Rookie here, Am I in a good situation?

[Mr O]

Hey Everyone,
Brand new to insurance and wanted to get a sense if I am in a good place to learn.
I work for an independent agency that originally focused on personal lines. They launched a commercial team about 2 years ago. They hired me to exclusively sell commercial insurance and eventually some life and DI.
-I have a $50,000 base salary with 25/25 splits. After I bring in $100,000 in commision premium it goes up to 50/25 splits.
-My sales goal is $1,200,000 a year.
-I do have an experienced mentor and we have a service agent to handle certs.
I believe that I am in an amazing opportunity but just thought I would ask to see what other people think.
- we have appointments with some very good carriers
- just finished my 10th month and have written $450,000 in total premium.

would love some feedback or opinions

 

[Derrick]

50K base with 50% on new is terrific, IMO. Is it a draw, where you have to make up the $50k, THEN you get 50%? Or straight up $50k + 50% NB/25% RB.

If there is no draw then that's a hell of a compensation plan.

 

[Mr O]

50K base with 50% on new is terrific, IMO. Is it a draw, where you have to make up the $50k, THEN you get 50%? Or straight up $50k + 50% NB/25% RB.

If there is no draw then that's a hell of a compensation plan.

is $50,000 salary. However, its a 25/25 split till I hit $100,000 in commision premium

 

[Derrick]

is $50,000 salary. However, its a 25/25 split till I hit $100,000 in commision premium

I guess I missed that part. That sounds like they want you to have incentive to build rather than just sitting on $50k/yr. It's a way to still pay you while you build your book but incentivize you with money while still building that book.

I think that's a great deal. I'm not sure what market you are in but around my small city of 100k population no else would even come close to paying that. My agency included.

 

[Jason Henderson]

I guess I missed that part. That sounds like they want you to have incentive to build rather than just sitting on $50k/yr. It's a way to still pay you while you build your book but incentivize you with money while still building that book.

I think that's a great deal. I'm not sure what market you are in but around my small city of 100k population no else would even come close to paying that. My agency included.

100% on point here. $50k salary for a new producer is very good where I am at, but that might not be the case if you live in SF or NY. Either way I definitely think you aren't getting hosed by any means.

Assuming you have no insurance experience, most new producer base salaries are going to be 20-35k if I had to guess. Depends on your other sales experience and potential accounts you could land quickly.

 

[Derrick]

100% on point here. $50k salary for a new producer is very good where I am at, but that might not be the case if you live in SF or NY. Either way I definitely think you aren't getting hosed by any means.

Assuming you have no insurance experience, most new producer base salaries are going to be 20-35k if I had to guess. Depends on your other sales experience and potential accounts you could land quickly.

My first P&C job was $26k, no health insurance, all on draw (I didn't get paid until commission > salary). And then it was 50 on NB and 50 on RB. That was after 3 years in life sales.

I cringe at how criminally underpaid I was. One of the reasons why I started my own agency! And while I don't plan on paying my agents or CSRs $50k + 25-50%, I do plan on treating my employees a hell of a lot better than most of the agencies around!