I have been working for a State Farm agent for two and a half years now. I just got my bachelor degree and have my P&C, Life, and Health license. I think I am getting under paid for the amount of work I do and my educational background. Does anyone know the average salary a State Farm team member makes?
State Farm Team Member Salary Question
- Thread starter JGill
- Start date
- 414
I know a team member (has insurance with me even though she works for SF lol) that has a $50k base and gets $20 per policy so she makes around $60k a year. This is in the DC area and it's just her and one other admin in the agent's office. I assume she is doing most of the work.
I think the standard would be a $20-30k base and small incentive based compensation. Depending on your area you have to know what a fair wage is. Why not send your resume to other agents and see if they offer you more?
I think the standard would be a $20-30k base and small incentive based compensation. Depending on your area you have to know what a fair wage is. Why not send your resume to other agents and see if they offer you more?
Hi JGill,
I use to work for 3 State Farm agents...here in Texas. I now own my own independent agency, but the most I got paid was $15 plus commission. This was with my pc and lh license. Commission was a different structure, basically if you sold life you could bring an additional $1000 plus home. It also depends ALOT on if they are a new agent or old agent. If they are on the old contract, the above comment seems about right...if they are on the NEW CONTRACT...completely different ball game. I have friends who still work for SF agents (on the new contract) the most they have got paid is around the same. When I would see the reports of the top producers in Texas, most of them I know and pay very little. Under 15, and some even pay commission only. They make $$ by selling life, so if u sell life you make them money and happy and in return the same. ? ??
I use to work for 3 State Farm agents...here in Texas. I now own my own independent agency, but the most I got paid was $15 plus commission. This was with my pc and lh license. Commission was a different structure, basically if you sold life you could bring an additional $1000 plus home. It also depends ALOT on if they are a new agent or old agent. If they are on the old contract, the above comment seems about right...if they are on the NEW CONTRACT...completely different ball game. I have friends who still work for SF agents (on the new contract) the most they have got paid is around the same. When I would see the reports of the top producers in Texas, most of them I know and pay very little. Under 15, and some even pay commission only. They make $$ by selling life, so if u sell life you make them money and happy and in return the same. ? ??
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Personally I don't think it matters whether you have a degree or not. It has nothing with your job skills to be a CSR with SF or any agency for that matter. Congratulations on getting it of Course!
Do you have a written job description that defines the skills required & the pay range? If not, I'd ask for one. What do you currently do for the agent? That, to me, is more important than the fact you have a degree. Having a license in most states just makes it okay so you can talk premium & coverage to existing clients, not that you can sell.
Next, the most important thing to the agent is do you bring new business into the agency? If not, then $30-$35k a year is what the job is worth IMO.
It totally has to do with your skill set. Are you cross selling into the BoB? What value do your bring to the agency? One could be licensed & "just" do endorsements. That would be $12-$15/hour help.
If you have the skill set to sell and that is not part of your job description, then I'd ask the agent to evaluate your position & pay. If he does not pay you for what you are worth, trust me in that there are Plenty of SF, Allstate, captive agents that would be interested in a licensed sales producer!
You did not say what you do in the agency. You only pointed out your credentials. All agencies need producers & CSR's to do the paperwork. BOTH jobs are important to the agency, but a producer is higher paid. It is a lot harder to sell than to do the paperwork.
Hope this gives you some ideas. Let us know what you do.
Remember this quote from a friend of mine: "I reserve the Right to get Smarter!
Do you have a written job description that defines the skills required & the pay range? If not, I'd ask for one. What do you currently do for the agent? That, to me, is more important than the fact you have a degree. Having a license in most states just makes it okay so you can talk premium & coverage to existing clients, not that you can sell.
Next, the most important thing to the agent is do you bring new business into the agency? If not, then $30-$35k a year is what the job is worth IMO.
It totally has to do with your skill set. Are you cross selling into the BoB? What value do your bring to the agency? One could be licensed & "just" do endorsements. That would be $12-$15/hour help.
If you have the skill set to sell and that is not part of your job description, then I'd ask the agent to evaluate your position & pay. If he does not pay you for what you are worth, trust me in that there are Plenty of SF, Allstate, captive agents that would be interested in a licensed sales producer!
You did not say what you do in the agency. You only pointed out your credentials. All agencies need producers & CSR's to do the paperwork. BOTH jobs are important to the agency, but a producer is higher paid. It is a lot harder to sell than to do the paperwork.
Hope this gives you some ideas. Let us know what you do.
Remember this quote from a friend of mine: "I reserve the Right to get Smarter!
- 1,473
Well your worth is what an agent is welling to pay you. I had an ex staff that she came from state farm agency where she was making $20 an hour. I paid her $18 plus commission, but she was making a lot of sales for me
- 4,096
I looked at state farm from a scratch agency standpoint and buying an existing agency.
Average employee is around $36,000.
My feeling was state farm really does not care about their employees. If they did they would offer group benefits.
Now I will say this if you are super star producer you will have the opportunity to buy or start your state farm agency.
Average employee is around $36,000.
My feeling was state farm really does not care about their employees. If they did they would offer group benefits.
Now I will say this if you are super star producer you will have the opportunity to buy or start your state farm agency.
- 1,473
Not sure if your talking about state farm or Allstate.
But state farm does not sell there agency. There can only get a set amount toward retirement for the years they have worked.
Allstate on the other hand they let agent sell the business to another agent or an outside agent, but its kind of hard these days.
- 1,162
Is this standardized at all or does it simply depend on the agent?
I once heard a veteran life agent refer to this kind of arrangement as "sharecropping." If you're a good producer you can no doubt do better as an indy if you've got the ability to do so. But as they say, making sales at 50% is better than failing with top contracts, etc.
I once heard a veteran life agent refer to this kind of arrangement as "sharecropping." If you're a good producer you can no doubt do better as an indy if you've got the ability to do so. But as they say, making sales at 50% is better than failing with top contracts, etc.
- 4,096
You are correct it was Allstate but I did look at State Farm also.Not sure if your talking about state farm or Allstate.
But state farm does not sell there agency. There can only get a set amount toward retirement for the years they have worked.
Allstate on the other hand they let agent sell the business to another agent or an outside agent, but its kind of hard these days.
State Farm did not want me as agency owner. They would not tell me why. My guess is I wanted to make more than $50,000 a year.
