tgmnsales
New Member
- 11
I am a health insurance agent and I have my own book of business (Individual, Medicare, and small group), in addition I work 25 hours a week for an agency as a licensed agent (W-2). I write individual and Medicare business, very little administrative duties, I am mainly there to work as a licensed agent. Initially, four years ago, I started working part time for the broker while I built up my book of business after leaving a large company as a captive agent. Working part time allowed me to have an income coming in (plus the agency needed help). Now, my book of business income has exceeded my W-2 income. I would like to scale back my hours from the agency, however, the owner may be retiring soon due to health issues and they will need my Medicare expertise. I am paid hourly with no commission, bonus, or profit sharing. I was told recently by another retired agent, that I am "grossly underpaid" and that "they are getting a deal with you". I realize now that I should have insisted on higher increases over the years and undervalued my expertise. I calculated that I would need a 64% raise to be on par with the "hourly rate" I am earning with my own book of business based on the hours per week I put into that book. I will note that one of the agents at the agency will take over for the owner and buy his book of business.
I know the agency will not give me that kind of raise, they cannot afford it at this time. I have proposed the possibility of writing a certain percentage of new Medicare business on my book, but that was shot down. If I left the agency they would not have an experienced Medicare agent once the owner retires. They only have four staff members. One other agent is Medicare certified, but he hasn't written any Medicare. I estimate that they take in about $90k per year in Medicare commission, and $68k in individual commission. They also have small and large group business, but I do not help write any of that business.
I think that if they cannot compensate me so I am on par with my other book, then I am wasting my time there, when I could use my time to grow my own book. If they cannot make financial changes internally to find the revenue to compensate me, then I will start scaling back my hours to continue growing my own book business.
I am looking for any thoughts or suggestions on what I should do, or what I could propose to the agency owner.
I know the agency will not give me that kind of raise, they cannot afford it at this time. I have proposed the possibility of writing a certain percentage of new Medicare business on my book, but that was shot down. If I left the agency they would not have an experienced Medicare agent once the owner retires. They only have four staff members. One other agent is Medicare certified, but he hasn't written any Medicare. I estimate that they take in about $90k per year in Medicare commission, and $68k in individual commission. They also have small and large group business, but I do not help write any of that business.
I think that if they cannot compensate me so I am on par with my other book, then I am wasting my time there, when I could use my time to grow my own book. If they cannot make financial changes internally to find the revenue to compensate me, then I will start scaling back my hours to continue growing my own book business.
I am looking for any thoughts or suggestions on what I should do, or what I could propose to the agency owner.
