by Guest » Thu Jul 03, 2008 07:16 pm
Hi everyone. Please excuse me if I miss out on any needed details or anything that would be considered common sense - I have been under a lot of stress in the past months.
Long story short (kinda):
I was a loan officer until the real estate market came to a halt - I lost quiet a bit (my condo, my car, income, etc) and was looking to get into the field of insurance...this was approx 14 months ago.
Well after about a month or so of looking around, and speaking with a recruiter - I decided to take up an offer I had from a friend of my father's to go work at her agency. Keep in mind I had no insurance background or knowledge at this point. I started off the 1st month sitting in her agency, along with 2 other employees she had, and just learning the needed material to get my P&C and Life licenses. Meanwhile I was kinda getting involved here and there, learning the basics of the job.
Well fast forward a month, and something happened here that one of the employees who handled all of her Auto, Commercial, and outside business (GL, bonds, etc) had to leave with a 2 day notice. I had 2 days to learn everything, and to get all her files organized so I know whats what.
Being a quick learner, I caught on rather quick and solved problems as they came with minimal involvement from the agent. It's been almost a year now that I'm doing the following tasks:
* Talking with auto & commercial prospects, taking information down for quoting
* Quoting the policies, and communicating with the client (going over the quote, explaining coverages, answering any questions)
* Writing the actual policy (from 1st step to last, including any photos that need to be taken of buildings for commercial, taking payments, signatures, etc)
* Servicing the clients and policies (again includes things like payments, communicating with our underwritters, providing certificates, solving problems, answering questions, canceling/adding new autos, anything you can think of)
I can go on and on with the list, but I can make it simple if I just say I do everything the agent would do, except paying the office bills and rent. She is here maybe 3 hours a week and has an income of $200,000+ yearly.
My questions: Being a licensed individual (PC and Life), and doing all the work I mentioned above from 9-6pm 5 days a week, is a salary of $2,000 a month (net) reasonable? This doesn't count any commission because there is none! Even with the $85,000 commercial policies I have written and driven for hours to take pictures of buildings - not a dollar of commission, just $30 gas!
I'm really looking to get a job in the field of insurance - however more in the corporate world. Any suggestions guys? Thanks!
Long story short (kinda):
I was a loan officer until the real estate market came to a halt - I lost quiet a bit (my condo, my car, income, etc) and was looking to get into the field of insurance...this was approx 14 months ago.
Well after about a month or so of looking around, and speaking with a recruiter - I decided to take up an offer I had from a friend of my father's to go work at her agency. Keep in mind I had no insurance background or knowledge at this point. I started off the 1st month sitting in her agency, along with 2 other employees she had, and just learning the needed material to get my P&C and Life licenses. Meanwhile I was kinda getting involved here and there, learning the basics of the job.
Well fast forward a month, and something happened here that one of the employees who handled all of her Auto, Commercial, and outside business (GL, bonds, etc) had to leave with a 2 day notice. I had 2 days to learn everything, and to get all her files organized so I know whats what.
Being a quick learner, I caught on rather quick and solved problems as they came with minimal involvement from the agent. It's been almost a year now that I'm doing the following tasks:
* Talking with auto & commercial prospects, taking information down for quoting
* Quoting the policies, and communicating with the client (going over the quote, explaining coverages, answering any questions)
* Writing the actual policy (from 1st step to last, including any photos that need to be taken of buildings for commercial, taking payments, signatures, etc)
* Servicing the clients and policies (again includes things like payments, communicating with our underwritters, providing certificates, solving problems, answering questions, canceling/adding new autos, anything you can think of)
I can go on and on with the list, but I can make it simple if I just say I do everything the agent would do, except paying the office bills and rent. She is here maybe 3 hours a week and has an income of $200,000+ yearly.
