We earn lots and pad our pockets? News to me. If you saw what we earned on a per policy basis, you’d be embarassed for us.
On a whole, we generally earn 10-15% commision on a policy. That’s the gross profit.
Next figure in payroll (most office’s having 5-10 staff), overhead (rent/mortgage, power, equipment, etc) and other expenses, and pretty quickly what an agent earns per policy is pretty marginal.
One has to write a fair number of policies to keep ahead of the game, and while you do strive to keep/write larger accounts, those also make for alot of additional work and need more time.
If you want to throw rocks at people padding their pockets, take a look at the average plaintiff’s attorney. They take 30% or so of any case they win.
I am well aware of how many policies you have to write and I am also aware that you get commercial as well as residential accounts. Now if you are struggling with the staff you have you can blame the very people who’s pockets you are lining. I know it’s tough even for an underwriter these days but I know what I pay and I also track the profits and bonuses that are distributed to the executives each year and I really don’t feel bad about expressing my views. I also know how hard insurance companies push their emplyees that handle claims,try doing that job for a day,these people work their butts off and make the lest of any insurance worker other than the mailroom. Your income and status in this economic melt down have made it dificult for everyone to make money but as I said before I know what I pay and I have NEVER had a claim and it just doesn’t make sense.
To end this you agents are our best friends when we do suffer a loss and you also have the upper hand when it comes to the insurance companies paying claims so long you have adequate sales!
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We earn lots and pad our pockets? News to me. If you saw what we earned on a per policy basis, you’d be embarassed for us.
On a whole, we generally earn 10-15% commision on a policy. That’s the gross profit.
Next figure in payroll (most office’s having 5-10 staff), overhead (rent/mortgage, power, equipment, etc) and other expenses, and pretty quickly what an agent earns per policy is pretty marginal.
One has to write a fair number of policies to keep ahead of the game, and while you do strive to keep/write larger accounts, those also make for alot of additional work and need more time.
If you want to throw rocks at people padding their pockets, take a look at the average plaintiff’s attorney. They take 30% or so of any case they win.
I am well aware of how many policies you have to write and I am also aware that you get commercial as well as residential accounts. Now if you are struggling with the staff you have you can blame the very people who’s pockets you are lining. I know it’s tough even for an underwriter these days but I know what I pay and I also track the profits and bonuses that are distributed to the executives each year and I really don’t feel bad about expressing my views. I also know how hard insurance companies push their emplyees that handle claims,try doing that job for a day,these people work their butts off and make the lest of any insurance worker other than the mailroom. Your income and status in this economic melt down have made it dificult for everyone to make money but as I said before I know what I pay and I have NEVER had a claim and it just doesn’t make sense.
To end this you agents are our best friends when we do suffer a loss and you also have the upper hand when it comes to the insurance companies paying claims so long you have adequate sales!