Seeking Advice From Experienced Independent Agents

Dec 12, 2008

  1. arcains
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    arcains New Member

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    I have a sample contract I could provide you to look over. My attorney and I wrote it together. It was made to protect both the owner and the agent. What state are you in again?
     
    arcains, Dec 17, 2008
    #11
  2. Rhinoguy
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    Rhinoguy New Member

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    I agree with the post a few above. I own an agency and it is very tough. The fact that you are thinking that far ahead is great however 50/50 is more than fair. This person isn't really making any money on you immediately and it may take several years before he does. It is his comany and reputation you could screw up, a possible e&o claim, his time to train. If you went to work in a different career would you expect to have a paycheck (renewals) coming in for no work.
    The truth is if you get a 50/50 split you are doing good. The odds of you making it without an experienced agent to help s very low. You will now get to know the reps and your future appt. process will be easier.
     
  3. warnerins
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    warnerins Super Genius

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    I would love to see this. If you get time can you send me a copy.

    [email protected]

    Thanks
     
  4. MedMalAgent
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    MedMalAgent Expert

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    I just hired a producer and in his contract was a clear path to ownership of his book of business. Not an easy path but a clear path.
     
  5. GetInsurance
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    GetInsurance Super Genius

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    i would love to see that contract too, cause i'm in the middle of the same type of problem. please forward a copy to me [email protected]
     
  6. Matrix
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    Matrix New Member

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    Arcains, if you don't mind, I would also love to see the contract you mentioned. My email is [email protected]. Many thanks!
     
    Matrix, Dec 20, 2008
    #16
  7. livebetter
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    livebetter New Member

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    Thanks so much. I'm in Kansas. I'm licensed in both Missouri and Kansas and will be writing in both, but the agency and my state of residence is Kansas.

    Email: [email protected]
    - - - - - - - - - - - - - - - - - -
    While I understand that it would be extremely difficult to start out as an independent agent, to answer your question about a different career: Yes, I would absolutely expect a paycheck coming in, probably within the first few weeks.
    And if the question was referring only to future referrals, that's the reason I am choosing insurance - for the potential residuals. Obviously, I'm not making much on the initial sale. I could make far more selling something with a higher commission. I would think many agents would agree that they sell auto insurance for the long term, not for the $50 they make on the initial sale.

    I also disagree that it will take a few years before the agency makes any money on me. I've paid for all costs except half my E&O and have already written a handful of policies. MY costs (on me) will easily be more than the agency's cost to have me, and yet we are making the same split. If they don't make money on me for even the first year, that means I would actually be losing money and should find another occupation. Maybe I'm missing something, but there should be NO way that they aren't making money from my efforts within the first year.

    Yes, I could screw up and put a claim on their E&O. They have a number of checks in place to help prevent that, but I realize it could still happen... as it could happen or could have happened to any of you. I've run businesses before, and I'm not new to business, just to this industry. As a former business owner, I'm probably a much better bet to NOT screw up.

    For clarification, my intention is not to build up a book of business and then take it away to start my own agency in four or five years. My intention is to work with this agency until they retire (probably 12-15 years). My original question related to the book of business after retirement, as I didn't want my future to be reliant on whoever takes over their agency at that time.
     
    Last edited: Dec 22, 2008
  8. domonique
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    domonique New Member

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    Hi my name is Domonique ,I am a new insurance agent.I am looking for ideas on health insurance scripts.I don't want to come across as a salesperson when calling prospects on the phone.Any ideas on how to start a health insurance call off the right way?wHAT'S THE BEST WAY TO SOUND LIKE A FRIEND INSTEAD OF A SALESPERSON.I am a health insurance agent.Any ideas would definately help.
     
  9. benneaf
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    benneaf Super Genius

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    I would like to know how this turned out. As a new P & C agent (5yrs agent on the life and health side) it seems nuts to me to hand over 50% of my commission (forever) for some training, E & O, and my continuing Ed Expenses. Since I've been an active agent and already have a book of business I can call on for P & C I think a 65/35 split with a two year vesting period is more than fair. How did it work out livebetter?
     
    benneaf, Dec 29, 2018
    #19
  10. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    This thread is over 10 years old, and only the moderator is a (somewhat) active poster.
     
    DHK, Dec 29, 2018
    #20
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