Commission Split with Broker

Aug 30, 2016

  1. InsuranceCyndi
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    InsuranceCyndi New Member

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    I was initially offered a 40% commission on my personal policies and 40% renewal and 40% on the agencies leads.
    I work from home and don't have an office with them. After searching the forums I know this is too low.

    What should I request as a commission on:

    My personal leads
    Renewals
    And the Agency's leads

    All help appreciated.
     
  2. indienoise
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    indienoise Guru

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    That may or may not be low.
    What is your monthly production?
    Are you personal lines or commercial?
    How much of your production is off agency leads vs. Your own efforts?
    What is your closing ratio for both?
    Of personal lines, is it package or monoline business? Preferred or nonstandard?
    What's your retention look like?
    What size is your book?
    What support is the agency offering you?
     
  3. RevRaf
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    RevRaf Expert

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    What he said. If you aren't buying your own leads you might be ok.
     
    RevRaf, Aug 31, 2016
    #3
  4. indienoise
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    indienoise Guru

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    Indeed. I have a producer who I will provide all the leads and opportunities she can handle. No service work, only selling. She gets 50/25 on business written off the provided leads, and 75/25 on anything she produces on her own.

    But again, the other factors come into play as well. I would offer a better split to a proven, profitable producer.
     
  5. InsuranceCyndi
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    InsuranceCyndi New Member

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    I think the 75/25 on my own personal business is fair.
    What should I request on the commercial and personal lines I quote and sell for the agency?
    And what % on renewals for my policies and theirs?

    I work from home the agency does not provide and office for me.
    Thank you!
     
  6. Gulfman
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    Gulfman Guru

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    I have a question to ask both of you...who "owns" your/the b.o.b. that the agent produces?


    .
     
    Gulfman, Sep 12, 2016
    #6
  7. marindependent
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    marindependent Guru

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    No office and they only give you 40% ?
     
  8. indienoise
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    indienoise Guru

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    I own the book. The producer gets part time, work from home, leads provided, and can earn vesting.
     
  9. marksinsurance
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    marksinsurance Expert

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    You may work from home, but what software/support/sales tools do you use? And are they paid for by the agency?

    Also, does the agency provide any CSR support?
     
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