by Guest » Wed May 16, 2007 11:04 pm
Hi all,
I'm changing careers from being a real estate sales agent to an insurance sales agent, living in a major metropolitan city in Florida.
I have 10 years solid sales experience and abilities, am assertive and very personable. It is my understanding most agencies like to hire non-insurance exp people so they can train them "thier way". A local agent told me to expect $1000-$15000 monthly commissions in her newly established 6 person office after about 3 months of training, yet did not specify what base pay she would offer.
What kind of base pay can I expect with an abundance of sales abilities yet non insurance related?
Thanks alot!
I'm changing careers from being a real estate sales agent to an insurance sales agent, living in a major metropolitan city in Florida.
I have 10 years solid sales experience and abilities, am assertive and very personable. It is my understanding most agencies like to hire non-insurance exp people so they can train them "thier way". A local agent told me to expect $1000-$15000 monthly commissions in her newly established 6 person office after about 3 months of training, yet did not specify what base pay she would offer.
What kind of base pay can I expect with an abundance of sales abilities yet non insurance related?
Thanks alot!
Posted: Sat Nov 29, 2008 11:10 pm Post Subject:
Posted: Fri Nov 06, 2009 09:59 pm Post Subject:
was offered job as insurance agent for : base salary is 25,000 plus commission. Commission paid on new business is 25% and renewal is 15%. Is this good? Working for independent agency, how much do you normally make a week in commission with that rate?
Thanks...
Posted: Sat Nov 07, 2009 12:31 pm Post Subject:
I would have to depend on the amount of new business you write..
Posted: Sat Apr 10, 2010 07:35 pm Post Subject: what is the base salary for a new agent in california
what should the base salary be for the first 2 years and the commission split for a new agent/
Posted: Sat Apr 17, 2010 04:39 am Post Subject:
MD agents most small agencies hire young workers and promise them that they can make 60 to 80 a year but they pay under 28k a year and most agencies will not let an agent go out they and get new clients, why because the agents need to stay in the office to do customer service work, and when the agency receives a trip or vacation rewards they don’t share with the workers that helped out. Think of any agency not for the name that they use but as a mom and pop store because that is what they are a franchise
Posted: Tue Apr 20, 2010 10:19 am Post Subject:
The life of an insurance agent can be feast or famine. If you are looking for a "salary" (i.e., a regular paycheck), expect to be low-balled. The majority of agents are on paid on a commission-only basis.
P&C policies typically carry commissions of a 20-25% of annualized premium for new business, somewhat less for renewals. But it's the renewals that really provide the steady income. Keep your clients happy with good service and regular contact, and they won't jump ship.
If you're working in an agency, you could expect to have to split commissions with the owner on a 60-40, 70-30, or 75-25 basis (the higher number meaning your share). But what are you paying for? A desk and a phone and have to do it all on your own with no training? Not worth it. You'll sell a few policies, make a few bucks, leave the agency, and all the renewal income will go to the agency in the future.
Demand to be properly trained! You have to learn how to close, which means overcoming the fear of having to ask for a check. Some people get it right off the bat, others need 2-3 years. The worst thing you can do is not give yourself enough time to learn. Do not expect to be successful as an independent agent without any training whatsoever.
At least, with Allstate, State Farm, Farmers, and other companies who hire "captive" agents, you'll receive some training in products and sales. But then it will become sink or swim. Take what they have to offer and make it work as best you can. You could become one of their best agents. Or you could learn enough to be able to go do it on your own, representing other insurers.
The second worst thing you can do is count your commission before you get it. Some people never get over this concept. They approach every appointment with a "How much will I make?" attitude rather than "How will I best help this client?" I can assure you this: Help a person/family get what they need, and you'll get what you need. Do it the other way around, and you won't be around for too long.
The insurance profession is honorable, and we help people insulate themselves from the financial losses that they cannot afford to cover with their own money. We've received our share of "black eyes" courtesy of the misdeeds of other agents and companies who disrespect their clients.
There are bad actors in every profession. Don't be one of them in this industry, because the ramifications have a far more serious impact on those who are hurt by an agent's/company's misdeeds.
Posted: Thu Jul 15, 2010 07:02 pm Post Subject:
Im curious if i just sell car insurance and is working for an allstate agent how much should i expect on the commision? no salary just commision. maybe like around 10 quotes of insurance. how much?
Posted: Thu Jul 15, 2010 09:08 pm Post Subject:
no salary just commision. maybe like around 10 quotes of insurance. how much?
As a "captive" agent of a company such as Allstate, your commissions will be determined by your contract with them. The more business you write, the higher your commission schedule might be.
But no one gets a commission for simply preparing quotes -- have to close the sale to get paid!!
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Posted: Tue Mar 08, 2011 05:19 am Post Subject: Geico is the best to work for.
I worked for Geico for 4 years now.
1st year : I made 40 k
2nd year : I made 56k
3rd year : I made 105 k
2010: I made 125 k
The reason why Geico is the best insurance company to work for is because it's always profiting every year. We get salary plus bonus. That is much better then straight commission / commission salary. Constant calls coming in all day long inbound and all you gotta do quote and bind all day. Say the sales boggy is 120 sales for the month ( which is easy) you get 40.00 a sale after that with 5 k max per month. 125 over boggy = 5k for the month. 60 grand in bonus a year and max salary at 75k with night diff plus not to mention profit sharing. That would come out to 160 grand or more depending on the profit sharing number. I made 125 grand last year. It took a while to get a hang of selling and feeling out the competition but once you get the hang of it you are good to go. I made number 1 in my region so I will get to work with Warren Buffet at his shareholders convention. My friend made 160 grand one year working 4 days a week/ with a little over time. No over head just costumers going head over heals for the savings we offer. Geico is extremely competitive in all 50 states. So the job is easy. and get hired. apply for sales. you make the most money in that department.
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