Is this a Fair Commission Split for a Insurance Agent?

[AndrewT1993]

This is for Brightway Insurance in Florida.

The owner/broker is currently personally training me. But the commission split is a little troubling to me.

He told me that for every $600 of policy I sell I get a commission split of about $50. The company then takes half which leaves me with $25. Then the broker takes a split of half which would leave me with $12.50. Is making $12.50 per $600 policy sold too low? Or is it just right?

Please help me out. Thank you in advance.

 

[TC004]

I am definitely assuming that you have a salary then, correct?

 

[AndrewT1993]

I am definitely assuming that you have a salary then, correct?

No salary or base pay whatsoever. It is purely 100% commission pay.

 

[TC004]

So essentially you are making $12.50 per $600 policy? How many policies do you sell a day? Roughly

 

[STIBROKER]

No salary or base pay whatsoever. It is purely 100% commission pay.

http://www.insurance-forums.net/forum/p-c-insurance-forum/brightway-associate-agency-t27755.html

 

[AndrewT1993]

So essentially you are making $12.50 per $600 policy? How many policies do you sell a day? Roughly

The Owner says that I should be doing about $1,000,000 in policies a year so roughly four a day.

 

[pcbinsurance]

4 a day (like the one you mentioned) will give you a whopping 50 bucks a day which is absurd.

 

[TC004]

That's what I was thinking...

 

[AndrewT1993]

4 a day (like the one you mentioned) will give you a whopping 50 bucks a day which is absurd.

Do you think I should run and not look back? Do you believe the owner is giving me a bunch of bull?

The only reasons I am staying at this location for the time being is that he is giving me hands on training while I get licensed and he has guaranteed me a job upon becoming licensed.

 

[TC004]

I would run to another insurance location near you....Sounds like you have a passion for the business, but I believe he is snowing you...Go somewhere that is more well known and you can do research on.