Might as well as this type of revenue to the list too.
I see agents making more revenue on their premium financing transactions than the actual premium finance company.
Some of the big boys are doing away with this but some agents/brokers are downright greedy.
If you want to call a spade a spade RNR, re-read your own comments first. I quote, \”your command of economics and finance is almost as impressive as \”Risk Adverse\”\’s command of the English language. Perhaps you don\’t realize that you (or any broker) doesn\’t work for free – ever.\” I believe \”economics and finance are almost impressive as\”…of course, \”you doesn\’t work for free\” is a good one too. No one is perfect RNR, but apparently in your mind we can only hope to be as educated and enlightened as you one day. In terms of your hourly charge proposal as the great economic plan, let\’s think about that…everytime an Agent or Agency employee works on your account or answers the phone to deal with you or any issue related to you, you are okay with that Agent/Agency pulling out a billing sheet(such as an attorney) and noting the time. My guess is that when the bill came you would just whine about it, try to duck paying it, and then try to get another Broker to grant you some free hourly credit in the hopes of getting your business. Good luck on that one being realized.
Probably the best point here. The RM is the boss in this whole relationship. Good RM\’s tend to seek out and find good Agents/Brokers. Those RM\’s realize that those selected Agents/Brokers provide enough value to their job and company that their compensation is earned and justified. When those RM\’s beleive they are not getting enough in regard to what the Agent/Broker is being providing and being compensated, find a new one! Simple. But for those RM\’s that just value the lowest price and commissions, you should stop trying to find the best insurance professional, you are wasting your time and theirs. This level of Agents/Brokers(and these can be found in the 1 man/woman shop to the largest Brokers) would rather focus on providing so much more..and you just don\’t value that.
It\’s in the millions! Just visit MSN money insider trading.look up any companies symbol and you\’ll see the tons of cash this people pocket at policy holder expense.
When I saw the headline of this article, I thought it had to be misleading as I could not imagine an organization within the industry to be against productivity. After reading the article, it is unbelieveable. With the overhead involved, it is absurd to expect anything except productivity based income. In reading many of the posts, it is obvious that most understand that this RIMS proposal is sheer foolishness.
In deference to full disclosure being called for by Risk Managers – third-party audits of any corporate entities insurance and risk management program by qualified insurance and risk management consultants should be mandatory.
The stock holders need to know if you, Risk Manager, are earning your pay. Come on – what are you afraid of?
Just another case of holier than thou folks who do not understand the workings of the average agency production process (where most producers sell on price or superior coverage)The know it alls are happy to grab the bashing club from Spitzer and smugly sit back satisfied that they have saved the world from the unscrupulous insurance agent.
As we all know this is a very competitive business. If an agent is not motivated to provide the best service at the lowest cost, he/she will not be in business for very long. I can\’t believe that the fact that insureds have the option to seek alternative proposals is the agent\’s prime motivator is not more clearly considered in this whole debate.
What is Next for insurance agents? No commisison, no incentive to produce a solid book of business?
Why pick on the insurance agents? Are tehy going to pass laws now where you have to see certain doctors. lawyers, accountants becuase those who are doing a good job for their clients getting the bulk of the business? Insurance agents work hard and get less pay per hour than other professionals, plus compete with our companies who now sell products direct.
Where is our future?
Bob
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Might as well as this type of revenue to the list too.
I see agents making more revenue on their premium financing transactions than the actual premium finance company.
Some of the big boys are doing away with this but some agents/brokers are downright greedy.
If you want to call a spade a spade RNR, re-read your own comments first. I quote, \”your command of economics and finance is almost as impressive as \”Risk Adverse\”\’s command of the English language. Perhaps you don\’t realize that you (or any broker) doesn\’t work for free – ever.\” I believe \”economics and finance are almost impressive as\”…of course, \”you doesn\’t work for free\” is a good one too. No one is perfect RNR, but apparently in your mind we can only hope to be as educated and enlightened as you one day. In terms of your hourly charge proposal as the great economic plan, let\’s think about that…everytime an Agent or Agency employee works on your account or answers the phone to deal with you or any issue related to you, you are okay with that Agent/Agency pulling out a billing sheet(such as an attorney) and noting the time. My guess is that when the bill came you would just whine about it, try to duck paying it, and then try to get another Broker to grant you some free hourly credit in the hopes of getting your business. Good luck on that one being realized.
Probably the best point here. The RM is the boss in this whole relationship. Good RM\’s tend to seek out and find good Agents/Brokers. Those RM\’s realize that those selected Agents/Brokers provide enough value to their job and company that their compensation is earned and justified. When those RM\’s beleive they are not getting enough in regard to what the Agent/Broker is being providing and being compensated, find a new one! Simple. But for those RM\’s that just value the lowest price and commissions, you should stop trying to find the best insurance professional, you are wasting your time and theirs. This level of Agents/Brokers(and these can be found in the 1 man/woman shop to the largest Brokers) would rather focus on providing so much more..and you just don\’t value that.
It\’s in the millions! Just visit MSN money insider trading.look up any companies symbol and you\’ll see the tons of cash this people pocket at policy holder expense.
PLJ – \”at policy holder expense.\” Please don\’t tell me you really believe that.
You seem to think that EVERY agent qualifies for contingency commissions – well they don\’t.
There are 1000\’s of agents that never see a penny of contingency commission becuase of various factors.
And guess what – you pay the same premium whether I get a contingency or not – so again – WHY DO YOU CARE??
When I saw the headline of this article, I thought it had to be misleading as I could not imagine an organization within the industry to be against productivity. After reading the article, it is unbelieveable. With the overhead involved, it is absurd to expect anything except productivity based income. In reading many of the posts, it is obvious that most understand that this RIMS proposal is sheer foolishness.
In deference to full disclosure being called for by Risk Managers – third-party audits of any corporate entities insurance and risk management program by qualified insurance and risk management consultants should be mandatory.
The stock holders need to know if you, Risk Manager, are earning your pay. Come on – what are you afraid of?
Just another case of holier than thou folks who do not understand the workings of the average agency production process (where most producers sell on price or superior coverage)The know it alls are happy to grab the bashing club from Spitzer and smugly sit back satisfied that they have saved the world from the unscrupulous insurance agent.
These people need a dose of reality.
As we all know this is a very competitive business. If an agent is not motivated to provide the best service at the lowest cost, he/she will not be in business for very long. I can\’t believe that the fact that insureds have the option to seek alternative proposals is the agent\’s prime motivator is not more clearly considered in this whole debate.
What is Next for insurance agents? No commisison, no incentive to produce a solid book of business?
Why pick on the insurance agents? Are tehy going to pass laws now where you have to see certain doctors. lawyers, accountants becuase those who are doing a good job for their clients getting the bulk of the business? Insurance agents work hard and get less pay per hour than other professionals, plus compete with our companies who now sell products direct.
Where is our future?
Bob