Top Producing Captive Agent Vs. Independent?

[arnguy]

And finally, I told you what the Target market was, it is an ethnic group that resides all around the United States. There are few people that speak the language, but it is a group from Asia.

OMG, sounds like the Latinos, too, except for the geography of their origin.

 

[PittsburghAgent]

Ok, I will bite for one post...... who pays a 140% bonus on all commission for the entire length of your contract...?

Since you put average commission at 40% I know its not NYL, MM, NWM, ON, Pru, Met, Guardian, or MoO...

So please enlighten us

Well, first off there are no renewals, it's all up front. The only form of renewal you get is the bigger your agency, the larger your service pay. It basically ends up every $100k=$100/week.

Second, the catch on 140% requires you to be averaging $1700+ in issued premium per week. The lower your average issued premium, the smaller your bonus. For example, if you're only issuing $700/week in premium, the bonus is only 96% and if you're issuing less than $550/week in premium, no bonus at all. It's very lucrative if you're a top producer, but if you're average or below, most other companies will pay more.

There's also chargebacks if it lapses in the first year. Since they pay you well over 100% of the annual premium up front, if it lapses, they charge it back. However, if you're under 90%, you're clearly doing business the wrong way and need to change something.

I'm not going to cop the company because due to my readings here, it's been bashed pretty unfairly by numerous posters who don't quite get the big picture of the company or the product portfolio.

 

[scagnt83]

Well, first off there are no renewals, it's all up front. The only form of renewal you get is the bigger your agency, the larger your service pay. It basically ends up every $100k=$100/week.

Second, the catch on 140% requires you to be averaging $1700+ in issued premium per week. The lower your average issued premium, the smaller your bonus. For example, if you're only issuing $700/week in premium, the bonus is only 96% and if you're issuing less than $550/week in premium, no bonus at all. It's very lucrative if you're a top producer, but if you're average or below, most other companies will pay more.

There's also chargebacks if it lapses in the first year. Since they pay you well over 100% of the annual premium up front, if it lapses, they charge it back. However, if you're under 90%, you're clearly doing business the wrong way and need to change something.

I'm not going to cop the company because due to my readings here, it's been bashed pretty unfairly by numerous posters who don't quite get the big picture of the company or the product portfolio.

Of course you wont say the company because its a third rate E&O time bomb!!
So basically you are saying that you are embarrassed/ashamed to say what the company is...

And no renewals...

Plus you are captive...

And "the bigger your agency..".... so you are also expected to recruit as well as produce...
What a crock

 

[PittsburghAgent]

Of course you wont say the company because its a third rate E&O time bomb!!
So basically you are saying that you are embarrassed/ashamed to say what the company is...

And no renewals...

Plus you are captive...

And "the bigger your agency..".... so you are also expected to recruit as well as produce...
What a crock

I don't understand what E&O bomb means, not up to date on the forum lingo here.

And bigger the agency referred to premium, not agents. I apologize for the confusion. Your accusatory and insulting tone shows me all I need to know about you pre-conceived opinions on the subject, so I'm not even going to bother. Enjoy the last word as this will likely be my last post here. This forum seems pretty useless, mostly full of posters trying to toot their own horn rather than help each other. I'll enjoy my 140% contract and the trip I'm taking to Jamaica on the company's dime next March. You enjoy your insults.

 

[scagnt83]

I don't understand what E&O bomb means, not up to date on the forum lingo here.

And bigger the agency referred to premium, not agents. I apologize for the confusion. Your accusatory and insulting tone shows me all I need to know about you pre-conceived opinions on the subject, so I'm not even going to bother. Enjoy the last word as this will likely be my last post here. This forum seems pretty useless, mostly full of posters trying to toot their own horn rather than help each other. I'll enjoy my 140% contract and the trip I'm taking to Jamaica on the company's dime next March. You enjoy your insults.

If your proud of the company you work for then you arent ashamed to say who it is.... thats why I came down hard on you....

 

[bluemarlin08]

10 to 1 it is conseco.