Those of us who own agencies know that anywhere from 50% to 80% of goes towards expenses. I had a client once snap at me because she thought I was making too much and didn\’t even think I paid a dime in expenses. It is time for our society to quit this crap and realize that the consumer has a market place of choices.
I agree with Alex if the deals that are struck require full agent compensation disclosure, we need and must include full disclosure of compensation on the company side. Including all benefits such as bonuses, company cars, club memberships, etc… paid to all executive officers and board members.
Alex did a very good job on his presentation. You should read the full text if you haven\’t. He has long been a very articulate advocate for the agency force, and we need more folks like him.
I think that compensation disclosure will end up being good for the agent — at least for the good agent. Clients will better understand what we do and how we get paid. Often, when a client writes me a check, the check amount is all he thinks about. Intellectually most folks understand that I don\’t keep it all, but it\’s hard to get by the mindset of \”I paid you fifteen grand last year!\” No, you didn\’t; you paid me about a tenth of that. Everything else went upstream to the insurance company.
Some good carriers will remain, and they will find ways to compensate their good agents. There will always be the snakes, too, like Zurich (and Hartford) that look for others to pay for their mistakes, but the good ones will remain, too, and will maintain the kind of relationships that many of the bigs only talk about these days.
Well – Player – sorry, but have to agree with FL Agents assessment of Zurich. Haven\’t had issues with Hartford. But after 30 years in the business I would add Travelers to the top of his list.
I agree with most of what Mr. Soto had to say. Generic disclosures would be informative to the general public so they understand more of the insurance mechanism.
As to the issue of specific disclosures and wanting the CEO and top 10 officers pay disclosed, it already is. Every insurance company is required to file that information (salary, bonuses and other comp are the 3 categories) with their insurance department in the state of domicile. It even shows a three year history of the data. And it\’s PUBLIC INFORMATION. Anyone can request it from the departments of insurance. I have a CD from the OH DOI with all of the data from 2005 that we requested last fall.
Also, that salary/compensation info is disclosed in a similar format in company 10k filings for publicly traded insurance companies.
Fascinating info, for sure, but not really relevant to the purchasers of insurance.
Those of us who own agencies know that anywhere from 50% to 80% of goes towards expenses. I had a client once snap at me because she thought I was making too much and didn\’t even think I paid a dime in expenses. It is time for our society to quit this crap and realize that the consumer has a market place of choices.
Hooray–It is about time.
Alex Soto is THE MAN! Can we re-elect him, or do we have to take the next person in line?
Heck, he should be running the country, I say Soto 08\’
THE MORE I HEAR FROM MR. SOTO, THE BETTER I FEEL ABOUT BEING IN THIS BUSINESS FOR 37 YEARS (25 AS AN AGENCY OWNER). GO ALEX!
I agree with Alex if the deals that are struck require full agent compensation disclosure, we need and must include full disclosure of compensation on the company side. Including all benefits such as bonuses, company cars, club memberships, etc… paid to all executive officers and board members.
Alex did a very good job on his presentation. You should read the full text if you haven\’t. He has long been a very articulate advocate for the agency force, and we need more folks like him.
I think that compensation disclosure will end up being good for the agent — at least for the good agent. Clients will better understand what we do and how we get paid. Often, when a client writes me a check, the check amount is all he thinks about. Intellectually most folks understand that I don\’t keep it all, but it\’s hard to get by the mindset of \”I paid you fifteen grand last year!\” No, you didn\’t; you paid me about a tenth of that. Everything else went upstream to the insurance company.
Some good carriers will remain, and they will find ways to compensate their good agents. There will always be the snakes, too, like Zurich (and Hartford) that look for others to pay for their mistakes, but the good ones will remain, too, and will maintain the kind of relationships that many of the bigs only talk about these days.
FL coastal agent. Your an idiot. I am not going to let you disgrace the good name of Hartford in your stupid rant.
PS no one cares about the opinion of someone who chooses to write biz in flordia. Grab your speedo and head to south beach
Thanks Alex for all you do for our Association. We have the right man in the right position at a time when we need good solid leadership.
Well – Player – sorry, but have to agree with FL Agents assessment of Zurich. Haven\’t had issues with Hartford. But after 30 years in the business I would add Travelers to the top of his list.
It always amuses me when someone who cannot even spell calls another person an idiot.
FL agent was expressing an opinion without ranting or name calling – appropriate for this forum.
I agree with most of what Mr. Soto had to say. Generic disclosures would be informative to the general public so they understand more of the insurance mechanism.
As to the issue of specific disclosures and wanting the CEO and top 10 officers pay disclosed, it already is. Every insurance company is required to file that information (salary, bonuses and other comp are the 3 categories) with their insurance department in the state of domicile. It even shows a three year history of the data. And it\’s PUBLIC INFORMATION. Anyone can request it from the departments of insurance. I have a CD from the OH DOI with all of the data from 2005 that we requested last fall.
Also, that salary/compensation info is disclosed in a similar format in company 10k filings for publicly traded insurance companies.
Fascinating info, for sure, but not really relevant to the purchasers of insurance.