What's Your Incentive?

[Braxtonut]

What would make you switch insurance agencies as an agent?

What could they offer you to make you more successful?

 

[Guest]

I think it is very rare that an agent switches from one company to another company, most agents, if they switch from 1 company, they switch to IA and have dozens of companies......

 

[DEGRI]

I agree with RBA. Captivity is very restrictive in terms of income. I think IA is the only way to go. You find products that fit the client rather than trying to pigeonhole them into the 1 insurance agency's that fits "closest." Just my humble opinion.

DEGRI

 

[xrac]

I think it is very rare that an agent switches from one company to another company, most agents, if they switch from 1 company, they switch to IA and have dozens of companies......

Exactly my thought.

 

[Frank Stastny]

I think it is very rare that an agent switches from one company to another company, most agents, if they switch from 1 company, they switch to IA and have dozens of companies......

I believe the OP is talking about insurance agencies, not insurance companies.

I don't know why an agent would go from one insurance agency to another one, going from the frying pan to the fire, but I can come up with a huge laundry list as to why an agent should be extremely cautious of going with any insurance agency.

 

[DEGRI]

Frank by "going with any insurance agency," are you referring to an IA working for an agency or a captive agent?

I believe the OP is talking about insurance agencies, not insurance companies.

I don't know why an agent would go from one insurance agency to another one, going from the frying pan to the fire, but I can come up with a huge laundry list as to why an agent should be extremely cautious of going with any insurance agency.

 

[Frank Stastny]

Frank by "going with any insurance agency," are you referring to an IA working for an agency or a captive agent?

Very seldom is an agent who is working for an insurance agency an "independent" agent. The agency may tell him that he is but agencies tell all kinds of things to agents, usually new agents, to get them to sign on the dotted line.

The only way an agent is truly an independent agent is if he/she is the Agent of Record (AOR). AOR means that they own the business they write, they receive their commission and renewal checks directly from the insurance company, not the agency, and are fully vested as of day one. If the agent isn't the AOR then he is simply the writing agent and his commission and renewal checks go to the agency. If he leaves the agency he walks without one penny, he gets nothing and everything he has worked so hard for stays with the agency.

I have yet to come across an "agency" that doesn't require the agent to "Assign Their Commissions". There is nothing that an agency could promise me that would make me ever consider Assigning My Commissions. Nothing!

 

[DEGRI]

Thanks, Frank, for clarifying. I found the original post somewhat confusing.

Very seldom is an agent who is working for an insurance agency an "independent" agent. The agency may tell him that he is but agencies tell all kinds of things to agents, usually new agents, to get them to sign on the dotted line.

The only way an agent is truly an independent agent is if he/she is the Agent of Record (AOR). AOR means that they own the business they write, they receive their commission and renewal checks directly from the insurance company, not the agency, and are fully vested as of day one. If the agent isn't the AOR then he is simply the writing agent and his commission and renewal checks go to the agency. If he leaves the agency he walks without one penny, he gets nothing and everything he has worked so hard for stays with the agency.

I have yet to come across an "agency" that doesn't require the agent to "Assign Their Commissions". There is nothing that an agency could promise me that would make me ever consider Assigning My Commissions. Nothing!