Super new agent here, please help

[Al3x Lee]

I would cut bait on P&C and go life and Health.

I'm gonna need you to get off the P&C forum with your divisive rhetoric.

Brand new P&C agent here. I admitted that I got my license straight without doing the research to find out how insurance agents work/how much we can make.

Long story short, I got my license. Now how do I start selling? From my understanding, I need to work with an insurance broker(agency), and that agency is appointed by several carriers. So, I contacted an agency near me. They are contracted with Brightway, commissions are 8%-10% depending on the carrier. If I join this agency, my split will look like this:

80/20 new business

50/50 renewal

$550/per month (software and training from brightway).

Also, the agency will get a cut from my commission as well, maybe 10%( negotiable).


So let's say if I wrote a home owner policy of $1000 with 10% commission, the calculation would be: $1000x10%=$100

$100x80%= $80

$80x90%=$72

Does that sound right? Not to mention I have a monthly fee of $550??


I’m very confused, Please help me clear things up.

Sounds like a terrible deal. What made you decide to get your license in the first place?

I agree with the other posters, Florida is a very, very tough market right now, probably one of the worst ones in history. You should go find an account manager role at an agency and earn a salary while you learn the business. If you're going to try and sell as a brand new agent on that fee/commission structure in Florida, you are most likely going to starve and leave the industry.

 

[marindependent]

I’m so new that I’m not aware of the market condition

and that would be a huge problem.

become an employee of an agency and learn the business while getting paid.

Great Advice

cut bait on P&C and go life and Health.

also, solid advice.

P&C guy here - Its a friggin nightmare right now.

 

[Markthebroker]

P&C guy here - Its a friggin nightmare right now.

At least nightmares you wake up from relatively soon, and you know they're not real. Neither is the case here, unfortunately.

 

[Al3x Lee]

unfortunately.

Only unfortunate if you don't bathe in the painful discomfort like a masochist. I mean what?

 

[tikibarrister]

Brand new P&C agent here. I admitted that I got my license straight without doing the research to find out how insurance agents work/how much we can make.

I'm just curious...why did you decide to get a P&C license? You must have had some idea of what you'd be doing. What attracted you to the field?

 

[Markthebroker]

I'm just curious...why did you decide to get a P&C license? You must have had some idea of what you'd be doing. What attracted you to the field?

Probably like everyone else, she saw my wonderful cape and pretty hair and wanted in.

 

[tikibarrister]

Probably like everyone else, she saw my wonderful cape and pretty hair and wanted in.

It's that damn calendar. DOI may need to intervene if this keeps up.

 

[Markthebroker]

It's that damn calendar. DOI may need to intervene if this keeps up.

Hey man, that calendar is how I show off my best assets.

 

[Allen Trent]

Couple math errors..

#1 average Florida Home premium is prolly closer to $5k a year as almost no companies selling in Florida anymore, so the good news is premiums are really high & everyone is looking but you will work full time dealing with all the cancellations & rewrites, etc.

#2 when the agency says 80/20 on new & 50/50 on renewal, that means they are only taking 20% of the commission from the carrier commission before passing along to you, so you shouldn't have to add another 10% for the agency later in your calculation.

IE: 5,000 x 10% commission= 500 commission from carrier to agency. Agency keeps $100 & gives you $400

[EXTERNAL LINK] - Florida homeowners will face a projected 40 percent increase in property insurance rates

 

[Markthebroker]

#1 average Florida Home premium is prolly closer to $5k a year

Dear god...