I'm Not Sure this is Fair..

[Accelerated]

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You're right..I apologize for breaking into your house and forcing you to reply to this thread. I was under the assumption that this was a great place to ask questions. I was initialy trying to find out what a fair split would be since I am new to the industry. The rest of my communication on this thread has been with people who offered help and clarity. Please feel free to move along.

I kind of agree with NorwayGuy, who you were amazingly rude to. Initially, the questions were good ones: "Is this a fair split, or is it close to industry standards?". That was a very good and reasonable question. Now, when you are confused about what specifically you would be getting paid, and the obvious person to discuss it with is the one doing the paying, you become very defensive and rude to those who point that out.

You may wish to work on that, or it will likely cost you a great deal in the long run. Insured's (and adjusters like myself) are generally pretty quick to point out the obvious, and if you cannot temper that reaction a bit, you will likely lose a lot of business that you could otherwise have easily kept.

 

[itsjustrachel]

I get your point..but, I have asked him and we will be sitting down to go over my contract soon. I wanted to be prepared for the discussion rather than wait until after the fact and ask what I "should" have done. I don't have a problem accepting advice or constructive criticism..it's the rudeness that got me. Honestly, my response was kind of mean and I probably shouldn't have responded at all.
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OP,

I feel for you. I'm in the same situation...trying to find a contract worth doing business with is just tough, especially in the P&C. I wish getting contracts in P&C was as easy as Life Insurance. Just wanted to drop in and wish you the best of luck and I hope you find what you are looking for.

Thanks, best of luck to you as well.

 

[Bertolinoins]

Our producers get no salary, 100% first year commission & guranteed 25% of the total renewal commssion paid to the agency. Renewal commission jumps to 30% of the total renewal commisssion upon writing 30 policies per month & 50% of the renewal commissions upon writing 40 policies per month (rolling 3 month average) No leads..they're on their own.

We're mainly a personal lines broker...w/ access to the best companies in our state.

We cover E&O, office space, printer, phones, computer etc & they have access to all our referral sources.

Starting out is tough...but you know that already.

Am I reading this right? You are paying 100% new and 50% renewal to top performers that close 40 policies a month?

 

[itsjustrachel]

Here is what we agreed upon...100% new business, 50% renewals, and I can keep my book of business with agreed upon conditions. He receives all service fees.

I also have a fully equipped office, supplies, training, and use of the CSR. I am a happy girl! Oh, and he sends me leads everyday. I am never leaving!

Thanks to everyone who helped this make sense to me, I really appreciate it.

 

[JosephWilson86]

Don't know if this helps but the farmer's agent I'm working for offered me 50% on new and 100% on renewals, but we settled on 70% for new and renewals.

I'm not getting any support outside of training and I have a high paying day job.

His dad who has been in the business for 30+ years said 50 on both sides is more fair to cover the cost of service work though.

 

[Norwayguy]

I get your point..but, I have asked him and we will be sitting down to go over my contract soon. I wanted to be prepared for the discussion rather than wait until after the fact and ask what I "should" have done. I don't have a problem accepting advice or constructive criticism..it's the rudeness that got me. Honestly, my response was kind of mean and I probably shouldn't have responded at all.
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Thanks, best of luck to you as well.

First don't worry about your response to me I am in sales and can handle it. In regards to what you should do in the future ( and forgive me I don't remember if you have started yet or not) but in the future before starting a position you should recieve a contract that spells all of this out and if you have questions you should first ask the person providing the contract to explain something. However the best thing is to have a lawyer read it if your confused. All these questions should be answered BEFORE said contract is signed.

 

[itsjustrachel]

First don't worry about your response to me I am in sales and can handle it. In regards to what you should do in the future ( and forgive me I don't remember if you have started yet or not) but in the future before starting a position you should recieve a contract that spells all of this out and if you have questions you should first ask the person providing the contract to explain something. However the best thing is to have a lawyer read it if your confused. All these questions should be answered BEFORE said contract is signed.

You are absolutely right. I did go in the first day and asked when we would be going over the contract. He said to give him about a week to put it together because he was in the middle of transferring a lot of clients...Also, he did not expect me to pass the exam on my first try (me either) so I started a little sooner than we both anticipated.

I appreciate your help and I hope that you'll still help me in the future because the contract is the least of my confusion. This is hard work to learn and a lot of information to take in at once. The courses you take to get licensed do not teach you anything you need to learn to write a policy or service a client. But..I love it!

 

[Accelerated]

I appreciate your help and I hope that you'll still help me in the future because the contract is the least of my confusion. This is hard work to learn and a lot of information to take in at once. The courses you take to get licensed do not teach you anything you need to learn to write a policy or service a client. But..I love it!

Haha, welcome to insurance. The license and getting your foot in the door is the easy part.