[quote author=4teenblaq post=102838070]I am a job seeker, someone is recommending me to an insurance company...

I really want to know how their pay goes..

For Field workers as I know, they only give you allowance and commission for every business you bring in.

Depending on your Position, Marketers get paid Commission and Staff are paid salaries...

I advice you choose marketing...

Theoarhics:
Some pay (transport) allowance then the rest is largely on commission. However, there are some insurance companies that don't pay any form of allowance . It is strictly commission based. But na suffer head job if you dont have connections or people that would give u businesses. But if you get them sky is the limit for you. It becomes a very easy job. But e no easy. All my shoes file finish from trekking.

You're talking about the marketing aspect of insurance, which is mostly applied to field marketers who go around, make calls, go online to look for customers that will buy an insurance policy. Insurance is very wide with different job descriptions. They're other departments in Insurance whose salary isn't based on commission and whose job description isn't marketing. Why do Nigerians just jump to the conclusion that insurance = commission-based salary.

Sysdatek:

In insurance only the owners make money
Anyone else is a slave
Just another scam branch of finance

No one can say it better.....

100% definition of insurance companies in Nigeria..... I was once there.

Every job is almost commission based tho

Chachalogo:
They'll only trick with juicy salary scale, but in the real sense, they don't pay e.g. Heirs Life Assurance.

is it the heirs asurrance owned by tony elumelu?pls do they owe their workers?really want to knw.

Buzx:


You're talking about the marketing aspect of insurance, which is mostly applied to field marketers who go around, make calls, go online to look for customers that will buy an insurance policy. Insurance is very wide with different job descriptions. They're other departments in Insurance whose salary isn't based on commission and whose job description isn't marketing. Why do Nigerians just jump to the conclusion that insurance = commission based salary.

I put it to you that the guy asking this question is being employed as a marketer...and 80% of insurance employees are marketers... I have worked in 3 insurance companies , so I'm speaking from some level of experience and authority.

Theoarhics:


I put it to you that the guy asking this question is being employed as a marketer...and 80% of insurance employees are marketers... I have worked in 3 insurance companies , so I'm speaking from some level of experience and authority.

Great! So are you saying that in the insurance companies you've worked with 80% of their staffs are in the marketing department? It's true that marketing seems to be the most advertised role for insurance companies and seems to be filled by recent graduates or people with low experience. I'm just saying that they're other departments.

Niger insurance plc pays #145,000 for fresh graduate and #180,000 after 2 yrs confirmation.

Their salary still depend on your performance.

obembet:
I will advice u to go for commission instead of salary.. salary will give u target which u must meet up.

Insurance company like Aiiko, Arm, alliance, comerstone will give u 40k to start.. but MUTUAL BENEFITS, Leadway pay on commission. One business in insurance can change ur story for life... Expecially if u work with those insurance that do life and non life business. I have seen someone that wants over 400M commission on vessel insurance. I think MUTUAL BENEFITS..


Just that Working in insurance is good cos u don't have limit of what u can earn. but its stressful.



Insurance company that do life and non life and pay on commission


Mutual benefit

Leader way - commission

IGI
.

Those that pay salary

AIIKO

Old mutual

Corner Stone

Alliance

Custodians

Energy

oga your information is wrong
Am currently working with cornerstone insurance and basic salary is 65k and commission is 15% of what u bring to the table


Second never ask anybody to work in an organization that don't pay salary.
I left leadway to cornerstone and I know what I pass through.

Zenith,aiico, GTb insurance and kbl... cornerstone insurance


Thank you

Theoarhics:


I put it to you that the guy asking this question is being employed as a marketer...and 80% of insurance employees are marketers... I have worked in 3 insurance companies , so I'm speaking from some level of experience and authority.

Ur approach is wrong. If u've worked with 3 different insurance companies as u claimed then u should've explained to the op that there are two types of staff in insurance companies i.e. contract staff and permanent staff.

The contract stuff who are mostly under agency arrangement are remunerated majorly through commission and some other incentives(The category of staff that fall under here are solely marketers). Those who are permanent staff who can either be accountants, internal auditors, claims personnel, and some permanent marketing executives are remunerated through salaries.

It will interest you to know that some insurance companies pay really well, but those who work there will never tell u because their relatives will not allow them drink water drop cup. So they just go ahead and collect better salary and pretend as if they are only paid paltry commission like most people on this thread ignorantly assumed.

offongk:
oga your information is wrong
Am currently working with cornerstone insurance and basic salary is 65k and commission is 15% of what u bring to the table


Second never ask anybody to work in an organization that don't pay salary.
I left leadway to cornerstone and I know what I pass through.

