New Broker Seeking Answers

[aka33]

A quick background on myself; I graduated UC Berkeley in engineering but due to the economy, after working in the engineering field for 3 years, obtained my P&C License. I have been working for an auto insurance brokerage for about 5 months now and have been the top broker/producer in my district.

Now for my questions:

1) im am giving huge chunks of my broker fees to the company that employees me (around 75%) and was curious if all firms were like this?

2) I dont have much experience but I was wondering what would be the most profitable line of insurance for someone with a P&C license can do? Basically I really want to make more money but dont really know what options I have.

Any responses would be greatly appreciated

 

[Hefe]

What is the rest of your pay structure? Are you paid a portion of commissions as well? What about renewal commissions? Are you paid a salary?

There are other factors to consider as well: do you own the book of business you are writing? Are you provided leads? Are they training you well?

My agency doesn't charge broker fees so obviously we don't split those. We do split commission 50/50 though. Depending on the answers to the questions above, a 25/75 split might not be unfair.

 

[BTFuzz]

A quick background on myself; I graduated UC Berkeley in engineering but due to the economy, after working in the engineering field for 3 years, obtained my P&C License. I have been working for an auto insurance brokerage for about 5 months now and have been the top broker/producer in my district.

Now for my questions:

1) im am giving huge chunks of my broker fees to the company that employees me (around 75%) and was curious if all firms were like this?

2) I dont have much experience but I was wondering what would be the most profitable line of insurance for someone with a P&C license can do? Basically I really want to make more money but dont really know what options I have.

Any responses would be greatly appreciated

In response to number 2, if you want to make more money fast then get into commercial sales. Not saying it's the most profitable, but the premiums are much higher.

 

[desiree]

In response to number 2, if you want to make more money fast then get into commercial sales. Not saying it's the most profitable, but the premiums are much higher.

The premiums are higher in commercial. I highly recommend that you focus on a market niche when getting started with commercial. Otherwise, you will end up spending too much time looking for markets and that will take up your prospecting time, unless they have someone in house to do that for you.

 

[aka33]

Thanks for all your responses. I do not have my own book of business, I am provided leads and we have walk in clientele. I do make a commission on the premium but it very small(around 3%).

I am extremely interested in getting into commercial insurance but have no experience in it. Do any of you know of any commercial companies that would hire someone with little experience in california?