Farmers Insurance to Cut Commissions and Increase Bonus.

[VolAgent]

Re: Farmers Insurance to Cutt Commissions and Increase Bonus.

You're smarter then I was. I signed up & trusted what I was told by the SIAA rep & my contract has a whole different story to it. Was young, ignorant (still am) and I had blinders on just wanting contracts so I could shake the streets.

I went with SIAA. For the most part, the recruiter told the truth. It has been a bit rougher than I expected, but that is normal.

I have also found from other agents that Mountain Empire has one of the better contracts. There are a few changes that are very friendly to the agent.

I recall you once saying you pay like 60k a year to SIAA? I mentioned that to the recruiter and he was floored. Said you must be doing quite well, now that I see the numbers, I have to agree unless you are counting their portion of the bonuses.

 

[insurance1822]

Re: Farmers Insurance to Cutt Commissions and Increase Bonus.

I went with SIAA. For the most part, the recruiter told the truth. It has been a bit rougher than I expected, but that is normal.

I have also found from other agents that Mountain Empire has one of the better contracts. There are a few changes that are very friendly to the agent.

I recall you once saying you pay like 60k a year to SIAA? I mentioned that to the recruiter and he was floored. Said you must be doing quite well, now that I see the numbers, I have to agree unless you are counting their portion of the bonuses.

I was including their portion (30%) of the profit sharing which was big one year. For 2016 I got boned on profit sharing & I paid them like $35,000 per year in fees.

 

[VolAgent]

Re: Farmers Insurance to Cutt Commissions and Increase Bonus.

I was including their portion (30%) of the profit sharing which was big one year. For 2016 I got boned on profit sharing & I paid them like $35,000 per year in fees.

Still, that is quite a lot, particularly with the way the fee is calculated. You are definitely doing some premium to generate that kind of revenue.

 

[insurance1822]

Re: Farmers Insurance to Cutt Commissions and Increase Bonus.

I wrote 1.3MM in new premium last year alone. Maybe now you realize why I'm so jaded? 80 hour work weeks the last 3 weeks. I'm just spent.

 

[shawnmwalker]

Re: Farmers Insurance to Cutt Commissions and Increase Bonus.

VolAgent,

I would love to understand via a phone call how you got to a better place with the SIAA contract separation clause.....versus the PGI.....

 

[FL P&C Broker]

Re: Farmers Insurance to Cutt Commissions and Increase Bonus.

VolAgent,

I would love to understand via a phone call how you got to a better place with the SIAA contract separation clause.....versus the PGI.....

Why not put it out for the forum to see?

 

[insurance1822]

Re: Farmers Insurance to Cutt Commissions and Increase Bonus.

This is kinda fun! Shawn is getting some flack here! baaaaaahahaha YEAH SHAWN PUT IT OUT HERE TO SEE!

 

[VolAgent]

Re: Farmers Insurance to Cutt Commissions and Increase Bonus.

Why not put it out for the forum to see?

I told Shawn what my issues were with his contract. I did sign an NDA with them and I will respect it. Just as I did not tell him the particulars of the SIAA contract. If he wishes to share, that is his choice.

I will say, how he understood the exit clause and how I understand it when I read it to him are not the same. I do believe him when he said he will use the feedback in reviewing their contract.

 

[shawnmwalker]

Re: Farmers Insurance to Cutt Commissions and Increase Bonus.

Is this a "I'll show you mine, if you show me yours first" kind of scenarios?

 

[todd02]

Re: Farmers Insurance to Cutt Commissions and Increase Bonus.

Well that escalated quickly.