Federated Insurance

www.federatedinsurance.com
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Federated Insurance Reviews

Updated April 3, 2015
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3.6
47 Reviews
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Recommend to a friend
Approve of CEO
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Jeffrey E. Fetters
28 Ratings

Employee Reviews

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  1. Marketing Representative

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Marketing Representative
    Former Employee - Marketing Representative

    I worked at Federated Insurance

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    --Education (Pre & Post)
    --Service Support
    --Management
    --Compensation

    Cons

    --Antiquated Marketing/Sales Practices
    --Frequent Noncompetitive Product Pricing

    Advice to Management

    This company would be unstoppable IF they found a way to couple their high product integrity & professional service with modern digital marketing techniques/processes. Please consider that when I directly asked 10+ marketers if they would take a salary pay cut for more competitive pricing on prospective business, they all said yes. You hire good people; give them the chance to prove it.

  2. Helpful (1)

    Great Pay, Excellent Training, Horrible Managers all around

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Marketing Representative in Knoxville, TN
    Former Employee - Marketing Representative in Knoxville, TN

    I worked at Federated Insurance full-time (More than 3 years)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Great training, Great pay, Great benefits, You are provided with a lot of tools

    Cons

    There is a high importance to sell every line of insurance, yet Life ins is 95% of your success.
    Sales managers are very hit or miss. they can be your best resource/friend/asset or someone you want to crash your car with every time they ride with you. Just because your manager was good in sales doesn't not positively correlate to their skills on managing and leading others.
    VERY bad rates on many P&C lines of business. You are only able to write around 15-20 lines of business. You will only be competitive in around 3-5 lines of business. Also, about 5% of your quotes with be competitive.
    Underwriting is a pain in the butt and too strict. No exceptions made.
    Too micromanaged
    Pay structure is confusing/difficult (even for a veteran CPA)
    You are the CSR rep for your accounts. You collect all info, input the policy info, take pictures, send in info, help with underwriting, put the quote together, and obviously deliver/sell the policy.
    10-20% in every policy every year, have fun going to bat for every client even if they are your best!
    Expected to sell $20k+ annual premiums to every client you have. Must sell $60k+ premium per year in Life Insurance premium (while selling all other lines of insurance)
    Moving to Minnesota for a year. The town sucks, the locals hate you, the employees either hate you or like you. You are in a fish bowl and people will turn you in for driving too quick or having too much fun. Welcome back to elementary school.

    Advice to Management

    Just because your MR is good at his job selling, does not mean you need to promote that person to District Managing. Some people are good at Sales, some are better at Managing.
    Get rid of the DMM/RMMs that have been around for 20+ year. They are out of touch with reality. They are just staying around to keep their deferred compensation.

  3. Great for SOME, Average for MOST.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Marketing Representative in Detroit, MI
    Former Employee - Marketing Representative in Detroit, MI

    I worked at Federated Insurance full-time (More than 5 years)

    Recommends
    Neutral Outlook
    Approves of CEO
    Recommends
    Neutral Outlook
    Approves of CEO

    Pros

    Great management. Fantastic culture of recognition. Good training.

    Cons

    Very average pay (SERIOUSLY, I know they painted a beautiful picture, but keep reading the full review).

    In the interview, when they show you "AVERAGE PAY" for a marketing rep, you MUST KNOW THIS: There are a handful of reps who make about millions/year and this throws off the numbers CONSIDERABLY.

    I was told that one of these "super reps" lives in the same neighborhood as Prince.

    You need to have 3 things to make that "average" number. EVEN IF YOU ARE AN "ABOVE AVERAGE" rep.

      I earned Chairman's Council many years in a row and made less than HALF of the AVERAGE pay that they tout in the interviews.

    You need THREE things to make the real money. 1) Activity 2) Talent 3) Luck... yes, you need to be in a territory that has the right kinds of large accounts that will end up paying the large commissions. Some have it, most don't.

    Think that's garbage or sour grapes? If I hadn't lived it, I would think that was garbage too. We make our own luck in sales, right? Yes.... but you can't make petroleum accounts appear where there are not any within a territory. You can't make million dollar premium machine shops appear where there are not any. There ARE differences from territory to territory.

    You need an above average territory for above average pay... it was a tough lesson for me to learn, even after earning multiple Chairman's Councils in a row. I made a fraction of the "average pay" for a rep.

    Also, know that the underwriting appetite changes constantly. You might be hot on a type of business and able to write it consistently for a few months, before underwriting panics and decides they no longer want that type of business (they will say they DO want it, just at a MUCH, MUCH higher price...). But in reality, they don't want it and they quote an unrealistic price and unrealistic RENEWAL pricing for your existing accounts, just to get them off the books.

