G
Guest
Guest
Safeco will smoke Prog's toy rates
Progressive Rates
- Thread starter iiinycboi
- Start date
AZInsurance1
Expert
- 33
They spend 550 Million on Marketing a Year!
How much does your agency spend on marketing?
1. The direct market is coming into offices. You can rewrite the policy's often for less. I had a lady this week I rewrote for $50 less a month. If you are written by an Agency, Direct will not give you a rate. Direct will send anyone who requests an agent or is moving to producing agency's in that town. As I stated early, our office is sent about 10 new accounts a month from corporate.
2. They pay higher commissions to producing agents and also have a contingency! Our office has a loss ratio under 40% this year.
They have the best customer service on the Independent side!
It is too bad that they don't compete in your market. They have awesome account reps and awesome service.
- 325
I have never seen them give any contract over 10% in CO. Other states may be different, but here it's 10% to the IA side. The direct rates are close, usually within 12% or so.. but even if that rate goes up $2 I spend 15 mins explaining it to the client, vs just being able to submit a xfer request and being done with it. As for their marketing budget?? Who Cares?!?!?!? Unless it helps ME write business and put $$ in my pocket, it may as well be State Farm's advertising budget we're talking about. If you like them and it works for you, that's great. In my situation they will continue to be the carrier of "last resort".
RW
AZInsurance1
Expert
- 33
You need 400 auto policies in force to earn a contingency and higher commission with Progressive. Really depends on the market your in but where I am at that is pretty easy. I found 8 agency's near Denver that qualify for the program.
- 325
You found agencies that qualify for the program or that are on the program?? I've been lied to by a whole line of folks if there is anyone making over 10% out there... (EDIT! I WAS WRONG... YOU CAN GET A BETTER CONTRACT.. AFTER YOU PUT $500k OF BUSINESS WITH THEM )
Different strokes for different folks.. I'll continue to only do business with them as a last resort.
RW
Different strokes for different folks.. I'll continue to only do business with them as a last resort.
RW
Last edited:
AZInsurance1
Expert
- 33
That is the funny thing about Insurance. Everyone has companies that have impressed them and others not so much. It really is a coin flip when talking to other agents about what companies they like.
I have a lot of experience working with Progressive and I really like them. When it comes to claims or policy changes there aren't any surprises. I can't name all the referrals I have gotten after a claim or switching someone to Progressive. Our clients are happy and we are happy.
Some of the companies that others have suggested on the forum I have my own personal experiences with. All of these companies are preferred and some I have contingency's with. I can honestly say that the company I have enjoyed working with the most is Progressive.
I know in Arizona Progressive did a state tour a few months ago and invited all agency's to come listen. They talked about how to get higher commissions and a contingency. I can't say for CO but I don't believe there hiding it.
I have a lot of experience working with Progressive and I really like them. When it comes to claims or policy changes there aren't any surprises. I can't name all the referrals I have gotten after a claim or switching someone to Progressive. Our clients are happy and we are happy.
Some of the companies that others have suggested on the forum I have my own personal experiences with. All of these companies are preferred and some I have contingency's with. I can honestly say that the company I have enjoyed working with the most is Progressive.
I know in Arizona Progressive did a state tour a few months ago and invited all agency's to come listen. They talked about how to get higher commissions and a contingency. I can't say for CO but I don't believe there hiding it.
G
Guest
Guest
doesnt it bother you that you lose so much money in commission?
if you have a $500,000 BOB with them, you make $50,000, but most any other carrier, you make, $75,000, thats a $25,000 a year difference, add that up over 10 years and you basically "lose" $250,000 in commissions.
I dont think I would like any carriers THAT well.
But, like we have agreed, Prog sucks in my area, and must dominate in yours....
Maybe I would feel different if it was the only option.
if you have a $500,000 BOB with them, you make $50,000, but most any other carrier, you make, $75,000, thats a $25,000 a year difference, add that up over 10 years and you basically "lose" $250,000 in commissions.
I dont think I would like any carriers THAT well.
But, like we have agreed, Prog sucks in my area, and must dominate in yours....
Maybe I would feel different if it was the only option.
- 325
I wouldn't be shocked if it were a "State by State" kind of thing where they have a certain program in AZ, but not in CO.