Zenith,aiico, GTb insurance and kbl... cornerstone insurance


Thank you

How much is your Target

How can I apply to be a market in an insurance firm

Here to read comment

4teenblaq:
I am a job seeker, someone is recommending me to an insurance company...

I really want to know how their pay goes..

I have read a few comments here. Some are near correct, others are completely off the mark.

1. If you are taken in as an agent, you are NOT on any salary and you make commissions on your sale.

2. If you are employed in the mainstream, you are placed on a normal salary (as negotiated by you when coming through the interview process) and the salary is dependent on all other similar requirements such as experience and what you are bringing to the table. There are various departments in the system (underwriting, accounts and finance, HR, Facility Management, Legal Dept, etc).

The disadvantage of coming in as a commissioned agent is that you will struggle to get a footing, finding the market, etc. However, after a while and you have built the customers, there is no limit to what you can earn, especially when you have grown to become a unit manager and then an agency manager. At this level, you even earn commission on sales carried out by the agents selling under you.

If you are employed in mainstream, you may be entitled to salary, BUK, Pension, bonus and other perks of office relative to your position including official car and house, paid leave, offshore trips, etc.

In the final analysis, determine the workstream that you are joining on and then you can take it from there.

For the records, It is only in Nigeria that Banks are bigger than Insurance companies. In the western world, insurance companies sit on large pool of funds and they actually own banks and for those who say their pay is meagre, try find out what the likes of AXA Mansard, Leadway, AIICO and NEM among others are paying. Also try and find out why employees from the big Audit firms and some banks are clamouring for the insurance companies. Ask around and find out how many staff of insurance companies get fired or made redundant relative to their banker cousins.

On a final punch, a certified actuary (and there are very few in Nigeria) earns more than N300m (less bonuses, house, car, fully paid foreign holidays, etc, per annum. If that is defined is meagre, then I give up.

I speak with authority because I have worked in Insurance, Banking, Telecoms and practised law (all as a lawyer)

All the best in your search.

How did you come about your information?

obembet:
I will advice u to go for commission instead of salary.. salary will give u target which u must meet up.

Insurance company like Aiiko, Arm, alliance, comerstone will give u 40k to start.. but MUTUAL BENEFITS, Leadway pay on commission. One business in insurance can change ur story for life... Expecially if u work with those insurance that do life and non life business. I have seen someone that wants over 400M commission on vessel insurance. I think MUTUAL BENEFITS..


Just that Working in insurance is good cos u don't have limit of what u can earn. but its stressful.



Insurance company that do life and non life and pay on commission


Mutual benefit

Leader way - commission

IGI
.

Those that pay salary

AIIKO

Old mutual

Corner Stone

Alliance

Custodians

Energy

Pls what about NEM insurance do they pay their workers salary of commission??

Buzx:


You're talking about the marketing aspect of insurance, which is mostly applied to field marketers who go around, make calls, go online to look for customers that will buy an insurance policy. Insurance is very wide with different job descriptions. They're other departments in Insurance whose salary isn't based on commission and whose job description isn't marketing. Why do Nigerians just jump to the conclusion that insurance = commission-based salary.

Spot on bro

A lot of Nigerians do not know and do not even try to hide their ignorance and when they are taught, pride will not let them learn and move on. What really worries me is the fact they throw their ignorance out there and claim to speak with authority. How someone can be peddling ignorance with so much authority baffles me, honestly.

Emmandu:
Pls what about NEM insurance do they pay their workers salary of commission??

My post which is just down the rack provides an answer to this

So much misleading information on here. We just carry around hearsay and assume such for facts.

To the guy who said the owners make the money and the staff are slaves, tell me which company owner/director is in business to make a loss. As a staff, if you're salary is paid on time and other negotiated benefits as regards welfare are fulfilled as and at when due... What else do you want?

Just like someone stated earlier, insurance workers can be classified into Permanent Staff, Contact Staff and Agents.

Now, permanent staff can include the back end guys. Underwriters, Claims personnels, Finance, HR,
Corporate marketers, Survey, Legal, Admin etc. These guys are paid salaries with room for growth. Some companies also pay commission to permanent staff who brings in a business or businesses.

The contract guys can fall into any of the above listed depts as well, however by virtue of their contract status their salary is not handsome (this applies to most industries as well) and they may not be exposed to some perks like the permanent guys.

Agents are the foot soldiers. They go by advisors, sales executives etc depending on the coy. This are the guys to bring in businesses, mostly retail businesses. They have a base salary (e.g 20-40k) and are paid commissions as it applies to the insurance product they sell. There's no limit to the commission payable.

