Why be someone's account manager when you can be a broker?
So many CRS(s) and Account Managers in the Insurance Industry know that the current Producer/Broker they work for wouldn't have 50% of the business they currently hold, without them. So why do so many of us remain the person behind the sceen, never making the kind of money we make for the man/woman we work for?
So, how do you become an insurance broker? <_<
Account Managers
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agencyproducer
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pita3333
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Another possibility is that a person who has obtained the insurance knowledge has become "trapped". What I mean by that is .... after years of gaining the coverage and process knowledge you become accustomed to your income. I know of few agencies that will give a new producer with no book a salary/draw that nears that of an inside person.
This means you have to make a leap of faith and reduced income for the time it takes to get up to speed. We all know that this can vary, but is in the 2-3 year time frame.
This means you have to make a leap of faith and reduced income for the time it takes to get up to speed. We all know that this can vary, but is in the 2-3 year time frame.
Michael Trouillon
Greater Los Angeles area
Consultant/Trainer agency automation system
Industry since 82
Past: Compliance Mgr master pol pgm, Ops Mgr, Marketing Mgr, Account Mgr
Greater Los Angeles area
Consultant/Trainer agency automation system
Industry since 82
Past: Compliance Mgr master pol pgm, Ops Mgr, Marketing Mgr, Account Mgr
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cynsationalinswoman
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I wish I had something more to contribute in my post other than an understanding of the circumstances and a wish that every acct mgr/csr/support person were truly compensated adequately for their blood and sweat.
I put in my time with a company, in u/w and as a loss control rep, have been on the agency side for going on 10 yrs now. Was about to give up the joy of slaving away while producers played golf, then got referred by one of my wholesalers to interview with a major agency. They hired me, and at a salary I would never have dreamed of.
They also have me doing loss control for major accounts and assisting with automation enhancement. I'm still busting my ass, but I am working with supportive management and an agency that values every one of their employees and gives them the respect they deserve.
It's been a long road in getting there, but what I have kept in mind all along is that what we really sell is quality customer care. Anyone can sell a client a policy based on price. What happens when they need service? Or appropriate coverage?
Keep up on your knowledge and be on the lookout for good opportunities, as support personnel are beginning to be recognized as an agency's key to profitability and client satisfaction.
I put in my time with a company, in u/w and as a loss control rep, have been on the agency side for going on 10 yrs now. Was about to give up the joy of slaving away while producers played golf, then got referred by one of my wholesalers to interview with a major agency. They hired me, and at a salary I would never have dreamed of.
They also have me doing loss control for major accounts and assisting with automation enhancement. I'm still busting my ass, but I am working with supportive management and an agency that values every one of their employees and gives them the respect they deserve.
It's been a long road in getting there, but what I have kept in mind all along is that what we really sell is quality customer care. Anyone can sell a client a policy based on price. What happens when they need service? Or appropriate coverage?
Keep up on your knowledge and be on the lookout for good opportunities, as support personnel are beginning to be recognized as an agency's key to profitability and client satisfaction.
[FONT=Optima]CynsationalInsWoman[FONT=Optima]
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Dawgnacious
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My $.02 worth on this topic. I have seen more than one talented CSR express the desire to move over into production. Many of their comments mirror some of those shared in this topic thread.
I think it is wonderful that many employees in "support" roles express a desire to move into a more responable role with higher benefits. In our agency, we are open and supportive of this option/desire.
Right now, off the top my head, I can remember four instances where we had CSR's move into a production role. Three of the four failed miserably, one of the four is still in sales and doing a very good job.
Why the high rate of failure? JMHO but I beleive that most CSR's really do not have a true understanding of all of the pressures and responsabilities that go along with the increased benefits and pay enjoyed by producers. They simply underestimate the difficulty of the job.
The CSR might see the long lunches, the golf game during the week, the car and/or cell phone expense, and the expense accounts that the producers enjoy. What they don't see is the ass chewing in production meetings when the producers sales are not meeting the producers budget. They don't see the producer sweat when they have a client that gets into the 60 to 90 day category of aged receivables. BTW, we charge back the producer for uncollectable premiums. OUTCH! CSR's don't see or feel the immense doses of rejection that producers must learn to deal with.
Finally, most CSR's and/or newbies into production do not understand the patience and dedication required to become a successful producer. If you are not willing to invest 3.5 to 4 years of your life into becoming a producer, then don't do it. On average, it will take this long before a producer will overcome their draw and/or begin to see increases in their personal income.
Bottomline, it is not as easy as one might perceive.
I think it is wonderful that many employees in "support" roles express a desire to move into a more responable role with higher benefits. In our agency, we are open and supportive of this option/desire.
