If you are currently
working for an insurance company but have contemplated switching to work with a
managing general agency, you may be thinking about what a managing general agency can offer you, especially
where your income is concerned. Those who are new to the insurance business may
think that working for an insurance company as an insurance advisor will
guarantee them a large insurance agent salary, which is generally not the case.
As you know managing
general agencies and insurance companies alike do not typically offer insurance
agents a fixed agent salary and much of an insurance agent’s income is based on
commission. The more you sell, the more you make – the sky truly is the limit.
Working for a managing general agency offers one major perk, and
that is that your clients are your own. Many insurance companies will provide
you with a contract that will mean that you will have to be with them for many
years before you will have any interest in your client base, and even after
years pass, the insurance company will still retain the first right to purchase
your client base if you want to change agencies or pursue other career
opportunities for a period of time. The longer you work for an insurance
company, the deeper the hold they will have on you, and as years pass it will
be more and more difficult to move if they stop offering competitive products,
training or remuneration.
With an MGA, you have
the ability to provide a far better service that ensures that your clients are
happy. Furthermore, by providing you with the tools that allow you to attract
and retain customers quickly, your MGA can increase your profitability. Who
wants a basic life insurance salary when you can be accumulating renewals with
each new policy that you add to your portfolio of clients? In the insurance
industry an insurance agent salary system doesn’t work because insurance agents
deserve to have a piece of the pie for every policy that they put on the books
and expect to be compensated for their good performance.
A good managing
general agency will provide you with the tools to achieve your career goals:
·
Structured training program –
by providing ongoing, consistent, and proven effective training, your managing general agency can increase your earning
potential through professional development.
·
Mentoring program for newer
agents - by allowing you to learn strategies from those who have had years of
experience in the industry, those who know how to increase income, you can
implement their trade secrets.
·
Lead generation – an
established lead generation program means easy client building.
The right managing general
agency should also provide resources such as a professional website with no
upkeep for you but full access for yourself and your clients, access to the
newest technology in the industry (and training on it), and referral sources.
There are also huge
incentive perks to working with the right managing general agency, those that accompany a commission compensation system as
opposed to an insurance agent salary system. Recognition and rewards are an
important part of a managing general agency’s commitment, and perks should
include things like reward programs to recognize not only your own commitment
to your clients but also to your managing general agency, as well as social
activities to keep you abreast of changes within the agency and to help network.
Access to and funding for annual conventions are also things that a good
managing general agency may provide in order to help with personal development
and fostering smart business strategies.
Leaving your career
system and moving on to greener pastures is easy when you find the right
managing general agency. There are so many different benefits that can come
from switching to a managing general agency, including increasing your earning
potential.
For more information
on how to increase your insurance agent salary and the benefits of choosing the
right managing general agency, please contact Gary Mandel at Independent
Financial Concepts Group by calling 416-849-1653 or visit www.joinifcg.com
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