Commission Splits

[grincholis]

What are the commission splits for the following? Are they negotiable? Are there abnormal decreases on renewals, relative to direct appointment? Thanks.

SIAA
Smart Choice
Iroquois Great Lakes
Superior Access
Insurance Noodle

 

[saieddie]

If you can get a direct appointment, I'd go that route. If you can't, the commission you give up to them is more than fair to be able to write the business.

 

[MedMalAgent]

What are the commission splits for the following? Are they negotiable? Are there abnormal decreases on renewals, relative to direct appointment? Thanks.

SIAA
Smart Choice
Iroquois Great Lakes
Superior Access
Insurance Noodle

I have information on each one if you would like it. If you take the time to look at each site they do have it posted except for the SIAA. With Great Lakes it is different with each carrier but it is pretty high. They get up to 20% on new business with some carriers and the splits start out at 70/30 which is pretty good. With volume the split can go up to 90/10 which means you are getting 18% commission on new business. That is more than a small agency may get directly from the carrier.

 

[Billy T]

Would you recomend working from a small agency being captive to learn the ropes before you would go to some of the company's you have named.

 

[xrac]

Would you recomend working from a small agency being captive to learn the ropes before you would go to some of the company's you have named.

Definitely! Find somewhere and someone you can learn the business from. A mentor is invaluable and will shorten the learning curve. Try to find some place that vests your renewals and that will give you a release when requested.

 

[saieddie]

If I had to do it over again, I'd goto work for a mid size independent agency that sold a variety of lines of business - auto/home/life/health/commercial. I'd ask for a contract that paid fyc and renewals, and would give you the option of purchasing your personally generated customers, so you would have a base when you start you're own agency.

 

[OCNobel]

I definitely agree with xrac, I went the split route here in southern California with a relationship first with WIAA and then Iroquois. Neither were paid enough to build my agency and pay for marketing, agents, etc. If this is a hobby you might be ok with a SIAA, WIAA, etc. but even then you may be wasting your time if you do not have a strong marketing plan. You can follow my blog as I discuss how fun this soft market is and trying to find prospects.
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