Right now, off the top my head, I can remember four instances where we had CSR's move into a production role. Three of the four failed miserably, one of the four is still in sales and doing a very good job.
Why the high rate of failure? JMHO but I beleive that most CSR's really do not have a true understanding of all of the pressures and responsabilities that go along with the increased benefits and pay enjoyed by producers. They simply underestimate the difficulty of the job.
The CSR might see the long lunches, the golf game during the week, the car and/or cell phone expense, and the expense accounts that the producers enjoy. What they don't see is the ass chewing in production meetings when the producers sales are not meeting the producers budget. They don't see the producer sweat when they have a client that gets into the 60 to 90 day category of aged receivables. BTW, we charge back the producer for uncollectable premiums. OUTCH! CSR's don't see or feel the immense doses of rejection that producers must learn to deal with.
Finally, most CSR's and/or newbies into production do not understand the patience and dedication required to become a successful producer. If you are not willing to invest 3.5 to 4 years of your life into becoming a producer, then don't do it. On average, it will take this long before a producer will overcome their draw and/or begin to see increases in their personal income.
Bottomline, it is not as easy as one might perceive.
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pita3333
- Insurance Journal Addict
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Dawgnacious & cynsationalinswoman hit on some very important points.
cynsationalinswoman is right that it is important to work for a agency that realizes the value of their staff....harder and harder to find in some areas.
Dawgnacious is correct as well as to the sweat and blood that a producer exerts in the early days...
I think I am fortunate to have worked as a csr/am, ae/producer and marketing manager...I think by going thru the "steps" it helps me realize the value of each position and take the best from each.
Trust me ... producers work hard, as dawg said....there is nothing more humiliating then to come into a sales meeting thinking you were doing ok...and comming out feeling like crap. Tho, some sales managers/owners just beat up producers to keep them motivated. (perhaps just a ego play on their part as well)
A good AM/CSR does not necessarily make a good producer...likewise a good producer does not make a good AM/CSR either. Known very few people that went from one to the other with any measure of success. Each position requires much difference attributes.
One thing i love in interview process...is when an owner/manager sees some movement on your resume and expreses concern about staying power....but squirms when you ask them about their employee turnover ratio....
cynsationalinswoman is right that it is important to work for a agency that realizes the value of their staff....harder and harder to find in some areas.
Dawgnacious is correct as well as to the sweat and blood that a producer exerts in the early days...
I think I am fortunate to have worked as a csr/am, ae/producer and marketing manager...I think by going thru the "steps" it helps me realize the value of each position and take the best from each.
Trust me ... producers work hard, as dawg said....there is nothing more humiliating then to come into a sales meeting thinking you were doing ok...and comming out feeling like crap. Tho, some sales managers/owners just beat up producers to keep them motivated. (perhaps just a ego play on their part as well)
A good AM/CSR does not necessarily make a good producer...likewise a good producer does not make a good AM/CSR either. Known very few people that went from one to the other with any measure of success. Each position requires much difference attributes.
One thing i love in interview process...is when an owner/manager sees some movement on your resume and expreses concern about staying power....but squirms when you ask them about their employee turnover ratio....
Michael Trouillon
Greater Los Angeles area
Consultant/Trainer agency automation system
Industry since 82
Past: Compliance Mgr master pol pgm, Ops Mgr, Marketing Mgr, Account Mgr
Greater Los Angeles area
Consultant/Trainer agency automation system
Industry since 82
Past: Compliance Mgr master pol pgm, Ops Mgr, Marketing Mgr, Account Mgr
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Dawgnacious
- Insurance Journal Enthusiast
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Pita; I had to LOL at your last paragraph. Fortunately, our agency has experienced extremely low turnover. Would love an applicant to fire back with that question during an interview with us.
Maybe I am wrong, but I don't believe that you have to intimidate or embarrass a producer in order to motivate them to sell. Most have a draw to begin with so they know exactly where they stand each and every month. If they cannot motivate themselves to produce enough to get out of the hole and/or to start making some real $$, then it becomes obvious to themselves and everyone around them that maybe they just were not cut out to be a producer.
One more comment about CSR's and the perceived lack of appreciation that some are receiving or not receiving. On average, the comments I have read above are probably dead on true. I have had good and bad CSR's and so I have a special appreciation for what a good CSR can do for me and my clients as well as our Agency. I have the best one in the world right now and I am damn lucky. We have been together 10+ years now and I will do anything I can to help her with any problem, whether it is professional or personal. I can't begin to add up the things I have done out of my own pocket to help her out in times of need. I don't want to know because however much it is, it wasn't enough. Come to think of it, I think she is even in my will.
