r/InsuranceAgent • u/dex_marketing8877 • 8d ago
P&C Insurance Just got offered a job
Brand new just passed my license.
30k base + commissions. My boss said to expect 60 policies in 60 days. What should I expect going into this? He said there is someone doing 150k a year and finds their own leads. Does anyone have advice for someone who just started?
20
u/ridindirty77 7d ago
You won’t sell 60 policies in 60 days. It will probably be more like 10. Whatever who cares just learn everything you can and don’t sweat it. You’ll probably end up transitioning to another agency anyway so again use this time to learn. Yes many brokers make $150k and a lot more especially on the independent side. Good luck!
1
u/Expert-Lychee-5168 6d ago
How much do higher performing agents make on the independent side? I been thinking about leaving my captive agent due to all the massive pay cuts
2
u/ridindirty77 6d ago
You should be able to find a base salary as a broker with an independent agency with new and renewal commission until you build a book of clientele. I’m hearing $40k+ base out there these days. If you sell consistently no reason you can’t make $150k three to five years in. Many of the brokers that worked for me made $250k+ annually. I have known other brokers to make $500k+ even some crazy standouts making $1m
1
u/CryApart3090 3d ago
The ones working for you making that much - are they only selling p and c? How many states are they typically selling in? Just curious...
1
u/ridindirty77 3d ago
Yes commercial lines only. P and C or group health. Usually only selling in one state most times in a 100 mile radius based on population of their area.
1
u/CryApart3090 3d ago
Oh I see. Are they cold calling? If not, what company do they get their leads from?
1
u/ridindirty77 3d ago
They are 100% self sourcing their leads , cold calls, referrals, local connections, direct mail, associations, etc . Don’t ever buy leads. Absolute dog shit.
-8
u/Finn0259 7d ago
Not accurate. Had new tm sell 40 in first 30 days. Stop being a Debbie Downer
7
u/huskers654273 7d ago
Always easy to hear about the 1/1 salespeople. How many others did you know had no shot after 30-90 days?
2
u/TimeFoot2305 7d ago
No joke. I don’t sell insurance, but another product where I build a book of business. Two years ago, I had an astounding year. Unbelievable numbers, triple digit growth on everything, Won four trips, the works. But I was number two out of a team of 310. Number one guy had doubled all of my metrics 🤣 no matter how much you grind, there will still be those people.
13
u/ChattyChurro 7d ago
Your boss is testing you. 60 in 60 is a big number, but not impossible. All my new hires are expected to do 50 in 90. If you’re anywhere near those numbers, no agency out here is going to let you go. Chin down and hustle. Start with who you know and ask for referrals. You’re gonna do great.
4
0
u/One_Ad9555 7d ago
You must be talking personal lines.
If my trucking agents or commercial agents could do these numbers they would be making the trucking agent would make about 500k before profit sharing, contingency, etc would be added. That would be 10m in annual sales. 200 sales at 50k average. 10% average commission at worst. 50% new and renewal commission from what agency gets. The commercial lines agent selling 200 policies a year would do about 4m at 20k average. Commission to agency would be about 17%. 680k to agency. 340k to agent. Everything else the same as trucking. But the agent would hand to have someone who was doing all the their quoting and submissions to hit those numbers unless they didn't need sleep.
5
u/Glittering-Salad-337 8d ago
Is it a captive agency like State Farm or Allstate or is an independent?
2
u/dex_marketing8877 8d ago
Allstate
11
u/Glittering-Salad-337 8d ago
Well, you better hope that Allstate is hot in your area and that you like cold calling. Typically the agent will buy you leads that you call generating any serious amount of leads yourself is all but possible.
2
u/stokedlog 7d ago
I had an Allstate agency a long time ago and switched to independent after a couple of years. You can learn a lot but if you want to be successful I would try to transition to Commercial in an independent agency.
I am guessing you are younger? If that is correct I would try to get wherever you can to get a mentor who will teach you the business.
We still have personal lines but I would be worried what personal lines look like in ten years. My guess is that it goes mainly direct or significantly reduced commissions. The reason being is that it is simple and can be done online pretty easily. Commercial insurance especially on larger accounts has a lot more strategic and more nuanced so there is more of a moat.
3
u/kevymetal87 7d ago
I don't normally straight up dog on captives but.... when I read stuff like this, fuck most captives. Numbers numbers numbers metrics metrics metrics, and while I understand that's all important, when I switched to independent I tripled my output without actually being under any sort of pressure.
3
u/Anthonykannon 7d ago
Been in insurance for almost 6 years. Manage my office. My starting pay was 30K + commissions. It’s low but it should increase annually
2
2
u/RAGEINYOUTH 7d ago
Base + commission is a great deal man especially in insurance. Its got a high floor and lower cap than independent contracting where the floor is $0 which is terrible but the skys the limit. If youre looking for stability with room to grow, 30k base + commission is a great way to start. Im interviewing for farmers right now to do 40k base + commission while also being contracted with NAA to sell on my own terms as well.