My questions: Being a licensed individual (PC and Life), and doing all the work I mentioned above from 9-6pm 5 days a week, is a salary of $2,000 a month (net) reasonable? This doesn't count any commission because there is none! Even with the $85,000 commercial policies I have written and driven for hours to take pictures of buildings - not a dollar of commission, just $30 gas!
I'm really looking to get a job in the field of insurance - however more in the corporate world. Any suggestions guys? Thanks!
Posted: Wed Aug 20, 2008 04:33 pm Post Subject:
Have you talked to your employer to see if they would be willing to give you a percentage on top of your salary?
I would not let your credit hold you back. There are alot of insurance companies that would hire you and with a letter of explanation appoint you.
Posted: Thu Aug 21, 2008 05:17 am Post Subject:
You could always start looking, and see what's out there (job opportuntiy wise for your own agency)...or talk to her about a raise...
Thats certainly a probability..you could have a word with your employer & see if she'd consider a raise.
By saying this..I'd also like you to know that all employees in the market are not visionaries & hence don't see the fruits as the results of the extra load that their employees are bearing. They would come with the excuse that the extra-potential that you're applying are either unwanted or would be compensated at a later date! So dear, it is your call & I'd like you to play if straight when the ball is in your court. Fatman
Posted: Thu Aug 21, 2008 11:43 am Post Subject:
She is here maybe 3 hours a week and has an income of $200,000+ yearly.
Good for her!
She didn't start off with that.
She started off by making money for other people in return for their *tutelage.
Begrudging her income and success is the fast track to your failure.
Learn how she, did it - does it, and be thankful you are working with a successful agent rather than a clueless clown or an agency where you are nothing more than warm market prospecting bait.
My 3 cents.
*tutelage:
a: instruction especially of an individual;
b: a guiding influence
Posted: Sat Aug 23, 2008 01:43 am Post Subject:
One important question: Are you just taking quote information, pushing paper and being friendly with customers? If so, you are getting paid about right. The real money is in the sale. Especially with commercial, opening the door to and closing the sale is a skillful processor. I've been in mortgage as well, and it's a tougher job than being a loan officer (especially during the boom). If you're not selling, tell her you want to learn and begin generating your own business with commission. Don't assume that wrapping things up is the important part. Prospecting is 90% of this business.
Posted: Sat Aug 23, 2008 03:39 pm Post Subject:
my understanding of her statement was that she was basically doing the complete sale. I do agree though that if you are just closing the sale (doing the paperwork) then I think your salary is correct.
Posted: Tue Aug 26, 2008 12:25 am Post Subject:
It seemed to me that she was doing the closing, not just the paperwork. What I really meant was: Is she finding the customer? That's the hardest part of the work. I think I threw it off a bit with my paper-pushing comments. Sorry.
Posted: Tue Aug 26, 2008 07:58 pm Post Subject:
remember, because there is no limit to how much you can make as an insurance agent/self-employed person, there is salary, either. You eat what you kill.
And watch out for a non-compete clause in your contract.
Posted: Tue Aug 26, 2008 10:57 pm Post Subject:
hope I don't sound dumb, but what is a non compete clause?
Posted: Tue Aug 26, 2008 11:56 pm Post Subject:
Ah Lisa no questions that are genuine are ever dumb...a 'non-compete' claus is a clause in a contract that says you will not be in competion with the other party of the contract for 'x' amount of years or within a certain mileage range.or whatever the specifics are..for instance, I sold a business one time, and in the contract was a non-compete clause for 5 years and 50 miles...meaning I could not open up another business of the same type within 50 miles of the business I sold for five years...I could open one up 51 miles away, or in five years one right next door if I wanted to...
Posted: Wed Aug 27, 2008 01:35 am Post Subject:
a non-compete says that you are not allowed to 'compete' against your current employer. Google "non-compete" and you will get a ton of information. If you did not sign a formal employment contract, you probably do not have one. The problem with non-competes is that most of them that are written are too broad (they go too far so that you cannot earn a living), but do you want to take the risk of getting sued?
Add your comment