I fear that we will see more of this over the next year than we have ever seen if economic conditions don’t improve soon. Companies lowering rates and commissions while adding policy fees and charging larger installment fees and late fees (all of which an agents receives no $ for collecting) will continue to erode revenue at the agency level. I have seen two agency closures in the past month locally and anticipate more. At some point the quality of service and workmanship at the best run agencies is going to suffer. I am not looking forward to the last quarter of 2010. We (small agencies) need help from our carriers. Our compensation has been cut to the point that we are barely able to survive…….
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I fear that we will see more of this over the next year than we have ever seen if economic conditions don’t improve soon. Companies lowering rates and commissions while adding policy fees and charging larger installment fees and late fees (all of which an agents receives no $ for collecting) will continue to erode revenue at the agency level. I have seen two agency closures in the past month locally and anticipate more. At some point the quality of service and workmanship at the best run agencies is going to suffer. I am not looking forward to the last quarter of 2010. We (small agencies) need help from our carriers. Our compensation has been cut to the point that we are barely able to survive…….