HELP...Need Guidance

[golfstud]

Hi and thanks for taking the time to read. I just recently received my license to sell P&C in CA. I work for a Farmers Agent and not exactly sure what my next move is. What is acceptable for commissions while working for him and under his E&O? What is my next step with selling insurance as a career? I feel like I need a mentor that can help me find the right path for me and get me started and create some short, mid and long term goals for myself.

Thanks for any and all help you can give me!

 

[JimmyUt]

Hi and thanks for taking the time to read. I just recently received my license to sell P&C in CA. I work for a Farmers Agent and not exactly sure what my next move is. What is acceptable for commissions while working for him and under his E&O? What is my next step with selling insurance as a career? I feel like I need a mentor that can help me find the right path for me and get me started and create some short, mid and long term goals for myself.

Thanks for any and all help you can give me!

The best thing you can do is use the search function on the forum. There are lots of posts under the P&C section. You will find answers to all your questions including pay splits, mentors etc. There may be some guys on here looking for producers as well.

 

[golfstud]

I'm thinking of proposing this to my boss, please give me your thoughts.

go to a base + commission
32 hrs a week for my base and servicing all the clients
$1500 net salary for my base
any new business i bring in and sell i get 80% of the commission my boss gets the other 20%. any business that walks through the door during my hours of servcing the customers he gets 100% of the commission.

what are some other options?
for you business owners, how do you pay your producers?

 

[Mark]

I'm thinking of proposing this to my boss, please give me your thoughts.

go to a base + commission
32 hrs a week for my base and servicing all the clients
$1500 net salary for my base
any new business i bring in and sell i get 80% of the commission my boss gets the other 20%. any business that walks through the door during my hours of servcing the customers he gets 100% of the commission.

what are some other options?
for you business owners, how do you pay your producers?

You want him to give you a base and only get 20% override off your new business?

What is he offering you now?
Do you have a current deal with him?

I"m sure if you help him bring in more money and grow the business anybody would work you up a good deal. It all depends on you.

Wait until you can show him results you have already made, before you hit him up for anything.

 

[golfstud]

i just got my license...right now i'm working 42 hours a week servicing all his customers and my monthly check is $1700 net...i'm not trying to take advantage of him. We are meeting next week to get something in place. I'm trying to come up with something that works for both of us. I actually have no clue as to whats fair, whats standard in the insurance business, hence me seeking help from all you professionals in this business.

 

[no prospects]

Subscribing.....

 

[Josh]

Forget the net amount, what are you getting paid gross?

Your idea of splitting time between service for him and then working for yourself might sound good on paper, but in application that usually fails in a major way. If you want to be getting a bigger commission then you should probably keep things right where they are and talk about getting a commission split on stuff you bring in the door.

In application, paying you a base lower than what you're paid now and giving you incentives based on production works well. As far as the exact numbers to, there are no "industry standards" because each situation can vary so much.

If you want to continue to have a job, you probably should be content with where you're at in exchange for learning. If you're netting $1700/month I'm going to guess you're at around $10/hr and for a CSR, that's about right. Again, if you want to be making more money you should probably look at transitioning to more of a sales scenario and maybe you keep things the way they are and then ask for 80% of FYC (which is actually very high if you have a base. Hell, even if you don't that's typically pretty high).

Were I in your situation I would consider proposing the following:

-Keep base at or around what it is
-Work out commission structure on business you bring in the door (maybe 50% of the commission)
-Take your evenings and weekends to start prospecting
-Commit to sticking around for at least a year

 

[DiegoInsGuy]

i just got my license...right now i'm working 42 hours a week servicing all his customers and my monthly check is $1700 net...i'm not trying to take advantage of him. We are meeting next week to get something in place. I'm trying to come up with something that works for both of us. I actually have no clue as to whats fair, whats standard in the insurance business, hence me seeking help from all you professionals in this business.

It really depends on how much service work there is and it depends how much new business you are actually bringing in on your own,not walk in the door stuff.

Remember the more base you go after the less in commissions you'll be able to ask for. Are you looking to be more of a producer for him, or more of a CSR?

If you are looking to be more of the producer type then maybe asking for renewal c'mish could become part of the deal. That's where it really gets fun in this business.

 

[golfstud]

I am getting paid $12/hr. I've been his CSR the past year and we're transitioning me into more sales but also servicing his clients. I'm hoping in the 32 hours I work for him I can service all his clients approximately 1600 policies.

I don't want to come to this meeting unprepared and I don't want to ask for something that is just outrageous and asanine. I'm hoping that what I ask for and what he offers are very close.

If I bring in new customers, what is customary for a producer to receive? is it just part of the commission and not the renewal of the commission or would i get part of the renewal also?

 

[DiegoInsGuy]

I get 75% new business that I bring in 25% for anything that calls and/or that I re-write from 1 company to another. And a small base. I do no sevice work and get health benefits and cell phone paid for. Not a bad deal.

This gives you an idea of what is out there. I am taking my opportunity to learn the business. I recieve no renewals and I only do personal lines, commercial auto, and Term life.