I'm thinking about leaving my current inside phone Personal Lines sales job.current pay is upto 50K but average 37-43 My style is more face to face sales I feel limited as far as earning potential. My current insurance agent is leaving the agency he works @ and is setting up a new agency with NatWide I've met with him and the corp sales manager. It went very well.They feel i'll be a big asset to the new agency. They mentioned a total 12% commision for agency with 8% going to me & a base salary possibly bennies TBD. Is this a standard %.It's only me & him so as it grows im next in line. I dont want 2 undercut my my compensation package. I need 2 know whats an apropriate compensation for the risk of leavin a job with a big co. w/personal growth limits (i have no degree) & great bennies. 4 more income potential.Im 32, got a 200k condo, non-resident 9yo child. My personal expenses are $2700 a month. All comments welcome, licensed agents freel free to contact me directly through my profile
2006-09-02 18:30:53 · 3 answers · asked by Drew32 2 in Business & Finance ➔ Insurance
you should get more
2006-09-06 07:03:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋
When it comes to insurance sales there is more to consider than just commission percentages.
1) How long do policies need to be in force before you will no longer get a chargeback if they cancel?
2) How do they compute the chargeback amount?
3) Do you get residuals? If so what is your residual percentage and for how long?
4) What do they base these percentages on? Is it full policy amount or do they remove administrative fees first?
5) What is their "Draw" policy?
What is "Standard" is going to vary by line also. By this I mean that auto insurance agents will generally get different compensation percentages than life insurance agents.
My suggestion is to contact a few other agencies in your area and do a few fake job interviews to get a feel for what the going rate is.
2006-09-02 19:41:42 · answer #2 · answered by Jim R 5 · 0⤊ 0⤋
Commissions are average. I think 8% is low - if you REALLY want to do this, check out a few other national carriers (State Farm, Farmers, etc).
Average commissions are about 15%, but 7% for workers comp and 10% for auto.
2006-09-03 09:07:49 · answer #3 · answered by Anonymous 7 · 0⤊ 0⤋