Looking for Advice: Liberty Mutual Vs. Farmers Agent

[b61mack]

If my memory is correct, Liberty Mutual pays 75 % the first year. 1-2% on renewals.

 

[nyc2phi]

first year is 100% I believe. Renewals are 1% and below.

 

[VolAgent]

first year is 100% I believe. Renewals are 1% and below.

Am I correct in assuming that service is probably a foreign concept to most LM agents? I know some will anyway, but it seems financially sell'em and forget'em is the order of the day.

 

[nyc2phi]

Am I correct in assuming that service is probably a foreign concept to most LM agents? I know some will anyway, but it seems financially sell'em and forget'em is the order of the day.

Sort of, I personally stay in touch with all my policyholders or atleast try to.

But yes we are evaluated on a weekly basis by something called a per cap (how many policies you put up per week). They take and average of how many policys you put up per week divided by 52, something along those lines. The more consistant and more policies you put up the higher your per cap/ pay/ bonuses are.

What were you referring to as foreign for LM agents?

 

[VolAgent]

Sort of, I personally stay in touch with all my policyholders or atleast try to.

But yes we are evaluated on a weekly basis by something called a per cap (how many policies you put up per week). They take and average of how many policys you put up per week divided by 52, something along those lines. The more consistant and more policies you put up the higher your per cap/ pay/ bonuses are.

What were you referring to as foreign for LM agents?

Service work.

If I get 100% FYC and 1% renewal, financially I am being told to sell new business and forget about existing business. Financially, the company is discouraging me from servicing my existing book.

Now, it is good that you service your clients. We should all do that, but the company has set up a pay plan that would discourage it. Unless your bonus also takes into account retention.

I'm not trying to bash LM. I have my auto with them through one of their alumni programs. Great rate and so far I haven't had to test it out. I'm just saying, they are rewarding new business over retaining old business.

 

[nyc2phi]

Service work.

If I get 100% FYC and 1% renewal, financially I am being told to sell new business and forget about existing business. Financially, the company is discouraging me from servicing my existing book.

Now, it is good that you service your clients. We should all do that, but the company has set up a pay plan that would discourage it. Unless your bonus also takes into account retention.

I'm not trying to bash LM. I have my auto with them through one of their alumni programs. Great rate and so far I haven't had to test it out. I'm just saying, they are rewarding new business over retaining old business.

Absolutely. No service work is really required of us. New business is a constant focus.

 

[VolAgent]

It is good they are realistic about it. Too many companies would expect you to service as well.

 

[Sales71]

Are you guys in an office like a call center. When the prospect calls for quote you get the lead and thats how you get new business. Its like an AAA office for insurance.

I sell Safeco which is owned by LM. They are good. But in landlord policy I can not touch LM policy not sure why the rate is so lowe.
</IMG>

 

[nyc2phi]

We are usually in strip malls or first floor corporate buildings where we can be pretty visable. Not really like a call center but I guess picture a state farm office with a bunch of cubes.

Our landlord policy must vary in each state, here in PA the rates are pretty rough.

Safeco usually beats me in everything which is wonderful

 

[Guest]

We are usually in strip malls or first floor corporate buildings where we can be pretty visable. Not really like a call center but I guess picture a state farm office with a bunch of cubes.

Our landlord policy must vary in each state, here in PA the rates are pretty rough.

Safeco usually beats me in everything which is wonderful

So do you just sit at your desk cold calling all day? Where do your leads come from?