Geico Direct
- Thread starter b61mack
- Start date
- 415
I wouldn't even ride in a car that was insured by GEICO...if I am ever hit by a GEICO insured I will lay on the ground act like I am dead until the police and ambulance gets there. I am biased as a IA of other carriers but I think they are horrible from what I have seen over the years. I also know a few attorneys that say they are in the deny deny deny the claim business.
I would take a bullet before I represented Geico and that is being nice.
I would take a bullet before I represented Geico and that is being nice.
- 561
Concur....they are always a PITA when one of their "insureds" runs into one of mine. Their commercials even suck!
- 11,997
I had one claim with Geico on a totaled car and they were fantastic.
- 414
I wonder how their comp plan works, no way in hell they own their book of business I bet. I have no beef with GEICO really I know a few people that work at the HQ. The underwriters are decent people.
- 415
I remembered this post...
So anyway got talking to a TSM for a company and he told me he stopped by one of these Geico agencies to talk to the guy who owned it and just asked him about his contract. the guybtold him he was a independent agent...my TSM asked so you can have appointments with other companies? He said well no...my TSM said well than you are captive not a independent then.
Get this... He pays ALL expenses...10% cxm on what he issues. And he gets renewals for only 3 years! That's it...my TSM said why would you do it...the guy said it's a pretty good deal isn't it? GEICO WANTS us to keep producing! What a F___ ***! I can not believe anyone would even do that...but my TSM did say that the guys office was busy...I said I guess it better stay busy...
- 322
FOREVER...literally till the end of your days
wonder how this stacks up to the 8% of SF and now ALLSTATE at 8%
There is a number of production that if the Geico agent is able to hit on a yearly basis on the sheer fact alone of Geico's growth and agressive pricing and advertising strategy that one could make the argument may be better than some of the other captive opportunities.
Who the hell knows though, being captive sucks.
I hope I'm going to love the IA world as much as they say it rocks
havent heard someone say that went independant, I wish I could go back to being captive...- 1,076
It is a bad deal for an insurance agent... but that guy probably wasn't an insurance agent before he signed up for that deal. I am sure he does OK... probably even clears 6 figures but he will be on the hampster wheel for his entire career and will never have anything of value to sell at the end. He bought himself a high stress job that pays fairly well... which isn't that much different from any captive agent contract available these days.
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Geico..........I just threw up in my mouth.....
I know someone who owns a Geico agency and your right it is a hamster wheel business plan, but his agency consistently writes over 600 policies a month!!!!!! His gross revenue is incredible because of all of his local marketing and Geico's national branding ad campaign. Problem is his 22 person staff office has to keep working hard to keep up that revenue stream.
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