by Guest » Tue Dec 01, 2009 02:11 am
What is the commission for a Group Health Producer?
My first year I agreed to a salary but I continue to bring in very large accounts. My goal is 1500 lives my first year. I already brought in premiums of $3mil this month to the agency. I can not find any information on % paid on group health but I feel I would make much more if I change to commission....Any thoughts?
My first year I agreed to a salary but I continue to bring in very large accounts. My goal is 1500 lives my first year. I already brought in premiums of $3mil this month to the agency. I can not find any information on % paid on group health but I feel I would make much more if I change to commission....Any thoughts?
Posted: Tue Dec 01, 2009 10:08 am Post Subject:
I guess there are some mixed packages comprising of both the fixed and the variable elements. You could switch on to a variable package (commission-based) only when you have excellent contact references. Did you have a word with your immediate superiors regarding this?
Posted: Tue Dec 01, 2009 05:53 pm Post Subject:
In our market we get a "per employee" fee per month.
FYI: 1500 employees in my market would be +20K/monthly commission income
Posted: Wed Dec 02, 2009 07:14 am Post Subject: My Story
I was a business owner for 40 years in another industry and my personal customer list is over 5000 Corp. of whom I know. I was to stay on as VP in my Co. for 5 years but they dismissed me after 6 months. Not knowing what I wanted to do the owner/customer of an ins agency offered me salary for my 1st year to see if I would like selling group health insurance and I love it (who knew)! Now that I know what my potential is I feel I should find out what the commission base is. $40 per life or 3% of premiums? Whatever it is it will be larger then the base I accepted. I am very loyal and I want to go back to my boss with the industry standard rate. Dan you get $160 per emp in group life?? That cant' be right?
Posted: Sat Dec 05, 2009 03:22 am Post Subject:
My first year I agreed to a salary
This is the most usual thing with a new marketing professional. In the beginning almost all of us look for a good minimum pay to start with (who don't like financial security in life), but then you start realizing that this sense of security kills you at a later stage, because you realize that you are worth more.
On the other hand it is reward for your employer, as he believed in your strengths more than you did. You could have failed as well, in that case he would have lost his money and time as well.
However, now as you are performing well there is no question that your employer is not noticing it, so the chances are that he will get you better deal, else have the guts now with your new earned confidence, and negotiate for a combination of base+ commission package.
Hope things will work out well for you.
All th best
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