New to The Game. What Would You Do?

[dantheman]

Hello All,

I decided I wanted to be an insurance agent last summer, found this forum, heeded the advice given on getting licensed. Became a licensed producer in October. Took a job with a captive in January.

I'm still working for the company I started with and its not bad. It's mostly non-standard auto with some property. Our standard carrier is Nationwide. I earn a small base salary with small commission on the NW side and a percentage of the amount financed from our non-standard side. I don't get to keep my clients and it looks like any kind of raise is far away. Also, it seems like everyone is killing NW rates around here in Maryland.

I got in the game to go Indy, to build a relationship with my clients and to have the ability to shop for them if the need arises. On top of that, "non-standard" clients tend to have very nasty attitudes and many of them are always trying to get over. "Just get that policy number so I can get these tags and never make a payment or contact you again." Though the clueless ones who heed my advise and thank me for it make the shitty clients worth it.

Now, I'm leaving. I'm going Indy. My boss and co-workers are great but I don't want to get comfortable and stuck here. My future here seems lackluster. I was cruising the career search engines and found an independent agency who's looking for a CSR. And the name rang a bell, one of the owners was an client for the pest control company I worked for previously. I sent him an email and got an interview.

Here's the problem, they're looking for a CSR, not a producer. Now I do really well with customer service but I wanted to build a book of business. I was told at the interview that I could go off and solicit business on my own and I would get 50% of the first years commission, nothing after that. If I solicit and or refer any technical commercial business, then I'll get less of a cut. I totally get that part. Does this seem like an ok deal? Should I continue looking?

The way I figure it is they're my clients and pretty much my relationship. So shouldn't that give me some leverage later down the road to grow into a better and more lucrative position?

Their #1 CSR just retired a year ago and they have already been through 2 CSR's. They want a solid 3 year commitment because it looks bad when there is always a new CSR. I really, really like the owner. He's a great guy, always smiling and was a great customer when I worked for the pest control company. I don't want to take the job unless I'm sure that I can give them the commitment they are looking for. They want long term and so do I. I also want the opportunity to grow both professionally and financially.

Whats everyones take on this? How did all you seasoned vets get into the business? Do you think I can make things happen here or should I keep on looking? Any advice or suggestions will be greatly appreciated.

Dantheman

 

[ModernInsurance]

CSR is a very different position than being a sales producer. While 50% on new biz isn't the worst I've seen, it's not exactly good & you won't own the book. You really need to do some soul searching and figure out where you want to be in the next few years, devise a plan to get there, and execute.

 

[djs]

It makes me nervous that they want a 3 year commitment. Its a job, you can leave when you want to. Not sure what they are implying by a 3 year commitment......

When you work for someone else, they own the client, not you. That is just the way it is. They may allow you to 'buy' the client if you go out on your own, which is something you can talk about up front. You usually have some sort of non-solicit agreement which prevents you from soliciting your clients for a period of time if you leave and go elsewhere.

Getting into the business isn't that much different then getting into any other business. You have to ignore the people (including yourself) who tell you its a crazy idea and just jump in, never looking back. There are a lot of reasons to not do it and if you get distracted by those, it will never happen.

Jump in. Move your career forward, not sideways.

Dan

 

[Placementkid]

I recently transitioned over to a placement role from being a producer for 2 1/2 years. My thought was that I wanted to learn more about the business and set myself up to be a better producer down the road. I've been at placement now for almost a year and I think I'm ready to head back over to a producer role. I work for a large bank, so there is a lot of business to go around.

If you're looking to do CSR duties to learn more, that's one thing...but just keep in mind that the daily routine will get old quick if you're used to hunting new business. I know they will allow you to look for new business, but trust me, it will get old quick.

I will also add that if you are looking to grow financially, a CSR role won't pay you the dividends you might be looking for, not short term anyways. That's part of my issue...I took a step back financially to learn the business, but here we are a year later and I'm itching to get back out and start getting paid commissions again.

That's just my .02, but make sure you are ok with CSR duties before you agree to this deal.

 

[Gulfman]

I recently transitioned over to a placement role from being a producer for 2 1/2 years. My thought was that I wanted to learn more about the business and set myself up to be a better producer down the road. I've been at placement now for almost a year and I think I'm ready to head back over to a producer role. I work for a large bank, so there is a lot of business to go around.

If you're looking to do CSR duties to learn more, that's one thing...but just keep in mind that the daily routine will get old quick if you're used to hunting new business. I know they will allow you to look for new business, but trust me, it will get old quick.

I will also add that if you are looking to grow financially, a CSR role won't pay you the dividends you might be looking for, not short term anyways. That's part of my issue...I took a step back financially to learn the business, but here we are a year later and I'm itching to get back out and start getting paid commissions again.

That's just my .02, but make sure you are ok with CSR duties before you agree to this deal.

What exactly do you do 4 Banks?

 

[Placementkid]

What exactly do you do 4 Banks?

I should have clarified. Our agency is owned by a bank. We work with them from time to time to place business for their customers.

 

[Key2Success]

As my lawyer told me many years ago.....Most non-competes aren't worth the paper they're written on.....since if you don't sign it you don't get the job. They cannot prevent you from making a living and it's not worth it financially to chase someone (unless perhaps you've been there many years and take a "major" account with you that you "took over from someone else).

 

[Heather]

"CSR" seems very secretarial in nature. The last time I hired some one here I interviewed several CSR's and they were all looking for more money. They all basically said they had a decent commission and bonus structures at their old agencies but were tied to the desk all day so there was no outside prospecting and all day administrative duties that made higher earnings impossible.

 

[Disgusted]

This is not a reply to anything. I have a question about something. My up line is prospecting my contacts. When I come across something good, they go in behind me and write business. How can I stop this?? Really need your help with this.

 

[DJAJ]

My advise is atleast get 1 year under your belt where you are at. After that you can find a producer job, try looking on Jonus Group or something like that. I see you're in MD, there are a ton of agencies in MD. Take your time and find the right fit. It doesn't sound like the one you are talking about fits what you want.