Fair Split?

[Full Throttle]

Serious question: I prospect for life insurance while going B2B. Not only that, I have a number of group accounts that are always asking me to take over their P&C portion and I politely tell them I'm not in that business. I must get at least 10 people a week that ask me if I handle business insurance from B2B alone. I say no and move on, seems like a waste.

If I were to collect the basic info to quote, qualify the lead, and then pass it off to an independent P&C producer to take it from there: present, underwrite it, implement, and most important, service it, what do you think a fair split would be? If I could build up a renewal stream over time and someone else services and handles the account, I wouldn't be opposed to idea.

 

[arnguy]

You should at the very least get a finder's fee from the P&C agent for each account.

 

[Full Throttle]

You should at the very least get a finder's fee from the P&C agent for each account.

On the group benefits side, I have about 5 licensed health/life licensed producers that either focus on the securities side or the P&C side that hand off their clients to me to help them with the group benefits. In return, we split the business 60/40 in my favor (we have a different schedule depending on the group size as I'm not going to split it 60/40 on a two man group). They do nothing else after turning over the lead to me.

I would potentially like to set something up similar. A one time finder fee doesn't get me excited, I'm a fan of residual income and this would simply be another stream.

 

[Jerbond]

To get the residual income, you would have to be licensed in Fire & Casualty. The "finders" fee is just that, a one time deal.

 

[Full Throttle]

To get the residual income, you would have to be licensed in Fire & Casualty. The "finders" fee is just that, a one time deal.

I understand that, I would be licensed if it was worth it.

 

[JCK818]

ask for 40-50% completly fair...

 

[briko3]

If you came to me, the most you would get with me doing all the work is 35%. That's with me doing all the service work for the life of the client. JMHO.

 

[JCK818]

I would have to say even 35% is fair

 

[passivesf]

I think thats fair, especially if you don't get 1099'ed.

 

[Frank Stastny]

I think you need to look at the amount of renewal you or the other agent would be receiving. Most life insurance is not noted for it's substantial amount of renewals.