Transamerica

  www.transamerica.com
  www.transamerica.com
There are newer employer reviews for Transamerica

3 people found this helpful  

Life Insurance 1st - Investments a Distant 2nd

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Former Employee - Broker/Dealer in Saint Petersburg, FL
Former Employee - Broker/Dealer in Saint Petersburg, FL

I worked at Transamerica full-time (more than 3 years)

Pros

The North American rebranding process that Mark Mullen put in place 3 years ago has proven to be a success: customers have enjoyed the renewed engagement with a trusted brand. Sales and revenue have increased across the board at nearly every division/company operating under the Trans heading

Cons

Unfortunately, the above mentioned rebranding has come at a significant cost. The first and most obvious is the cost paid: $30+ million to an outside advertising firm to "Transform Tomorrow" for AEGON, becoming Transamerica in all N. American units. That was just the amount paid to build the initial campaign. On-going advertising costs continue.

The PRIMARY cost has been born on the backs of the employees. Be wary if considering employment here. This is an INSURANCE company. They have shed non-core businesses like crazy over the past 3 years, literally reducing their N. American work force by more than 10%. Just two weeks ago the latest round of eliminations was announced from the St Petersburg location: 70 more jobs removed within the next year, all from the mutual fund unit.

This latest is but one of many reductions the company continues to enjoy. The problem that faces the existing workforce is that these continuous cuts are happening while business is booming! All of the perpetually increasing workload simply gets shifted to remaining employees. The broker/dealer unit has gone through this twice in the past 5 years as well. Business is better than ever yet there is less staff to handle it all.

Advice to ManagementAdvice

How does one change the culture within an organization? Typically it is formed through the people, built over time through a shared identity. Unfortunately, the culture throughout Transamerica has become "DO MORE WITH LESS." Not exactly brochure-ready terminology a company is going to brag about, but it's true. The current staff carries themselves with all of the confidence of a prisoner of war, glassy-eyed 1000-yard stare and PTSD to boot. Business is getting sloppy and customer complaints are up.

I'm not sure how much any of the management that actually reads this will be able to do about the action I would suggest... Every, and I mean EVERY major decision is made out of the former HQ in Cedar Rapids or the current HQ in Baltimore. That is where ALL of senior management is. St Petersburg doesn't even have a true building leader who can represent the company at community functions anymore.

This company is a shell of what it once was, but hey, the stock price is up!

Doesn't Recommend
Negative Outlook
Disapproves of CEO

197 Other Employee Reviews for Transamerica (View Most Recent)

Sort: Rating Date
  1. 3 people found this helpful  

    Referral Marketing, no matter what they say. They want you to make a list of friends and relatives--Don't

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Associate in Piscataway, NJ
    Current Employee - Associate in Piscataway, NJ

    I have been working at Transamerica as a contractor (less than an year)

    Pros

    Good place to develop communication skills and get over shyness. If your recruiter is good, they will help and guide you. The products you are selling are actually solid and not overpriced.

    Cons

    You have to pay to start (around $500). Income not guaranteed. You get pressured to push insurance unto your family and friends, and general atmosphere of "with us or against us" mentality.

    Advice to ManagementAdvice

    Impose uniform training practices, and stop pushing new recruits so hard.

    Negative Outlook
    No opinion of CEO
  2. 1 person found this helpful  

    They promise a lot, but make you work for it

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - CLU, ChFC, Former Management, Broker in San Diego, CA
    Former Employee - CLU, ChFC, Former Management, Broker in San Diego, CA

    I worked at Transamerica part-time (more than 10 years)

    Pros

    Independence, "run your own show", "unlimited" income, etc.

    Cons

    You soon realize that, "being in business of your own" is another word for being an "independent contractor." You don't get a "salary" but rather sometimes some temporary money. They used to say, "you'll get a bill from the company someday, but just ignore it and you won't be hassled for it again." So, the "advance against commissions" was supposed to be, ideally, paid back, a bit at a time when you became successful in generating "big commissions." However, the fact is that a very small percentage of people who try to sell insurance, i.e. life, annuities, etc. ever earn "big commissions. It would be nice if they did, but it just doesn't happen. I know of at least one agent who was told this, that the advance was just a way of helping new agents survive, and it would be paid for, say 6 months or so and not have to be repaid. After he left Transamerica he got some rather strict letters telling him to tell them when he would start repaying.

    The Training: It can vary from very helpful and almost non-existent. It really depends on the manager of the office and what type of assistant managers they have. Oh, I forgot... they did away with the "branch offices," i.e. company owned offices and now they have "General Agents" iow independent producers who pay their own expenses for a larger percentage of commissions than an "agent" or "broker" would earn. These general agents (GM) may be one man shops (sorry, I know that's not PC) or they can be a GM and have a lot of "agents" or "brokers" working in their agency. Again, these agents or brokers have to pay all their own expenses, i.e. direct mail, advertising of any sort, car, supplies, etc. Some GM's may pay them "bonuses" or in kind, i.e. no rent, secretarial help, etc. if they produce enough business... but let's face it, the percentage of agents or brokers who produce enough business to produce a substantial net income is very small. IMO it's probably much less than 5% of active agents or brokers.

    In about the mid 80's a number of life companies started to become very profit oriented and started taking away things like, free officing, supplies, secretarial help, health insurance (sometimes available if you were a fairly high producer... which most are not), and these companies started making more money, and the stock owned companies made their Board and stock holders happy... at the expense of agents trying to hang on long enough to morph into "the big times."

    I suppose it was inevitable that the old business models of many insurance companies would fall away to selfish, greedy self interests of the companies.

    In all fairness, there have been some Mutual Companies (owned by the policyholders) that have been somewhat kinder.

    Advice to ManagementAdvice

    It would do no good... they know who and where they are, and they're not about to change.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
There are newer employer reviews for Transamerica

Work at Transamerica? Share Your Experiences

Transamerica

 
Click to Rate
or

Your response will be removed from the review – this cannot be undone.