- 5,056
Shhhhhh.......
Tell that to the phone room owners, which ALL curiously have a fascination with Mafia movie posters.
Health Insurance Sales Commission Question
- Thread starter plays2win
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- health insurance
Shhhhhh.......
Tell that to the phone room owners, which ALL curiously have a fascination with Mafia movie posters.
G
Guest
Guest
Assigning commissions doesn't always mean you give up the ownership of your book of business.
If you're with a good GA they will be transparent, dedicated and have your back, is that the norm? Sadly no.
I've been burned by agencies which is why I run my agency differently, the agent comes first, period. They sell products that I DO NOT earn a dime on because we do what's best for the client and coincidentally, the client pays everyone's bills. Without agents you have no agency. Now the carriers are giving more power to the agents rather than greedy MGA models, hooray!
Why this even comes up interest me. If you're with a GA/MGA that keeps you happy and pays you in a timely manner, offers more value than just contracts, why would you want to leave?
Also, as Thall said, what good are great contracts if you don't know how to sell?
Ha ha, true, wanna be gangsters!!
If you're with a good GA they will be transparent, dedicated and have your back, is that the norm? Sadly no.
I've been burned by agencies which is why I run my agency differently, the agent comes first, period. They sell products that I DO NOT earn a dime on because we do what's best for the client and coincidentally, the client pays everyone's bills. Without agents you have no agency. Now the carriers are giving more power to the agents rather than greedy MGA models, hooray!
Why this even comes up interest me. If you're with a GA/MGA that keeps you happy and pays you in a timely manner, offers more value than just contracts, why would you want to leave?
Also, as Thall said, what good are great contracts if you don't know how to sell?
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Ha ha, true, wanna be gangsters!!
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- 14,809
What assigning commissions DOES mean is if your GA/MGA gets hit by a car and is in the intensive care unit, don't bother looking for your commissions.
It also means (and I've seen this happen no less than 4 times) that if your "large" MGA goes under, you can want your commissions but you'll get a disconnected number.
It also means (and I've seen this happen no less than 4 times) that if your "large" MGA goes under, you can want your commissions but you'll get a disconnected number.
G
Guest
Guest
I guess that's possible but only if one person ran the business and was in a coma LOL.
Don't most agencies assign commissions, AHIP, HCO etc? Especially now if they are tweaking the comp levels?
Did agents lose huge books of business under the MGA examples?
Don't most agencies assign commissions, AHIP, HCO etc? Especially now if they are tweaking the comp levels?
Did agents lose huge books of business under the MGA examples?
- 558
With this agency wanting you to work on an as earned basis, stretching out the commissions over a 12 month period and with the lower commission payouts due to health reform you would not be making much on a monthly basis to live on.
For example even if you wrote 20 policies your first month with an average annual premium of $3000 that would be 60,000 AV and if you got paid a 10% commission at this agency that would be a $6,000 commission which would have to be divided by 12 months, so your first month you would make $500 on an as earned basis.
- 415
Back to the OP.
Most on here are Independent Agents, who run their own thing, and as such run their "own" business. What you have been presented with is a "sales job", and thats ok if thats what you wanted.
If you are new, then you must consider other factors before you listen to the "pro's" on here.........
0 on residual commission is not that uncommon (for a insurance sales job)
Besides, once you have earned your stripes and become a little more seasoned you are unlikely to stay there anyway. So really the residual does not matter.
Best advice: learn the ropes, use someone else's business to do it and then fly solo when you are ready to assume the risks/rewards of running your own deal.
Most on here are Independent Agents, who run their own thing, and as such run their "own" business. What you have been presented with is a "sales job", and thats ok if thats what you wanted.
If you are new, then you must consider other factors before you listen to the "pro's" on here.........
0 on residual commission is not that uncommon (for a insurance sales job)
Besides, once you have earned your stripes and become a little more seasoned you are unlikely to stay there anyway. So really the residual does not matter.
Best advice: learn the ropes, use someone else's business to do it and then fly solo when you are ready to assume the risks/rewards of running your own deal.
- 5,056
This sounds like you would be working your local market, workin with local businsses?
Don't assign you're commissions to this guy, because you will be glued to the hip to this fella, unless you stop writing heath for 6 months.
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- #18
- 7,790
actually health insurance is more on marketing strategy that you have to sale your insurance so that you can earned for living. cause if you won't sale no income.
Really? I always thought it was "sell." I do sometimes sail, however, in the summer.