RW
RW
G
Guest
Guest
Here is Arizona rules for increased commissions with Progressive....
Signature Agent Program
The Signature Agent® program rewards you for selling Progressive Personal Auto to preferred customers. You'll earn higher commission and some additional valuable benefits.
Here's how it works:
To Qualify: Sell an Average of One Preferred Policy per Week
To become a Signature Agent, you need to sell an average of one Progressive preferred personal auto policy* per week for six months.
So, each June and December, we'll look at your agency's production. If you've achieved that average during the trailing six months, you'll be eligible to become a Signature Agent.
It's that simple.
Your first term as a Signature Agent term would begin the following month, and last for the next 12 months**. To qualify again, you would just need to maintain that one-preferred-policy-per week average throughout your membership term.
*We define a Progressive preferred policy as one in which the named insured is a homeowner, has continuous insurance with no lapses and has a good driving record. View our program details for more information.
As a Signature Agent: Earn 15/12 Commission and More
Signature Agent benefits include:
We are excited to offer our agents this opportunity to earn more with us and get greater benefit from our brand.
Added...
IL2 (10/09)
The SIGNATURE AGENT Program
January 2010
Requirements
The Signature Agent
SM program rewards independent agents and brokers who meet a goal of selling
an average of one preferred policy per week.
Meet the program requirements, and we'll identify you as a Signature Agent. Benefits include higher
commission, additional Progressive product offerings, enhanced marketing support, and more.
This document outlines some of the program requirements, agent benefits, and preferred policy
definition. If you have any questions, please contact your account sales representative.
SIGNATURE AGENT PROGRAM REQUIREMENTS
Here's what you need to know to qualify for the program.
1.
Entrance dates are semiannual on the first day of January and July of the Progressive calendar year.
2.
To gain entry into the program, you need to sell an average of one new preferred auto policy a week over
the trailing 6 months prior to the entrance date.
3.
If you achieve the one-preferred-policy-per-week goal for the 6 months preceding the entrance date,
you'll become a Signature Agent for a 12-month period, provided you agree to and sign the Progressive
Signature Agent Addendum to the Producer's Agreement.
4.
You'll re-qualify for the program by selling on average one new preferred auto policy per week over the
12-month membership period.
5.
If, at the end of your 12-month term, you no longer qualify for the program, you'll no longer be eligible
for our rewards package and will go back to our regular commission schedule, with one exception—
you'll continue to earn 12 percent on renewals of preferred business that incepted while you were in the
program, provided that business retains its preferred status.
You will need to sign an addendum to your producer's agreement to participate in the program.
09A00214.IL3 (10/09)
SIGNATURE AGENT PREFERRED POLICY DEFINITION
At New Business
To be considered "preferred" in this program, a policy must meet all of the following criteria:
1. H omeowner:
The named insured must own his or her primary residence on the effective date of the policy.
The residence must be a house, townhome or condominium. Mobile homes and other vehicles, motor
homes, commercial dwellings, apartments or other rental or leased property do not qualify.
2. C ontinuous insurance:
The named insured must provide proof of prior auto liability insurance, verifying
that the previous policy covered the named insured or spouse. There must be no lapse in coverage.
3. Good driving record*:
The number of incidents must be less than or equal to the number of vehicles on the policy. An incident
means an at-fault accident, a not-at-fault accident, a minor violation or speeding.
No driver may have more than one at-fault accident or two total incidents.
No driver may have a major violation or any driving under the influence (DUI) citation.
No driver may have a suspended driver's license.
No driver may be required to have an SR-22 filing.
*We will consider all household members who are eligible to be rated drivers.
At Renewal
We will reevaluate all personal auto policies—both preferred and non-preferred—incepted during the time the
agent is in the program.
If a policy that qualified as preferred at new business no longer meets the above criteria, we will stop considering
it preferred. Likewise, if a policy that was non-preferred at new business now meets the above criteria, we will
consider it preferred.
Policy requirements may vary slightly by state. Contact your account sales representative for more details.
Signature Agent Program
The Signature Agent® program rewards you for selling Progressive Personal Auto to preferred customers. You'll earn higher commission and some additional valuable benefits.
