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I prefer the carrier side. I worked on the broker side for about 3 years as an assistant broker. I love the ability to be able to travel and meet clients and other brokers, I like focusing on my one line of business so that I can really become an expert on it to help my brokers and clients understand their coverage. I love the flexibility my job provides on the carrier side and I like how there are many different paths I can take my career. I felt my only option on the broker side was to become a broker and, being a woman, I personally don’t feel that it is a career that fits my personal life goals. I love how I have the ability to move up the ladder while still managing to have time off work where I disconnect fully. I also feel that the pay is much better on the carrier side as in my experience the only way to increase my salary on the broker side was to actually become a broker. I hope this helps!
I’m so sorry I am so new to this app I didn’t realize anyone responded!
To RT SPECIALTY - the opportunities are endless… truly. If I want to maintain a renewal book I can do that (I wouldn’t see the sizeable salary from this, but underwriting definitely pays well off the bat in my opinion), if I want to market and be client facing I can do that as well. There are a number of promotions prior to management (UW 1, 2, senior underwriter, executive Underwriter) and if management isn’t for you there are internal opportunities to join marketing strategy teams for your unit, create presentations, writing pieces etc. I really feel the opportunities are endless. I also feel that there are more opportunities to go should something change within your company in terms of their culture or rules, it’s difficult to switch teams when on the broker side but not so much on the carrier side.
To MANAGER, CORPORATE RISK MANAGEMENT, I am In no way knocking the broker side. I definitely think there is a benefit to learning the ins and outs of what brokers go through to place business. I think it really helped me as an underwriter because I provide quote comparisons and even go as far to provide some coverage comparisons if I know who I’m competing against so I can help my brokers sell my quote. As an underwriter I should be the expert and I’d I have this information readily available why wouldn’t I provide it to my broker? I think some underwriters get too caught up in getting things off their desk that they don’t put the time into providing these quick comparisons that take some work off of brokers plates - in turn it helps me build relationships and I see more opportunities come in the door because of the partnership. Plus being on the broker side I can kind of read between the lines in some cases since i know what to look for. At the end of the day I do think the carrier side is the place to be if being. A broker is not your end goal!
Hope this helps!
I was on the carrier side before moving to the broker side. The broker side is highly competitive at all levels of the organization, and a bit more fast paced, even if you aren’t in sales. I found myself able to develop professionally exponentially quicker than I did while working on the carrier side. I’d also argue carriers, most of whom are publicly traded, work with very strict and lean budgets and have complex org charts that make project approvals and procedures tedious. It takes me less than a month to get a large scale project approved at my brokerage, yet on the carrier side that would take me 6 to 9 months, if it was even approved at all. If you are someone who is very passionate about the projects you work on or your sales goals, the broker side’s ease of navigation will please you. In terms of compensation, it really varies from broker to broker and carrier to carrier. There’s also many components to consider aside from base salary, like bonuses, stock incentives, pension and 401k, which (in my case) were more lucrative in the broker side. I’d also say with more upwards mobility, my earning potential is not only higher on the broker side, but I will achieve it more quickly.
This answer right here!
I too was on the carrier side for about 6 years before hopping to the broker side. I can’t believe how night and day it is - I felt like as an underwriter for carriers I spent more time fighting with internal pressures. Winning business was hard because of internal factors, not external and they treated you like a number.
On this side, my work life balance is better, I’m not micromanaged, growth is endless, and I’ve learned so much so fast. If you’re a high achiever that takes pride in your work, I think the broker side is the better fit.
I have only worked on the broker side but I can say it is very fast paced and can be stressful. Depending on the team you are on you can have upwards of 20 plus carriers to work with, with different guides and terms. I would think that working with a specific carrier would allow for underwriters and marketing reps to really focus on niches and filling specific needs others may not.
I’ve only been on the carrier side but I firmly believe it’s easier to be a carrier rep. You only really need to be an expert on your product lines and not every line from every medical or ancillary carrier. Carriers get opportunities brought to them, where brokers are spending more time hunting leads.
I would probably guess it’s just different. Carriers are a solid 6 figure salary you can count on, but top producers probably have a way higher cap. That being said, I would think work life balance would be a LOT tougher on producer side