What Am I Supposed to Be Paid?

[YouGotMyMoney]

I am getting leads...the leads are names and numbers that i cold call.

Ahh, what they gave you was a list of phone numbers to cold call.

Which you could buy yourself for around $100-200, depending on the vendor.

Hardly "leads".

So we know the "leads" suck.

We know the "training" sucks.

I suppose the support can't be too far behind.

 

[Frank Stastny]

You think it's OK to pay your managers for training?

NO! Isn't that a part of what a manager does? Managing people should include all sorts of things including training and support. That is if they are a real manager and not just someone sucking life out of people.

 

[briko3]

Exactly, Frank! And to me, doing a 50/50 split with your manager on cases he helps you with while you learn the business is paying for training. (and it seems to be a pretty steep price!)

 

[YouGotMyMoney]

Plus he's already earning an override.

 

[VaDwayne]

I started selling insurance with an agency and they are the ones who hired me, "trained" me, "support" me and recieve overrides on me. With the two main companies I am selling, I am getting paid 16% with one and 13% with the other. This is for medicare supplements. Am I being ripped off? I keep seeing descriptions of commissions at 22%

BTW - took a solid 5 apps this week!

Great week, congratulations!! The training is worth something, and the commission is a big concern, BUT I would be more concerned about who owns the business you write. If you leave the agency, do you take it with you. If not, the 5-6% you are losing today is nothing compared to the 13-16% renewals(or more) you are going to be losing every year after you leave and have to start over. Did you sign a non-compete agreement? If so, you won't be able to re-write you current customers for probably 2 years or so.

 

[VolAgent]

If not, the 5-6% you are losing today is nothing compared to the 13-16% renewals(or more) you are going to be losing every year after you leave and have to start over. Did you sign a non-compete agreement?

In other words, if you are going to bail, bail now. Or at least renegotiate to a more favorable contract.

In reality, you have a pretty strong negotiating position, if you'll use it. You have shown you can write business, and you've just started. Also, your book shouldn't be so large at this point that you couldn't just walk away from it. Just be prepared and be ok with being shown the door if and when you try to redo the contract.

 

[YouGotMyMoney]

If that happens, couldn't the OP just incorporate and get the Corp licensed and appointed, and rewrite his clients?

 

[Frank Stastny]

Exactly, Frank! And to me, doing a 50/50 split with your manager on cases he helps you with while you learn the business is paying for training. (and it seems to be a pretty steep price!)

Way too steep! When I had agents working under me and would go with them on appointments they received 100% of the commission. A big part of my responsibility when I "hired" them was to do everything I could to help them become successful.

Where is it written that people should be financially penalized for being new and wanting help to become successful?

I'm really holding back on this one.

 

[VaDwayne]

You think it's OK to pay your managers for training?

Your manager is getting paid one way or the other. They may act like they have your best interest at hand, but somewhere in the process, they are putting some money in their pocket. NOBODY WORKS FOR FREE!! Free doesn't pay the bills. Either they are making money off of the business you write by cutting into you percentage, or by you paying for leads, taking a chunk of your renewals, training programs, etc. There are many ways for them to make money, but that is one of the reason we are in sales.

 

[YouGotMyMoney]

Insurance is the only business I have been in where new "employees" , got lower comp cause they were new.


Travel Packages.........Same Base commission as everyone else.

Infomercials....ditto

Ins Call Center.....ditto.

Telemarketing/Cold Calling....ditto

I could only imagine telling a new hire, listen see that guy over there who couldn't close a sale to save his life? Yeah we're paying him $125 to sell this travel cert, You cause your new , we will pay $75 , till you prove yourself. Yeah, that would go over well.