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 27, 2008 04:48 am Post Subject:
Hi OHIInsAgent..somehow I have this feeling that you're supporting the sales person than the pure marketing brain-
* The salesman initiates a sale (catches the attention of the seller)
* He again describes an offer & invites queries to be faced with his product knowledge (highlights the benefits & covers the faults)
* He pops up the trial close (Charging is the most difficult challenge)
So, basically all the salesman does is quite beyond a simple clerical job.
However tedious a clerical job is, it never has that steep challenges associated in its course!
Thanks for explaining things the right way..
ArindamSenIndies
Posted: Wed Aug 27, 2008 10:34 pm Post Subject:
I do have that in my contract but mine does not say a time it says 20 miles. :?
Posted: Thu Aug 28, 2008 04:27 am Post Subject:
The non-compete covenant can be described both in terms of time period and geographical boundary. Yours must have the geographical boundary clause in it, which implies that you can't pursue the same trade against your previous employer within this geographical surrounding.
~Jeremy
Posted: Thu Aug 28, 2008 09:14 am Post Subject:
Then more than likely you can't set up an agency within 20 miles..is there ANY time frame at all? or 20miles forever?
Posted: Thu Aug 28, 2008 01:31 pm Post Subject:
actually when I reread it, it does say 2 years and 20 miles from the office.
Posted: Thu Aug 28, 2008 01:32 pm Post Subject:
actually when I reread it, it does say 2 years and 20 miles from the office.
sorry i forgot to log in
Posted: Thu Oct 09, 2008 02:01 am Post Subject:
I've been where you are. It was a different field and many years ago; however, it was until I broke it down in writing that my employer understood who he was dealing with. I was in college, early twenties, and a little old receptionist (so they thought). I was working on my BA in Management Information Systems and was very computer literate. The only reason I remained in that position was because the slow hours of the day allowed me time to do homework. Basically what I'm saying is take advantage of the opportunity which you have done. You now have the knowledge and experience and it sounds like you have the drive to type of that paper and call a meeting. Sit with the agent and make your strong points clear and ask if a raise would be an option considering your role has changed tremendously in the past year and that you have quietly and proficiently took over many task previously done by someone else at a much higher salary to show that you can do the job and that you are not just worthy of the position, but also of the raise and that you would appreciate if she would consider it and get back to you at her earliest convenience.
No matter what happens, you are well on your way to a successful career. You have the knowledge and the sales skills which are exactly what you need to make it. In the case that you don't get the answer that you are looking for, shop around for new employment so that you can see what is out there. Take a look at Careerbuilder and Monster .com to see what salaries are being offered for those skills in your area so that you make an educated decision on if you will or won't stay. You now have the ability to open your own agency. That will be difficult with the bankruptcy in place, but not impossible. Options are to start off by working from home (saving money on office space) or you can look for trusted investors (family, friends, etc). I hope this helps.
Posted: Thu Oct 09, 2008 07:54 pm Post Subject:
Considering the fact that I'm licensed now for a month, and have a lot more experience, I'd imagine a commission type income would be deserved. But I guess not...
You wrote all that business and you weren't licensed?
I'll side with Gary on the "good for her." She paid her dues. She took the huge business loan, paid it off, worked 12 hours a day, etc.
And all that hard work got her to the three-hours a week/200K per year position she is now. After you do pay your dues, you will be able to do that too.
You said you and a partner are opening an office. Independent? Captive agent? Also, make sure you didnt' sign a non-compete with your present employer. Where some states don't enforce them, it could still be a sticky situation.
If you want to consider being a captive agent, PM me.
Posted: Thu Oct 09, 2008 09:52 pm Post Subject:
There is a lot of information here, but as I understand it, you were working at this agency, quoting insurance policies and explaining insurance to the clients at a time when you were not licensed - am I correct on that?
In most states that would be totally illegal. If you weren't licensed, then you could not be paid commissions on the sales.
Now you are licensed and that puts you in a totally different situation.
You should receive a commission on any sale you make directly and $24,000 a year is just not enough.
Take my word for it, starting your own independent agency is not all that it's cracked up to be, especially with our economy in a total disaster.
All the commissions will be yours, but so will all the bills be yours.
I would strongly consider going to work for a captive company where you can be guaranteed a certain salary (plus commissions) while you actually learn how to be an independent agent.
You seem to be a very intelligent person and should have no problem either way, just don't sell yourself short. You are only worth what you sincerely believe you are.
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