    They say everything is a cycle. I tripled the size of my territory in 5 years. Then in the course of just over a year, underwriting walked away from 65% of all of that business that I had written, cutting my income by tens of thousands of dollars. I don't want to ride that "cycle." It would be fine if I earned that "average" money they talk about, but I didn't.

    If you jump in and expect to get rich, you should work to take over a territory of a guy who is retiring and is rich already. If they say there aren't any of those territories open... well, of course there aren't. The open territory they are offering is open because it wasn't that desirable. The rich guys stay in their territory to keep making money!

    Advice to Management

    Pay your good people more.... considerably more. You lose talent and flounder to replace them, forcing yourself to pay untrained NEW people more than you paid experienced, award-winning reps.

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  5. Previous Marketing Representative

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Marketing Representative
    Former Employee - Marketing Representative

    I worked at Federated Insurance (More than 3 years)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Great Compensation, Great Management, Great Opportunity

    Cons

    Hard to have an even work/life balance the first three years in this position.

    Advice to Management

    None

  6. Good stepping stone...don't stay too long

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Federated Insurance full-time (More than 10 years)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Professional atmosphere, great people to work with, work-life balance, less than 10 minute 'commute' if you live in Owatonna.

    Cons

    Career development is highly dependent on who you know versus what you know. It's a good stepping stone, but recommend not buying into the 'it's a great place to work for 30+ years'. Start here to get some good training and experience and move onto another company that will offer you more challenges and a more progressive career path.

    Advice to Management

    Consider the talent you have in those that have worked at the company 10 - 20 years and look to give them more career growth opportunities. Consider providing better compensation for these employees as well. The base compensation always rises for the new guys, but the rest of us get a minimal raise at best.

  7. Helpful (1)

    Federated Insurance is a great place to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Software Developer in Owatonna, MN
    Current Employee - Software Developer in Owatonna, MN

    I have been working at Federated Insurance full-time (More than 10 years)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Life/Family balance
    Interesting work
    Career advancement opportunities
    Great benefits

    Cons

    Conservative culture - but great people to work with

  8. Great Old Fashioned Company

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Federated Insurance full-time (More than 10 years)

    Recommends
    Neutral Outlook
    Approves of CEO
    Recommends
    Neutral Outlook
    Approves of CEO

    Pros

    Defined benefit pension plan, great people, commitment to staff, family-oriented culture, good advancement opportunities. Management genuinely cares about staff and customers.

    Cons

    Headquarters located in backwater town with not much to do. Sales and marketing is king of the hill.

    Advice to Management

    Consider letting higher level positions work from areas other than home office.

  9. Great Experience

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Federated Insurance

    Approves of CEO
    Approves of CEO

    Pros

    Flexibility, good compensation, control of your income

    Cons

    Work hours, stress, constant pressure to reach set goals

  10. Uber conservative... At times, the company is it's own worst enemy

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Marketing Representative
    Former Employee - Marketing Representative

    I worked at Federated Insurance full-time (More than 3 years)

    Recommends
    Neutral Outlook
    Approves of CEO
    Recommends
    Neutral Outlook
    Approves of CEO

    Pros

    Great starting place for salespersons.. After Fed training you have your pic of companies to work for
    High starting salary for Marketing Rep's (72K)
    Room for making good money depending on territory you are assigned (can also be terrible depending on territory)
    Defined territories
    Some of the best training in the industry
    Good work life balance

    Cons

    Typical "drink the cool-ade mentallity"
    At times it seems like the company doesn't actually want to write business
    Manager's are either great or terrible and micro to the n'th degree
    Mnagers almost scare marketer's into never leaving (I've never met anyone who has left Fed that is in a better place now-- this IS 100% FALSE... I am and I know plenty of people who are)
    Tought to move vertically without living in Owatonna MN aka Alaskka

    Advice to Management

    Get more consistent with writing business.. clients hate that one year you are the cheapest, they move business to you, and then the next year you price yourself out of the ball game bc your appetite has changed..
    Also, give marketers more broad knowledge of the industry, don't train marketers to think that all other companies are inferior bc I assure you there are some big players who focus on the competitve landscape and are killing it

  11. Great company, great benefits, promote only from within

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Marketing Representative in Owatonna, MN
    Current Employee - Marketing Representative in Owatonna, MN

    I have been working at Federated Insurance full-time (More than a year)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Benefits and company leadership and management were all at the low end of the totem pole at one point and in the same job type as you will start in.

    Cons

    Insurance sales can be a drag and tough depending on hard and soft market types and location.

    Advice to Management

    Get to know new sales people and makes sure they are comfortable.

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