When I say good living I mean $180,000+. Well in my opinion that is really good.
I am a P&C agent for Brightway and have only been here for a 3 months and based on the weekly sales report and my Agency Owner's commission report (he shows new agents to show us what we can accomplish with years over time) these people are making a ton of money. But whenever I looked at average compensation of insurance agents its only about $50,000 - $70,000 (based on Google Search).
The Agency Owner at my office has been at Brightway for 8 years and his bi-weekly commission split (New Business, Rewrites, and Renewals) is approximately $10,000 - $12,000 consistently. This is after the Franchise split with Brightway and carrier split and before taxes and software fees etc. So he is earning $240,000 - $288,000 per year before deductions. Isn't that really high for an insurance agent? Is this out of the norm for an agency owner that has been doing this for 8 years?
He only writes about $10,000 in New Business per week but when he shows us the bi-weekly performance calculations, his renewal premiums are at about $30,000 per term (before splits).
Obviously as a new agent, seeing this really excites me. But am I getting false hopes?
The top agent at our agency consistently produces $90,000 per week in new business sales. Two weeks making it $180,000. Even with the lowest commission percentage carrier (10%) that is still $18,000 for the two week term. Brightway takes 15% of new business so that leaves $15,300 for that agent (he is also an agency owner). So in theory this agent would be making approximately $367,200 in new business alone.
Even the bottom of the top 20 sales agent is selling about $12,000 per week. That would equate to $288,000 per year in new business which is $24,480 per year in just new business.
So going back to my question, is all this really possible or is there something that they are not telling new agents?
I am a P&C agent for Brightway and have only been here for a 3 months and based on the weekly sales report and my Agency Owner's commission report (he shows new agents to show us what we can accomplish with years over time) these people are making a ton of money. But whenever I looked at average compensation of insurance agents its only about $50,000 - $70,000 (based on Google Search).
The Agency Owner at my office has been at Brightway for 8 years and his bi-weekly commission split (New Business, Rewrites, and Renewals) is approximately $10,000 - $12,000 consistently. This is after the Franchise split with Brightway and carrier split and before taxes and software fees etc. So he is earning $240,000 - $288,000 per year before deductions. Isn't that really high for an insurance agent? Is this out of the norm for an agency owner that has been doing this for 8 years?
He only writes about $10,000 in New Business per week but when he shows us the bi-weekly performance calculations, his renewal premiums are at about $30,000 per term (before splits).
Obviously as a new agent, seeing this really excites me. But am I getting false hopes?
The top agent at our agency consistently produces $90,000 per week in new business sales. Two weeks making it $180,000. Even with the lowest commission percentage carrier (10%) that is still $18,000 for the two week term. Brightway takes 15% of new business so that leaves $15,300 for that agent (he is also an agency owner). So in theory this agent would be making approximately $367,200 in new business alone.
Even the bottom of the top 20 sales agent is selling about $12,000 per week. That would equate to $288,000 per year in new business which is $24,480 per year in just new business.
So going back to my question, is all this really possible or is there something that they are not telling new agents?