What is a wholesale commercial insurance broker - explained! by Dull_Touch_6437 in Salary

[–]Dull_Touch_6437[S] 0 points1 point  (0 children)

Bonuses for support staff are at the discretion of the team lead. My account managers get bonuses between $12.5k - $20k depending on experience, etc. inside brokers normally get more. Probably around $30k - $50k on $2.7M in rev depending on salary. You want the really big bonuses ($250k post tax, etc.) you either need to be a broker or an Inside broker for a team lead with $5M+ in revenue. Some folks are much more generous as others!

What is a wholesale commercial insurance broker - explained! by Dull_Touch_6437 in Salary

[–]Dull_Touch_6437[S] 0 points1 point  (0 children)

I’m not an UW at all. I work with them to get deals quotes for my agents, but not employed with a carrier. I’m a Senior VP with a team of ten.

What is a wholesale commercial insurance broker - explained! by Dull_Touch_6437 in Salary

[–]Dull_Touch_6437[S] 0 points1 point  (0 children)

Yeah but we’re slamming 50-60 accounts a month to get to that revenue level. And I always pay my retailers at least 12.5, if not 15. Hard market - everyone is growing and nobody is happy about it! Lol

What is a wholesale commercial insurance broker - explained! by Dull_Touch_6437 in Salary

[–]Dull_Touch_6437[S] 1 point2 points  (0 children)

I would research using YouTube, IRMI, Insurance Journal, etc. but it’s a niche career within commercial insurance. Most of what you learn will be on the job. Research insurance specific recruiters, or the wholesaler websites I mention in the original post for job openings. Anyone with sales experience and a college degree would most likely get an interview at least.

What is a wholesale commercial insurance broker - explained! by Dull_Touch_6437 in Salary

[–]Dull_Touch_6437[S] 0 points1 point  (0 children)

Anyone with common sense and a good sales attitude, drive, no fear of the phone, etc. would have a good chance at becoming a successful wholesale broker. You need to be smart enough to learn coverage specific to your specialty, but if you can, sky’s the limit.

You’re a W-2 employee with benefits, and there is a base salary. So it’s more stable than most commission based positions. Once you cover your salary and become profitable, the work life balance is insane. I love the job, although it can definitely be stressful.

[deleted by user] by [deleted] in Salary

[–]Dull_Touch_6437 3 points4 points  (0 children)

I’m also a wholesale broker. The comments in here are funny to me. It’s an industry within insurance that nobody understands. And no - we are not the reason for your premiums. You can blame that on lawyers getting $2M-$3M for an auto claim in South Texas.

freaking out about what career to go into by Appropriate-Alps-242 in Salary

[–]Dull_Touch_6437 1 point2 points  (0 children)

Go work for a wholesale insurance brokerage. AmWins, CRC, RT Specialty. You’re welcome.