Some agents actually earn way way much more than salaried personnels. Same way some earn just the base pay some months.

I've seen agents who refused to be converted to permanent staff.

I hope the above gives a little clarity to aid your decision.

Ciao

Theoarhics:


I put it to you that the guy asking this question is being employed as a marketer...and 80% of insurance employees are marketers... I have worked in 3 insurance companies , so I'm speaking from some level of experience and authority.

you are not the only one that has worked in insurance.. if you are hired as a marketer, much of your income will be based on commission, you will still receive salary but not much.. Every other unit are based on purely salaries. However for non marketing staffs for some insurance companies, they might give you a very little target as well which doesn't count much.. Insurance is a very good industry

obembet:
I will advice u to go for commission instead of salary.. salary will give u target which u must meet up.

Insurance company like Aiiko, Arm, alliance, comerstone will give u 40k to start.. but MUTUAL BENEFITS, Leadway pay on commission. One business in insurance can change ur story for life... Expecially if u work with those insurance that do life and non life business. I have seen someone that wants over 400M commission on vessel insurance. I think MUTUAL BENEFITS..


Just that Working in insurance is good cos u don't have limit of what u can earn. but its stressful.



Insurance company that do life and non life and pay on commission


Mutual benefit

Leader way - commission

IGI
.

Those that pay salary

AIIKO

Old mutual

Corner Stone

Alliance

Custodians

Energy

Stop misleading people

obembet:
I will advice u to go for commission instead of salary.. salary will give u target which u must meet up.

Insurance company like Aiiko, Arm, alliance, comerstone will give u 40k to start.. but MUTUAL BENEFITS, Leadway pay on commission. One business in insurance can change ur story for life... Expecially if u work with those insurance that do life and non life business. I have seen someone that wants over 400M commission on vessel insurance. I think MUTUAL BENEFITS..


Just that Working in insurance is good cos u don't have limit of what u can earn. but its stressful.



Insurance company that do life and non life and pay on commission


Mutual benefit

Leader way - commission

IGI
.

Those that pay salary

AIIKO

Old mutual

Corner Stone

Alliance

Custodians

Energy

custodians don't pay salaries. They pay commision to their marketers.

Bobbyjay001:


custodians don't pay salaries. They pay commision to their marketers.

With such authority

Don't and stop mistaking agents for marketers. These two are very different.

As detailed in my earlier response.

4teenblaq:
I am a job seeker, someone is recommending me to an insurance company...

I really want to know how their pay goes..

are u in Lagos ? Let me connect you with a job

4teenblaq:
I am a job seeker, someone is recommending me to an insurance company...

I really want to know how their pay goes..

salary=commission
Tighten your seat belt you are in for a Long Ride bro

and one of the difficult countries to sell insurance is Nigeria.
the categories that sell well is
travel insurance
vehicle insurance
Health Insurance

If you are in lagos just add waterways transport and focus on selling to them too. As in big water transport companies that lease boats
If in Port Harcourt also focus on selling to Big Oil servicing company that has House boat
other you go try explain to them for where

you want to sell insurance to
Hausa= kai I no buy. abin da zai kasance zai kasance

Igbo= is like you are planning for me to die. your plan will not work.

Yoruba=Omo mi Kini oso

What is the person recommending you for, you no talk?

A family member worked as a low-level staff with fountain insurance, and she was earning really well, without stress (receptionist actually), added to the gifts she gets every festive season plus even live chicken and bag of rice for Xmas... That was when the MD was alive sha, don't know of now.

So depends on the company and your job there

Chai!

I was with Mutual Benefits, Na based on commission.

I left to acquire skill in Graphic Design. stress there no be small.

obembet:
I will advice u to go for commission instead of salary.. salary will give u target which u must meet up.

Insurance company like Aiiko, Arm, alliance, comerstone will give u 40k to start.. but MUTUAL BENEFITS, Leadway pay on commission. One business in insurance can change ur story for life... Expecially if u work with those insurance that do life and non life business. I have seen someone that wants over 400M commission on vessel insurance. I think MUTUAL BENEFITS..


Just that Working in insurance is good cos u don't have limit of what u can earn. but its stressful.



Insurance company that do life and non life and pay on commission


Mutual benefit

Leader way - commission

IGI
.

Those that pay salary

AIIKO

Old mutual

Corner Stone

Alliance

Custodians

Energy

you are right .... I WORK WITH MUTUAL BENEFITS ASSURANCE PLC .......


I CAN RELATE