Tough Employment Decision

[ncagent83]

Two totally different directions in the insurance world.

Underwriter: There is much to be said about salary, benefit package with 401, healthcare/vision/disability, vacation and sick pay, opportunity to advance (especially with degree), a position in demand and, did I say salary? You can lose a few accounts and not have to worry about a huge reversal of commission.

Agency: There is some great rewards of agency ownership. Being your own boss, setting your own schedule, being rewarded for your hard work with $$$! Many times I have said this is the best part time job in the world! But many times I've cursed it. After 30 years I'm still working it. After 30 years as a commercial underwriter your pension would be set.

Good job applying for the position. The easy thing would have been to do nothing. Don't worry about burning any bridges. This is about your future.

Good Luck to you.

Dave

I appreciate it. We'll just see how it plays out!

 

[KYB]

Fascinating topic & I wish you good luck. I think the answer depends on your personality. I'd stick with the agency because that's the scenario I'm in. I do not have a degree however and if I did maybe I would look around too. I'm happy doing what I'm doing and maybe that can make your decision for you. But no one will blame you to leave for 20k a year

 

[ncagent83]

Fascinating topic & I wish you good luck. I think the answer depends on your personality. I'd stick with the agency because that's the scenario I'm in. I do not have a degree however and if I did maybe I would look around too. I'm happy doing what I'm doing and maybe that can make your decision for you. But no one will blame you to leave for 20k a year

I also have a soft spot for the agency side since I grew up in it and worked it for a little while. But it makes me feel better about leaving for 20k a year. Hell my bosses would probably think I were crazy if I didn't take it. Either way, whatever happens, I'll update the forum. I appreciate the advice!

 

[NYCINSURANCE]

The cieling is lower on underwriting side generally.

 

[reedrhoden]

If you get in with the right company the carrier/wholesale/MGA side can be extremely lucrative. It's the best of both worlds because you will almost always have a base, benefits, retirement and in my case even stock options. I would say it would depend more on the company you're applying to. I've been in insurance for 14 years in several different capacities. Retail, marketing, program manager and now wholesale broker. I can tell you that after working in my side of the business I would NEVER go back to retail. Agents are smarter than insureds. Most of them know a little bit about insurance while generally insureds know very little if any. Factor that into happiness/stress aspect. Dealing with morons wears on you after a while. Bottom line is you may start as an underwriter making $50-60k/year but you can move so many directions when you work for a larger company. I'm now a wholesale broker for a national MGA focusing on large accounts. I'm in my second full year of production and will make $250k+ this year and I love my job.

 

[ncagent83]

Update: Heard back from the company today. I didn't get a chance for an interview. It was not a entry level position & wanted experience. Understandable. It doesn't hurt my feelings however. Things at work are picking up rapidly at work and I'm loving it.

Thanks to everyone for taking time to offer advice! Glad to be a part of this forum.

 

[insurance1822]

If you get in with the right company the carrier/wholesale/MGA side can be extremely lucrative. It's the best of both worlds because you will almost always have a base, benefits, retirement and in my case even stock options. I would say it would depend more on the company you're applying to. I've been in insurance for 14 years in several different capacities. Retail, marketing, program manager and now wholesale broker. I can tell you that after working in my side of the business I would NEVER go back to retail. Agents are smarter than insureds. Most of them know a little bit about insurance while generally insureds know very little if any. Factor that into happiness/stress aspect. Dealing with morons wears on you after a while. Bottom line is you may start as an underwriter making $50-60k/year but you can move so many directions when you work for a larger company. I'm now a wholesale broker for a national MGA focusing on large accounts. I'm in my second full year of production and will make $250k+ this year and I love my job.

I see you're from Ca, so depending where you are that 250k is "good" but really not "great" either. In my area I'll make 250k this year & that makes me basically rich. In LA, San Francisco, NYC...That makes me mediocre. I respect your posts on here & you clearly know your insurance...but geographical location compared to earnings is very relevant.