New to Insurance World - Question

[pioneer]

Hi Everyone and thanks for taking the time to read this.
I am switching my career from a market analyst to Insurance (P&C). Two things I would love to get some insight on and any help would be greatly appreciated:

1. What is the average independent broker income (Based on commissions from my understanding only, right?). I would love to know how much you are all making if you don't mind sharing that info, of course.

2. I have been told that P&C is becoming very hard for personal lines since banks have been very aggressive in getting all the clients for themselves and now only thing is left is for commercial accounts. How true is this?

The reason why i'm thinking of making a career switch is because I'm tired of 9-5 job and want to work for myself. I believe becoming an independent broker will allow much more flexibility. Can you guys agree to this?

Thanks again and the more the info the better. Thank you all!
P.S. I live in Toronto, Canada.

 

[Quotebroker]

Hi Everyone and thanks for taking the time to read this.
I am switching my career from a market analyst to Insurance (P&C). Two things I would love to get some insight on and any help would be greatly appreciated:

1. What is the average independent broker income (Based on commissions from my understanding only, right?). I would love to know how much you are all making if you don't mind sharing that info, of course.

2. I have been told that P&C is becoming very hard for personal lines since banks have been very aggressive in getting all the clients for themselves and now only thing is left is for commercial accounts. How true is this?

The reason why i'm thinking of making a career switch is because I'm tired of 9-5 job and want to work for myself. I believe becoming an independent broker will allow much more flexibility. Can you guys agree to this?

Thanks again and the more the info the better. Thank you all!
P.S. I live in Toronto, Canada.

I can't speak to Canada's market, but if you don't like 9-5 you'll hate working for yourself in personal production. It's much more than 9-5. You go to sleep thinking about your business and you wake up thinking about it. Eventually if you make it big and you have staff to help run your office, the flexibility comes. But until then the buck stops with you and you have to be there during business hours at a minimum.

 

[pioneer]

Help Please!

The hard part i'm willing to work for.

Just wanted to know what I can expect in terms of Salary? Any help appreciated!

 

[scooter33]

My first year as an agency owner, i made 25k. second year, 60K... This is gross, not net.

I hate to burst your bubble, but if you want more flexibility and less hours, insurance is not for you. I work 50-60 hours a week, always in the office over the weekend.

Opening my office has been the most challenging thing I have ever done... But also the most rewarding thing. The reason why 80%+ of people fail in insurance is too many people think its is easy. Nothing worth having in life is easy!

Feel free to ask more questions , I will be happy to answer.

 

[scooter33]

All commission. I made 25k the first year, 60K my second year. This is gross, not net.

 

[xrac]

Re: Help Please!

The hard part i'm willing to work for.

Just wanted to know what I can expect in terms of Salary? Any help appreciated!

You can expect zero salary.

 

[newindy]

You can expect zero salary.

. Ditto to that..............

 

[scooter33]

. Ditto to that..............

I would offer a small base depending on how much production I thought a new producer could bring in. Approx. 1500 a month. Most income would be made from comm. I think a new producer could make 3-4k a month after the first couple of months.

 

[pioneer]

Sorry all - I meant Income! I know it's 100% commission and I'm willing to put in the hours! Just wanted to know what I can expect in terms of income?

Only reason I said that is because I know once you have renewal income coming in you can "relax" a bit at least.


Also, Can anyone tell me what their view on banks taking over the auto and home insurance lines is? Is there anything left for independent brokers?

Thanks all!

 

[The Colonel]

not a threat here in the lower 48.....