Help and Advice Please

[Neil B]

Hi Everyone,

I am fairly new to the Insurance Business (3 years), If anyone can point me to some advice or Help, It would be much appreciated.

I am Running a Small Family Run Agency, We sell Health,Ancillary ,Employee Benefits.
We have been in Business for over 30 years, We have a couple of large Acc for Ancillary products through State,Gov employees.
I am looking at Growing Small/Mid Group Market I am currently the only Producer and Would Like to Hire another Producer to purely concentrate on this. We have support staff in place to support and a good brand Marketing Campaign.We are in Southern CA.

My Questions
1. Best way to do this?
2.Commission Splits? (On Average)
3.What Should I be supporting and Paying for and not? (Ie Vehicle expenses etc)
4. The best way to find a Producer? (Ie traditional methods ads etc)
5. We would prefer an already established Producer (We could purchase his/her current book)

Thanks in advance, I hope this is the right forum.
Neil

 

[Brian Anderson]

As for #2 on commission splits, there are a ton of threads that have a lot of insight and examples of what's being done. I'd recommend you simply enter "commission splits" in the search box at the upper right, and you'll find lots of info.

Can anybody chime in on what types of the new producer's expenses should or shouldn't be covered by the agency? (E&O, leads, mileage, etc)

 

[DHK]

http://www.insurance-forums.net/for...ling-insurance/help-advice-please-t82413.html

http://www.insurance-forums.net/for...ng-insurance/tips-hiring-producer-t82497.html

If you search for commission splits, make sure you are looking in the right sub-forums. A 50/50 split or the MDRT 5 20's (that apply for annuities and individual life insurance) may not be appropriate if you are paying a salary, benefits, and other business expenses.