Here's how it works:
To Qualify: Sell an Average of One Preferred Policy per Week
To become a Signature Agent, you need to sell an average of one Progressive preferred personal auto policy* per week for six months.
So, each June and December, we'll look at your agency's production. If you've achieved that average during the trailing six months, you'll be eligible to become a Signature Agent.
It's that simple.
Your first term as a Signature Agent term would begin the following month, and last for the next 12 months**. To qualify again, you would just need to maintain that one-preferred-policy-per week average throughout your membership term.
*We define a Progressive preferred policy as one in which the named insured is a homeowner, has continuous insurance with no lapses and has a good driving record. View our program details for more information.
As a Signature Agent: Earn 15/12 Commission and More
Signature Agent benefits include:
- 15/12 commission on preferred Progressive Personal Auto policies that incept while you're a Signature Agent.
- Enhanced marketing support. This includes signage and an annual $2,000 allowance to use on select Progressive-branded marketing activities, including access to our marketing and public relations expertise.
- Free one-year subscription to ListAgent, Progressive's local search program
- Signature Agent recognition with special signage for your agency and identity items for your staff. Get Progressive Signature Agent merchandise from Brand Express.
We are excited to offer our agents this opportunity to earn more with us and get greater benefit from our brand.
Added...
IL2 (10/09)
The SIGNATURE AGENT Program
January 2010
Requirements
The Signature Agent
SM program rewards independent agents and brokers who meet a goal of selling
an average of one preferred policy per week.
Meet the program requirements, and we'll identify you as a Signature Agent. Benefits include higher
commission, additional Progressive product offerings, enhanced marketing support, and more.
This document outlines some of the program requirements, agent benefits, and preferred policy
definition. If you have any questions, please contact your account sales representative.
SIGNATURE AGENT PROGRAM REQUIREMENTS
Here's what you need to know to qualify for the program.
1.
Entrance dates are semiannual on the first day of January and July of the Progressive calendar year.
2.
To gain entry into the program, you need to sell an average of one new preferred auto policy a week over
the trailing 6 months prior to the entrance date.
3.
If you achieve the one-preferred-policy-per-week goal for the 6 months preceding the entrance date,
you'll become a Signature Agent for a 12-month period, provided you agree to and sign the Progressive
Signature Agent Addendum to the Producer's Agreement.
4.
You'll re-qualify for the program by selling on average one new preferred auto policy per week over the
12-month membership period.
5.
If, at the end of your 12-month term, you no longer qualify for the program, you'll no longer be eligible
for our rewards package and will go back to our regular commission schedule, with one exception—
you'll continue to earn 12 percent on renewals of preferred business that incepted while you were in the
program, provided that business retains its preferred status.
You will need to sign an addendum to your producer's agreement to participate in the program.
09A00214.IL3 (10/09)
SIGNATURE AGENT PREFERRED POLICY DEFINITION
At New Business
To be considered "preferred" in this program, a policy must meet all of the following criteria:
1. H omeowner:
The named insured must own his or her primary residence on the effective date of the policy.
The residence must be a house, townhome or condominium. Mobile homes and other vehicles, motor
homes, commercial dwellings, apartments or other rental or leased property do not qualify.
2. C ontinuous insurance:
The named insured must provide proof of prior auto liability insurance, verifying
that the previous policy covered the named insured or spouse. There must be no lapse in coverage.
3. Good driving record*:
The number of incidents must be less than or equal to the number of vehicles on the policy. An incident
means an at-fault accident, a not-at-fault accident, a minor violation or speeding.
No driver may have more than one at-fault accident or two total incidents.
No driver may have a major violation or any driving under the influence (DUI) citation.
No driver may have a suspended driver's license.
No driver may be required to have an SR-22 filing.
*We will consider all household members who are eligible to be rated drivers.
At Renewal
We will reevaluate all personal auto policies—both preferred and non-preferred—incepted during the time the
agent is in the program.
If a policy that qualified as preferred at new business no longer meets the above criteria, we will stop considering
it preferred. Likewise, if a policy that was non-preferred at new business now meets the above criteria, we will
consider it preferred.
Policy requirements may vary slightly by state. Contact your account sales representative for more details.
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