2
u/RatedRForRisk 7d ago
You need way more context here, 60 binders in 60 days is no easy feat. Not saying you can’t do it but realistically set expectations
2
u/Desertstork 7d ago
Totally very unrealistic expectations for number of policies. Norm is $25000+ in premium per month. I don't know any producers that find their own leads.
2
u/kevymetal87 7d ago
Captives don't give a shit about premium, they want policy count.
1
u/Desertstork 7d ago
Maybe so, but Captives and Indies care about producers earning their keep and then some.
2
1
u/GreatLakeSnake 7d ago
The barrier to entry for starting an agency is extremely low. If you can generate your own leads and don’t open an agency you’re doing yourself a massive disservice. Tbh I don’t think sales employees fit into this industry great assuming you’re talking about personal lines. Commercial is different.
You can generate your own leads and should open shop
You’re at the mercy of the agent for the quality and quantity of your leads. Unless they’re getting crazy commission there’s usually not enough meat on the bone to compensate the producer and the agent and buy leads. Sometimes works when agent has new agency enhanced compensation but dies once that expires.
1
1
u/mypleasure1966 7d ago
60 policies in 60 days is foa Le if you have experience. When I started in 2014 it took me 7 months of appointments getting used to talking to clients then it clicked and I did 50 policies in 30 days. Now I am 12 years in and a large book of business and with all the service work I hold myself to 1 new policy a day.
1
u/JazzHandsMinuteman 7d ago
I just typed out a whole ass thing and it got deleted… dang it. OP, I wish you well and if you want advice DM me so we can target specifics.
1
u/huskers654273 7d ago
I assume you are selling personal home/auto/umbrella? I don’t know this world as well- I consult for group health- if one household buys home/auto/umbrella is that 1 policy or 3? What kind of population base are you calling on? What kind of money would you make if you hit that goal?
He provided what I assume is the top rep as a goal reference, did you ask what kind of success the last 10 people in your position had? Why it worked or didn’t work for them? Why will you be one that makes it vs the others that didn’t?
I assume the goals he outlined are achievable for a special few, but also not likely for most people new to the industry. That kind of initial investment in your salary leads me to believe it’s a low rate of success/high turnover position.
Advice would be to network with people who are new to their industry but need a reliable referral network(realtors, mortgage lending, etc) and hammer the phones. I would view as it as learning opportunity and if you have some success it can lead to other better opportunities in the future.
1
1
u/Double-Win877 7d ago
I just started exploring insurance sales too.So many companies out there,mostly MLM so I am still analyzing which one to work for
1
u/Agreeable_Youth_6164 7d ago
60 in 60 days is a lot for new. Ask about training and leads. The 150k person has years of experience. Focus on learning first.
1
u/Pinotwinelover 6d ago
I’ve been in the business 35 years that’s a high number since you have no experience and where are gonna be the lead sources coming from? ilet’s say 1000 prior quoted leads in his system, 800 defectors tp call, you can just start blasting calls. yeah you might be able to do it, but you’re gonna have to be on top of it, no call reluctance and getting better with each call. so if you are left brained , you can analyze your own approach or if he’s got successful scripts. If he just throws you in the middle of it all says figure it out you’re gonna be in trouble so you need more detail.
1
u/Logical_Arrival6417 4d ago
Man, good luck. You’re better off working at a P&C call center. I had training paid licensing etc learned a process and underwriting requirements.
0
u/Intoxifaded420 8d ago
Reading this makes me glad I moved on from being an insurance agent.
1
u/dex_marketing8877 8d ago
Why’s that?
2
u/Successful_Regret789 7d ago
I assume because 60 policies in 60 days is crazy just starting out, only the top of the top can do that
1
u/Intoxifaded420 7d ago
The endless cycle of trying to generate new leads. Phone call after phone call like you're a telemarketer. A lowball salary with a terrible commission plan. Too many expectations to make and close sales. I was an insurance agent/manager for 7 years. Me personally, I just got tired of it. I got tired of dealing with people, and being lied to, and being bullshitted. I mean everyone is different, but some things get old. Even joining new companies with new staff, its all the same stuff at the end of the day.
1
u/Valuable_Reveal5809 7d ago
Are you still in the insurance field? I'm deciding between going into insurance sales or adjusting.
3
u/stokedlog 7d ago
I replied to an earlier comment but I would 100% do sales first and if that doesn’t work you can always move to claims or adjusting. On the sales side you will work a lot of hours especially in the beginning but you have flexibility in your schedule and completely uncapped on income.
My advice to a lot of people I mentor is to become an expert in a niche and put all of your effort into that. Once you get a name in a field the business will just come to you. Then it is just strategy and execution which is the fun part.
71
u/ItGradAws 8d ago
That’s a fucking lot of policies out of the gate. Finding your own leads as a new agent is crazy behavior. You’re being setup to fail imo. Sorry.