check" to 9k that's proof positive of the difference between producer & agency owner.

 

[Derrick]

if you assign "fat bonus check" to 9k that's proof positive of the difference between producer & agency owner.

I agree. I have something in the works over the next few years. I need at least 1 more year to get with the (preferred) carriers I need as well as the cluster that I want to join.

Unfortunately, buying a house has set me back a little bit but I do have things in the works.

Any advice or words of wisdom is much appreciated.

 

[marksinsurance]

15% on a homeowners & auto is not the norm anymore, its on the high side.

insurance1822 - your agency must have one heckuva book and appointment deal.

 

[robtmccarthy]

OK - I have FINALLY figured out the rep's only weapon & their one main tactic that is difficult to overcome...but I'm working on it. Their weapon is always "It sounds like we need to do some training & get together..how about next Tuesday" No-matter what the brevity of my question is when I call 1x per 3 years..it's their potential shot at me.

With all the carriers we have, and different carrier websites, and different carrier's organizing rules/rates/manuals in different fashions on their websites, and different UW guidelines that are changing etc...there will inevitably come a time where it's easier to email or call a rep opposed to fumbling through their website etc. It's a quick 40 second phone call that I may need to make 1 time per 3 years w/ each rep.

Yet inevitably, like a blood thirst crack addict it's their one chance to try & pin me down to steal my time from me. So here's my tool...

when said worthless suit answers phone I toggle the ringer button on my office phone so it appears my phone is actively ringing (and I turn up the volume too.) When they answer, my 1st words are me pretending that I'm talking to somebody on the other line and I quick say "hold on I'll be right with you.." then I say to rep "hey shitface it's Insurance1822, real quick...{insert question} and keep hitting the ringer button.

Been working like a charm. I hate carrier reps you're all worthless.

PRINTING THIS AND SAVING IT! I agree with you 100% calling carrier reps sucks so bad!

 

[indienoise]

if you assign "fat bonus check" to 9k that's proof positive of the difference between producer & agency owner.

or established agency vs. new agency. I'd love a 9k bonus check.