Introduction - I'm a State Farm Team Member Sales Rep

[2Tall]

Hey everyone,

Found this site a few days ago, much respect to all the veterans on here. I started with State Farm almost a year ago now right out of college I have my bachelors in management and entrepeneurship. I have been selling P&C and enjoy it mostly, now starting to pivot to life more just pushing for my first Life. I enjoy the relationships and helping people see the value. I try not to focus on price too much but it is always a major factor. I hope to keep on pushing to get a track record over the next few years to hopefully become an agent or get a good offer somewhere else, however; who knows what SF will look like for agents in a few years and if I will want to go that route, we are going through a lot of changes right now. My salary and commssion is frustrating with my education but I know I gotta earn it if this is the industry I want to be in. If any of you have any thoughts or advice or questions for me or SF in general please ask, thanks all

 

[xrac]

Avoid become a career agent with SF unless they change the compensation structure for new agents.

 

[2Tall]

Avoiding become a career agent with SF unless they change the compensation structure for new agents.

I don't know any of the details on the new contract, my agent has been in it for 12 years. Could you give me some insight on that new contract? It is concerning to me. What company do you work with?

 

[xrac]

I don't know any of the details on the new contract, my agent has been in it for 12 years. Could you give me some insight on that new contract? It is concerning to me. What company do you work with?

I am not a P&C agent but have investigated it. Realize that if you become an SF agent you will not be compensated in the same way the agent you are working for is compensated. Be sure to read this thread all the way through:

Becoming a State Farm Agent

Check this forum out: NASFA Membership

 

[2Tall]

thanks for the info - i saw that link. Anyone else with some recent SF experience as a team member or trying to get agency. I am also interested in maybe working a an independedent agency in the future. How does compensation work for that?

 

[BlockO]

commission for P&C agents can be as low as 8% or as high as 18-20%. But most companies fall in the 12-15% range.

 

[newindy]

State Farm agents on the new contract are paid a base of 8% for P&C with a variable compensation structure. The variable compensation can give you an extra 3% on top of the 8% ( total max of 11% for those of you that didn't pass math). The variable comp is based on your numbers which include bank, financial services, and P&C, etc. you have to be a rock star to max it out. From what I have heard the average is around 1.5%. That would give you a commission of 9.5% on P&C..... Pretty crappy. Life commissions for agent on most products is 20% annual premium.

Excuse typos.... On handheld.

 

[2Tall]

State Farm agents on the new contract are paid a base of 8% for P&C with a variable compensation structure. The variable compensation can give you an extra 3% on top of the 8% ( total max of 11% for those of you that didn't pass math). The variable comp is based on your numbers which include bank, financial services, and P&C, etc. you have to be a rock star to max it out. From what I have heard the average is around 1.5%. That would give you a commission of 9.5% on P&C..... Pretty crappy. Life commissions for agent on most products is 20% annual premium.

Excuse typos.... On handheld.

Ok yea this sounds right. What are indy agents getting for p and c commiss and life? Thanks so much for the info

 

[AJ3]

what i have heared is that SF gives new agents $18000 signing bonus.

 

[jhuang]

Ok yea this sounds right. What are indy agents getting for p and c commiss and life? Thanks so much for the info

Depends on the carrier and depends on the wholesaler. If you use a cluster or aggregator, it may get lower.

Indy does have the luxury of charging broker fees (some do, some won't...depend on the agent and client relationship). Captives cannot charge broker fees.