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That writing through aggregators / wholesalers without having direct appointments is like getting a sharp stick in the eye over, and over, and over again.
If you could do it all over again, what would you tell your younger self to do to be a successful P&C agent?
What would you tell them to avoid?
What activity would you tell them to concentrate the most on?
Shoulda have gone independent sooner & started building true long term referral relationships sooner.
How to leverage, pay and keep the "right" staff.
Slow to hire, quick to fire. Pay them what they are worth, not what you can "afford". If you hire someone that is "worth" it then they will help increase revenues and you will be able to afford them.
Make them get licensed before you hire. This makes them feel like they have to earn the position. Also saves you money/risk. I pay for testteachersonline, $138 for online courses for my new staff. They study and work at their current jobs, when they are ready I pay the $75 for the test. So I do risk losing $200 upfront, but I also interview a lot of candidates and hire slow before hand.
For CSR's, I pay a VERY competitive base salary, $14-$17 an hour, 20% New business commissions, Revenue monthly retention bonus (1%-2%) Entire agency's renewal revenues, Quarterly team bonus', Quarterly Life bonus.
With all these benefits come high goals and expectations. Must write/refer 25,000 new business premium a month at a min. While servicing all clients, cross selling, submitting new business done by Agent/producers.
For AP's I do a decreasing base salary annually, 40% Newbusiness commissions, 30% renewals. They never have to service, just sell and create networking relationships.
Hope that helps.
Todd,
All good points. I'll copy and save this in my evernote, lol. Thanks. This is great advice for when you've built your book to the point to where you have to worry about a csr, and producers.
He's a more focused question.. What is the best use of one's activity to build their personal lines business? Auto leads? Telemarketing?.... I would be interested to know what some Vets did to build their book, and if they had to do it again, how they would do it in today's times.