Let's Hear About Your Whale

Discussion in 'P&C Insurance Forum' started by Arnage150, Feb 2, 2016.

  1. GXR2
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    GXR2 Super Genius

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    ^^ .. So kowing that you need as much $ left to keep the lights on, pay you and your partners comfortable saleries (and grow your partner saleries), provide to empoyees generous health insurance, 401k match @ .50 on the dollar, provide a pension plan, provide as many free, warm leads as needed, pay employee travel expense, pay for as much training/education as desired, pay for additional office space for them ( assuming your shop doesn't wish to be stagnant in the same location), and pay people who aren't producing like your own in-house IT staff, in-house legal council, huge customer dept to take some servicing weight off your producers ... Knowing all that if you hired non-partner producers, what splits would you pay them?

    I don't think, no I KNOW, you're still very naieve to know the real answer.

    It takes more than you think to run a successful LARGE well respeced organization. More than an insignificant little two man shop.

    I agree that being your own boss is the way to make more money, and more headaches. When I move on to greener pastures, it will either be as my own boss, or medium agency with less overhead and better splits.

    Yes, I know I could do better as I'm very talented and smart, but beyond that what I dislike the most in personal lines are the customers it attracts. They can be highly disrespectful, and abusive, and unstable. The most I have ever seen in my sales career.
     
    Last edited: Feb 4, 2016
  2. Matt37
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    Matt37 Super Genius

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    After working at AON for 2 years and going after nothing but whales (their minimum premium was $20k in revenue so about $200k in premium) .. I did work on smaller stuff but anything under $50-$60k in premium and you would not get an AON agent to leave his office.

    I like the mid market stuff now... doesn't hurt as much when it walks.

    build you book with mid market stuff that sticks and you are good to go.

    I remember I wrote the Goodwill of South Florida... think it was like $80k in agency revnue..so like an $800k account premium wise, got BOR'd from me by a friend of someone on their board.
     
  3. Arnage150
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    Arnage150 Guru

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    Just out of curiosity what was the commission split with AON? I always heard the big houses don't give you much.

    Agreed. Middle market is much more stable. I think the sweet spot in 25,000-100,000 in premium. The big dogs dont go after it, you make money and they dont shop it every year.
     
  4. Matt37
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    Matt37 Super Genius

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    30 new/20 renewal.
     
  5. HCCIA
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    HCCIA Expert

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    As someone mentioned... Losing a few big whales hurts A LOT! My personal lines book is still and always will be my bread and butter. Guarantee many of your personal accounts own businesses. Start there and grow with them. Prove yourself in the commercial world and the doors will fly open for you. But never turn your back on the bread and butter that keeps your lights on and the boat fueled.
     
  6. Placementkid
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    Placementkid Expert

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    My whale was leaving a dying agency to place business for a bank owned agency, how's that?
     
  7. Scottyj
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    Those are pretty impressive. My largest is a metal erection contractor in California

    $96,500

    And second a sand and gravel hauler at $52,000

    Most of my accounts are in the $10k to $25k realm
     
  8. AZDave
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    AZDave Guru

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    Just renewed a garage door service contractor. 44 power units, gl, excess: $123,000. Last year he was at $35,000. Also renewed a steel contractor, $76,000 gl and auto. Last year they were at $23,000. WC is May and that should be tipping the $200k area.

    Gotta love growing with accounts.
     
  9. Matt37
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    Matt37 Super Genius

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    $35,000 for 44 power units??? sounds like something Erie would do.
     
  10. BigSteve
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    BigSteve Super Genius

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    That sounds like a bargain. What carrier is that with???
     
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