New Agent

by Anita
(Ohio)

Hello Ted. I am thrilled to have found this site. I am a new subscriber and literally just started using it.

I just passed my exam. I have been offered an Independent Agent position with an Independent Insurance Agency in the area. He has offered me a small percentage to increase as the number of policies I sell increases. Clearly, whatever I sell, he will make commission on also. Yes?

For some reason, I am suddenly confused. Do I have to work through someone else or can I apply for appointment with different Insurers to sell their products on my own? If so, is there a commission structure with the companies directly that offers me this structure or would it be a much better structure.

Thank you in advance for your advice. (Watch for your answer in comments box--Ted)

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Thank you
by: Anita

Thanks Ted! I sort of figured that but wanted to make sure I was not limiting my possibilities. I have worked with him in the past setting appointments for him, which is what sparked my interest to sell. I was just not sure if that was the best road to take. He has always been fair with compensation and I have no problem sharing a little wealth! Thank you again for your reply and encouragement. Love the website!

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Working for some one else and commission
by: Ted

Anita;

If you are just starting out in the business, it usually is best to work with a manager to help give you direction and learn the business. After you have found your success formula, then you may want to look around.

Most companies wont' hire a brand new inexperienced agent directly. And even if you went directly to a new company, you probably would not be getting a manager contract.

Yes, he will probably receive what is called an overwriting commission on any business you write. I also assume he hired you into the business and will be spending time training you, so if he is, he should be entitled to some form of compensation.

As far as getting increases as you make more sales, that is the way many brokerage agencies work. The alternative is to look for a captive company. See my articles on broker agents and captive agents.

I found that people who become team players can move up the ladder pretty fast. As always, I believe that everything has to be a win-win situation.

Good Luck and have a great day.

Ted

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