Insurance Journal Forums

Interesting survey by Insurance Journal - http://www.mynewmarkets.com/article_view.php?id=103012.

The negatives are somewhat disheartening.

The employment marketplace is a free market (at least for employees). Most of us are free to change jobs as our talent and gumption allow. Perhaps the problem is not enough gumption.

We all have the opportunity to become among the best in this business. There is no shortage of reference materials. Classes and books are abundant. Old-timers are glad to help newcomers. Look at the advise available on this forum. Ask a question and you'll almost always get 4 different opinions.

Unhappy with your pay or position at your current firm? Find another. There are 200,000 insurance agencies in the US and at least 1,500 companies.

If the agency or company side doesn't interest you, there are independent adjusters, public adjusters, third party administrators, risk managers and (my own favorite) Insurance Consultants.

For most of us, the only thing really holding us back is ourselves.

Some interesting comments on the "negative" side. What I found most telling was the comment about the amount of knowledge of coverages that's required. Having worked previously on both the agency and company side for some 25+ years, I gained a broad understanding of almost all of the various coverages that a business would require.

I say "almost all" because there are obviously very specialized areas (oil/gas/energy as a prime example) that require for specific and specialized training.

Being on the "client" side now, working for a major healthcare provider in their risk management department (which we primarily oversee all of the insurance requirements for both ourselves, and the insurance requirements for the various vendors/contractors we deal with), it's quite interesting, and often disheartening, to realize that I know far more than the average insurance agent. That goes for even the insurance agency that handles our insurance.

Not a week goes by that we don't wind up educating at least one insurance agent about the BASICS of insurance coverage. Multiple times I've had an insurance broker ask ME what markets they should approach to fulfil the insurance requirements for their insured (and our vendor/contractor).

Both the positives and negatives could easily have been cut in half - much of these were repeats.
My favorite negative: carrier underwriting. What, you expect them to say yes to putting your blasting contractor on a retail BOP? Preffered rates for your DUI guy?

Much of this sounds like whining but I will agree with some of the negatives related to lack of support to make financial goals. I was in two independent agencies - one bank owned (what a mistake) and another 300+ employee big regional firm. I got a desk, a phone and an overwhelming amount of accounts to service at the big firm and then a $40k net commish goal. Thanks to a very old PL book I was losing an account a month just due to clients dying, let alone all the other reasons clients leave. One year I brought in over $60k of new commish (small/medium commercial and PL) but lost $30k so no bonus and a bad mark on the review.

And they really pissed me off when I brought in a $45k contingency check on our PL book, never acknowledged it, said "good job" or even considered giving me sales credit for it. It just went in the owners pocket, I guess. Not a penny for me who managed the St Paul book to bring in the big check.

Sure, I should have known what net new/lost meant and realized the implications but I was young and stuck in a bad agency and needed to escape. I left the big agency and went to work for Hartford, got raises, promotions, bonuses as promised when achieved, goals were more realistic, Hartford was great to work for.

There is my two cents worth. Young agents, stop whining and work. If after a decade of work you are not a respected master in the field making a good income you are in the wrong business or wrong place. To me a six figure income after a decade in the business is a worthy and attainable goal unless you are in a small market. You can do it!

Agents like great leads when starting out.

Beek Beavers
http://www.NAARecruit.org