Our CompPlanner2020 model shows a potential commercial insurance broker (producer) how the money works. 3 takeaways for B2B sales people exploring the commercial producer career: If you can produce, you want a compensation model like this…uncapped commissions, big-time residual commissions on client renewals, and a linear relationship between your clientele size and your W-2 income…. Continue Reading
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Show ’em How The Money Works
We updated our CIB CompPlanner spreadsheet model. CompPlanner2020. It shows a potential commercial insurance broker (producer) how the money works. Here’s a screenshot: CompPlanner2020 illustrates these truths about the commercial insurance broker career: “Learn the profession. Build your clientele. Get rich slowly-but-surely from the residual commissions.” “There are no rich young producers. But there are… Continue Reading
Scary Producer Numbers
Read Reagan Consulting’s 2017 Best Practices Study: Reagan Consulting Best Practices Two scary producer numbers — 50 and 1 — jump out. They reveal commercial insurance broking’s epic failure to replenish its sales force. The 2 numbers underline these 2 big findings about agent/brokers: Finding #1: The insurance broker industry continues to age. WAPA (Weighted… Continue Reading
Your New Producer: Got Smarts?
Hiring a new commercial insurance producer is an important decision. One important requirement is to find someone with the cognitive ability, i.e. the smarts, for this career. Here are three interview questions that can help you to assess the cognitive abilities of a new producer candidate: Describe a situation where you had to learn a… Continue Reading
Hiring New Producers Without a Recruiter
The basic options for your firm are to hire a recruiting firm or do-it-yourself. I encourage prospective client hiring managers to find out if they can do it themselves. You read that correctly: a recruiting firm owner suggesting to potential clients that they may NOT need a recruiting firm! Here are 6 checkpoints that indicate… Continue Reading