Maybe I am wrong, but I don't believe that you have to intimidate or embarrass a producer in order to motivate them to sell. Most have a draw to begin with so they know exactly where they stand each and every month. If they cannot motivate themselves to produce enough to get out of the hole and/or to start making some real $$, then it becomes obvious to themselves and everyone around them that maybe they just were not cut out to be a producer.
One more comment about CSR's and the perceived lack of appreciation that some are receiving or not receiving. On average, the comments I have read above are probably dead on true. I have had good and bad CSR's and so I have a special appreciation for what a good CSR can do for me and my clients as well as our Agency. I have the best one in the world right now and I am damn lucky. We have been together 10+ years now and I will do anything I can to help her with any problem, whether it is professional or personal. I can't begin to add up the things I have done out of my own pocket to help her out in times of need. I don't want to know because however much it is, it wasn't enough. Come to think of it, I think she is even in my will.
[FONT=Arial]
Dawgnacious, I applaud your reply! What a fortunate CSR you have and how fortunate you are to have found them. As an account manager (for over 20 years and in the industry for 25), this is a topic that I'm sure all motivated support people face. What I've learned in the past few years is that by keeping my skills sharp (my awareness of industry issues, client issues, technology issues, market issues) I can be a key member of my agency and key support to our owners, producers and my co-workers. I work for an outstanding agency that fortunately does recognize and reward their support staff.
I think you have to truly search yourself and find what makes you click in the industry. I have from time to time, thought about producing and feel I could do so successfully. However, in my "search" of myself, I found that I love the client and company interaction of my work. I love the feeling of being able to answer questions and creating a sense of service confidence for our clients. This enables our producers to do what they do best...."get out and produce". I like to think that their job is to sell the business and mine is to secure it. Account retention and satisfaction is at the top of our agency priority list.
I take my work seriously and personally. I feel like I'm completing a circle for the sales staff. I make myself the primary contact for all services issues and try to only involve the producer if necessary or if there is a problem. Not only is the client tied to the producer, but they are tied to the company and to our agency through my effort.
I know that many others work in a much different atmosphere and can only hope that many, many more agencies lend the credence and respect due their Account Managers/CSR's. We're a minority these days, you know.
Dawgnacious, I applaud your reply! What a fortunate CSR you have and how fortunate you are to have found them. As an account manager (for over 20 years and in the industry for 25), this is a topic that I'm sure all motivated support people face. What I've learned in the past few years is that by keeping my skills sharp (my awareness of industry issues, client issues, technology issues, market issues) I can be a key member of my agency and key support to our owners, producers and my co-workers. I work for an outstanding agency that fortunately does recognize and reward their support staff.
I think you have to truly search yourself and find what makes you click in the industry. I have from time to time, thought about producing and feel I could do so successfully. However, in my "search" of myself, I found that I love the client and company interaction of my work. I love the feeling of being able to answer questions and creating a sense of service confidence for our clients. This enables our producers to do what they do best...."get out and produce". I like to think that their job is to sell the business and mine is to secure it. Account retention and satisfaction is at the top of our agency priority list.
I take my work seriously and personally. I feel like I'm completing a circle for the sales staff. I make myself the primary contact for all services issues and try to only involve the producer if necessary or if there is a problem. Not only is the client tied to the producer, but they are tied to the company and to our agency through my effort.
I know that many others work in a much different atmosphere and can only hope that many, many more agencies lend the credence and respect due their Account Managers/CSR's. We're a minority these days, you know.
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pita3333
- Insurance Journal Addict
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- Joined: Tue Dec 23, 2003 10:22 am
- Location: Greater Los Angeles Area
Well Dawg.... you are perhaps an exception, based on my experience and I have 22 years in the business.
I took a chance on an agency that has been around many many years. While I knew that what I was being told in our discussions was a bit inflated (told I could expect 20 appointments a month) I knew that if I got even half of what they promised I would be successful. Obviously I would never rely on them only for my prospecting...thank god cause I barely got 20% of the appointments they said I would.
I won't even mention the horrible job of marketing my accounts (the ones that I did sell with them ... I worked behind the scenes with the underwriters whom I already had a relationship with...the quotes received were the result of my efforts).
We parted company when after 6 months...they wanted me to increase my submissions to one a day with no increase in the number of prospects they sent my way...
Crazyiest thing is.. that the week before I left.. I placed a $90,000 MedMal account ... they lost that back to the old agent when no one returned the calls of the Risk Manager... they left $500,000 of other premiums on the table (WC, Pkg, Income Properties ETC). Two years later I was a marketing manager at a mid sized agency and gave one of our producers a referal to the Med Mal account... He picked up a $230,000 WC policy. Needless to say the producer was very happy and I found a nice suprise...he made a deal with the agency to give me half of the commission!
