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Any hot leads on Workers Compensation roles?
USI Insurance brokerage and consulting - thoughts? A recruiter reached out to me via linked in and I was wondering if anyone had any opinions on this company. They seem to have decent reviews on Glassdoor but I was hoping to get more insight into workload and comp. Thanks in advance! USI
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I would never ever ever advise anyone to produce for a captive agency.
Go independent. There are so many reasons why, and I'm happy to list them.
But do this: ask successful captive agents who have been in the business 10+ years if they wished they were independent, and then ask the same of successful independent agents.
I bet you 0 independents tell you they wish they were captive, and quite a few captives tell you they wish they were independent.
Hey! I’m a captive agent. Would love to see your list of reasons why independent is better.
I got screwed on my contract value, it’s absolutely terrible being a farmers agent in ca right now
I’ve been with farmers over ten years, it’s been this way the whole time, not just now. As others are saying, I wish I went independent.
I was an independent wholesaler and would never be a captive. They could terminate your book at any time any you will be screwed.
I work for a brokerage. My mom used to work in the district office of farmers. My dad had a farmers agency that my mom bought. They both regret starting with Farmers.
Agency is 20 years old. The commission cuts are horrible, renewal commission is horrible, and the company just released a statement that if someone has an at fault loss and X amount of towing claims, they are being non-renewed.
There are tons of programs to become an independent agent. Find the best one. If you’re in this for the long haul, don’t regret your decision to become captive. You will eventually have to start over if you ever want to reach full earning potential. Also, retention is better when you have 8+ carriers to write through verses one. Just my two cents..
I have worked independent before as a producer. I get both sides. All the independents seem to never mention the payout difference. Captive pays more, the commission splits are much better. Have talked to independents, it always feels like they want to middle man you to such a degree. Ok, let's open it up. If anyone knows of a independent situation that offers no or very little start up cost, gives you real access to real carriers from day one, not a bunch of promises, and doesn't require a brick and mortar, I'm all ears. Yes, I have talked to renegade already, and everyone that is similar to them. They are a hard pass
Love it. But haven't seen many of those. Any idea where to look for them?
Yeah…. Good luck with that. Those are bonus’ not commissions. while you strive for that bonus your actual commissions are being reduced, so next year you’ll make “48%” of a lower baseline figure, and that continues every year. In the end, some arbitrary reason will omit you from qualifying for that “bonus”
Good to know. Thanks
In what world do captives pay more? Over the past ten years farmers has reduced commissions by over 50%, in that time I highly doubt management fees have been reduced the same amount. Most other brokered companies are still paying the same, if not higher commissions.
Advanced commision structure for new agents with farmers, can be up to 48%
Absolutely not. Just a pyramid scheme
Claims Journal just released this. Farmers is leading the increases… Just something to think about.