icecube wrote:smano wrote:Just seen this thread.
I'm in the insurance business and around 200 - 300 of our agents make at least over Ksh.100k in commissions every month. When you compare that with the number of agents we have ( just around 2,000 agents) then that figure of 15,000 sounds feasible. I was surprised to find out from the Haas Consult property survey that there are only 20,000 mortgages being serviced in Kenya - I thought it was a typo and that they meant 200,000!
Just goes to show you the disparity there is in this country...
Hey, in your insurance business, are these agents earning over Ksh100k in commissions per month because they bring in new clients per month or they earn the commissions on monthly premiums paid? or Even if they don't bring in any new clients?
Wololo!!! Poleni sana, I totally forgot about this and didn't think there was any interest..seems @Impunity knows me well....in terms of the threads I contribute in the most.
Anyway, the most insurance companies in the country pay around 40% commission on premiums for every premium received.
In most scenarios, you'll earn 40% per premium for the first year, then 20% per premium for the 2nd year and maybe 10% year 4-5 and then 5% from year 5 to 10.
So you're basically earning for all previous biz and any new biz for as long as the client is paying premium.
If your client is a good client and pays premiums consistently for 1 year (12 months), we give you a 13th month persistency bonus (paid after 15 months, technicalities of when a policy is considered as lapsed). That 13th month persistency bonus is a percentage of all commissions earned in that 1 year, and there's also a 25th month and a 37th month bonus.
Ofcourse selling insurance is very challenging but the guys doing it very well are extremely successful. Remember tax is 10% withholding
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