Guess who I work for today....yes that same producer when he went out on his own...I make less $ at the moment then I would with other agencies...I wear Account Manager Hat, Marketing Hat, Sales and even do the accounting (my worst task)... but we work great together and joke back and forth all day.
BTW - Not only do I ask the comment about employee turn over whenever I have interviewed... I also ask the following "I know you are going to check me out and you know I am going to check you out. What is the worst thing that I am going to hear?" My goal there is two fold...to find out how they think they are viewed...and to find out how honest they are.
I took a chance on an agency that has been around many many years. While I knew that what I was being told in our discussions was a bit inflated (told I could expect 20 appointments a month) I knew that if I got even half of what they promised I would be successful. Obviously I would never rely on them only for my prospecting...thank god cause I barely got 20% of the appointments they said I would.
I won't even mention the horrible job of marketing my accounts (the ones that I did sell with them ... I worked behind the scenes with the underwriters whom I already had a relationship with...the quotes received were the result of my efforts).
We parted company when after 6 months...they wanted me to increase my submissions to one a day with no increase in the number of prospects they sent my way...
Crazyiest thing is.. that the week before I left.. I placed a $90,000 MedMal account ... they lost that back to the old agent when no one returned the calls of the Risk Manager... they left $500,000 of other premiums on the table (WC, Pkg, Income Properties ETC). Two years later I was a marketing manager at a mid sized agency and gave one of our producers a referal to the Med Mal account... He picked up a $230,000 WC policy. Needless to say the producer was very happy and I found a nice suprise...he made a deal with the agency to give me half of the commission!
Guess who I work for today....yes that same producer when he went out on his own...I make less $ at the moment then I would with other agencies...I wear Account Manager Hat, Marketing Hat, Sales and even do the accounting (my worst task)... but we work great together and joke back and forth all day.
BTW - Not only do I ask the comment about employee turn over whenever I have interviewed... I also ask the following "I know you are going to check me out and you know I am going to check you out. What is the worst thing that I am going to hear?" My goal there is two fold...to find out how they think they are viewed...and to find out how honest they are.
Michael Trouillon
Greater Los Angeles area
Consultant/Trainer agency automation system
Industry since 82
Past: Compliance Mgr master pol pgm, Ops Mgr, Marketing Mgr, Account Mgr
Greater Los Angeles area
Consultant/Trainer agency automation system
Industry since 82
Past: Compliance Mgr master pol pgm, Ops Mgr, Marketing Mgr, Account Mgr
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agencyproducer
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Dawgnacious
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Pita:
Your reply made me think of two other things relative to this thread.
1. Working and personal relationship: CSR's and Producers must work very closely together and be supported of one another in order to be hyper successful. Find the right chemistry and it is a thing of beauty. Wrong chemistry = failure and frustration for both.
2. Appointments/prospecting: In my agencies little world, the producers make their own appointments and do their own prospecting. If you worked for an agency that gave or provided you prospects, then I believe you were pretty lucky but personally, I would be skeptical of any prospect that was "given" to me.
I have always felt that part of being a producer (a successful producer) was having the ability and desire to take control of your own destiny. Do not rely on others to do for you what you are more capable of doing yourself. In my case, I am better suited to finding opportunities and my CSR is much better than me at servicing our book of business.
Your reply made me think of two other things relative to this thread.
1. Working and personal relationship: CSR's and Producers must work very closely together and be supported of one another in order to be hyper successful. Find the right chemistry and it is a thing of beauty. Wrong chemistry = failure and frustration for both.
2. Appointments/prospecting: In my agencies little world, the producers make their own appointments and do their own prospecting. If you worked for an agency that gave or provided you prospects, then I believe you were pretty lucky but personally, I would be skeptical of any prospect that was "given" to me.
I have always felt that part of being a producer (a successful producer) was having the ability and desire to take control of your own destiny. Do not rely on others to do for you what you are more capable of doing yourself. In my case, I am better suited to finding opportunities and my CSR is much better than me at servicing our book of business.
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ctan@dcmpower
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Hello,
I was reading some of your comments / replies regarding this topic.
This article might help.
Designing Effective Compensation Plans for Sales Center Coordinators to Increase Sales
It was published in National Underwritter a couple of years ago.
click on this link <a href='http://www.dcmpower.com/OCT04.htm' target='_blank'>Designing Effective Compensation Plans for Sales Center Coordinators to Increase Sales</a>
Have a great day!
Charlie Tan
I was reading some of your comments / replies regarding this topic.
This article might help.
Designing Effective Compensation Plans for Sales Center Coordinators to Increase Sales
It was published in National Underwritter a couple of years ago.
click on this link <a href='http://www.dcmpower.com/OCT04.htm' target='_blank'>Designing Effective Compensation Plans for Sales Center Coordinators to Increase Sales</a>
Have a great day!
Charlie Tan