Hello all! I'm new here, so I apologize if I'm doing something incorrect. I've been a licensed producer for the last 18 years. I started this fresh out of high school when I was 18 and I've never done anything else. I've held two producer jobs - One in SC for 13 years with the same office in a small town (1.5mil agency) and one in MS for 5 years. I pretty much held the same position with both. I'm the Office Manager - I am licensed with all lines of business in SC. I handle most all new business that walks in the door, I field most of the phone calls, handle the payments, deposits and balancing. Basically, I take care of the office and my customers. My Agent is getting ready to retire and unfortunately, our company guidelines will not permit me to take over the agency. My Agent has always been stingy on the pay scale and I finally convinced him last year that I should be paid commission for business I write. Because of this, I'm quite sure that I'm not being paid what I'm actually worth, or at least in the same bracket as most people in my position. The advice I'm looking for is this: as experienced agents and producers, what would you pay someone with my experience and background - or what should I be asking for?
Determining my Employment Value / Wage / Salary...
- Thread starter inssc
- Start date
- 11,266
Two questions to consider:
1) How many new relationships have you brought to your agency?
2) How much and what type of premium are you cross-selling to existing clients? (P&C premiums are paid very differently from life insurance premiums.)
These are what need to happen in order to have a remote consideration of either taking over the office, getting a commission percentage increase, or looking at other opportunities where you want to go.
1) How many new relationships have you brought to your agency?
2) How much and what type of premium are you cross-selling to existing clients? (P&C premiums are paid very differently from life insurance premiums.)
These are what need to happen in order to have a remote consideration of either taking over the office, getting a commission percentage increase, or looking at other opportunities where you want to go.
- 29,464
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- #4
The majority of our business are walk in's - however the best way I can equate this is that while I was in M.S., my Agent nwp goals were 2 tiered. $100,000 and she was able to stay in her commission bracket; $175,000 and she was recognized and sent on a trip with the company. It was my job to make sure she got the trip, and I did. So I know that I am bringing at least $175,000 of NWP into this agency. Honestly, my current agent doesn't allow me to see the commission payouts for me to have an actual tally of what I write.
Cross Selling is a bit different. We do very little life and virtually 0 health policies out of this office. I do try to cross sell and I have written life policies but they are few and far between.
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1 Million Dollars; wouldn't that be nice?!? But that's probably reaching....
Cross Selling is a bit different. We do very little life and virtually 0 health policies out of this office. I do try to cross sell and I have written life policies but they are few and far between.
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1 Million Dollars; wouldn't that be nice?!? But that's probably reaching....
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- 1,481
1.5 m Agency paid at 12% Average Commission in 2017 = 180k in Income. Not too much bonus comp on a book that small....
How much of that pie are you getting? If you are the Beginning and The End in the office and the owner comes in once a week to check up on things. I hope you are getting a good chunk. If you are a Glorified CSR, well.....
I would ask for some transparency in the book keeping. But that takes some (Coffee is for Closers) Sales Gumption...Not sure you are that guy.
I would say, I want to buy the book. Screw the Employment agreement, show me the books. I want to see if I want to buy this thing!
How much of that pie are you getting? If you are the Beginning and The End in the office and the owner comes in once a week to check up on things. I hope you are getting a good chunk. If you are a Glorified CSR, well.....
I would ask for some transparency in the book keeping. But that takes some (Coffee is for Closers) Sales Gumption...Not sure you are that guy.
I would say, I want to buy the book. Screw the Employment agreement, show me the books. I want to see if I want to buy this thing!
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I have the feeling the OP works for a captive agent and for whatever reason is not eligible to become an agent with that company. Could be wrong, just how it came across to me in the first post.
- 11,995
Just to be candid, if all you're doing is handling walk-in stuff and doing a bad job cross-selling, you're easily replaceable and so the wage would be a lot less competitive.i wouldn't show you my statements; that's not your concern.
If you started generating your own business and/or learned to cross-sell then that would drastically change the dialogue. If I owned the agency I would be looking to replace you with someone that could do that.
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- #9
I'm not getting much at all. My agent comes in two or three times a week for about 4-5 hours to get out of his house. He is a Captive agent and our company is no longer accepting anyone as a new agent at this time.
I will talk to him about the books, however. Thank you.
I will talk to him about the books, however. Thank you.
- Thread starter
- #10
You are exactly right.
Thanks!
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Thank you. Most of our business is walk-in, however I do write new business that I have brought in. We live in a very small town. I'm not opposed to going to car dealerships and body shops and asking for referrals and calls. In fact, it's how I have always gotten quite a bit of my business. Unfortunately, this agent has nixed that and doesn't want it done.
Thanks!
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Thank you. Most of our business is walk-in, however I do write new business that I have brought in. We live in a very small town. I'm not opposed to going to car dealerships and body shops and asking for referrals and calls. In fact, it's how I have always gotten quite a bit of my business. Unfortunately, this agent has nixed that and doesn't want it done.
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