Federated Insurance

  www.federatedinsurance.com
  www.federatedinsurance.com
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Federated Insurance Reviews

Updated September 5, 2014
Updated September 5, 2014
39 Reviews
3.5
39 Reviews
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Jeffrey E. Fetters
21 Ratings

Employee Reviews

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  1.  

    Always high in price, very little supervision or support

    • 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 for less than a year

    Pros

    Little supervision, good pay, this is a strong company, with good leadership at times

    Cons

    The way they pay you does not make you feel like you make the amount of money they tell you you're making. The 2 week program holds you at a huge disadvantage, you learn as you go which puts you in awkward positions and leaves you floating with no answers at times. This job will take you years to get in the door with larger accounts. Boring and lonely at times, you need to be passionate about insurance to get involved here.

    Advice to ManagementAdvice

    Need to be easily accessible and welcome to answering even the questions that you think employees should know, because the training is not that great unless you go through the 9 month training.

    No opinion of CEO
  2.  

    Good Experience

    • 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

    Pros

    Promoted within and descent salary/bonus structure and training was good.

    Cons

    Too much emphasis on life insurance, changed from a long term career organization to turnover driven cost reduction process.

    Recommends
    Neutral Outlook
    Approves of CEO
  3.  

    Company gives back what you are willing to put in

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

    I have been working at Federated Insurance full-time for more than 5 years

    Pros

    * Private Learning Center that provides resources for future advancement
    * Private Gym & Fitness Classes
    * Provides a respectful work environment that cultivates team work and interdependence
    * New executive management willing to "think outside the box"

    Cons

    * Located in a small town so there is not much room for advancement unless others retire or you are willing to relocate
    * Some long time standing management heads can be set in their "old ways" of thinking and management
    * Have experience micro-managing in other departments worked in the past

    Advice to ManagementAdvice

    Your doing a great job! Keep freshening things up and thinking "outside the box". Federated is a great place to work for and I have enjoyed my time working for this company. You get back what you put in!

    Recommends
    Positive Outlook
    Approves of CEO
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  5. 5 people found this helpful  

    Great fit for young and hungry. Great training ground. Long term?..........Meh

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

    I worked at Federated Insurance full-time for more than 8 years

    Pros

    I am primarily speaking as a sales person. I am now an independent agent/owner but worked in sales and as a mgr at Federated.

    Federated was a GREAT opportunity for me and my family. I knew right away that the position wasn't for everyone but that it was a great fit for me at the time because I was hungry and motivated and that it would be a great start in the insurance business.

    There is no other training ground like this one. Not even close. That was one of the most attractive things for me. I knew that even if it didn't work out with the company long term, that I would be marketable for the rest of my career based on the training I had received.

    Even to this day, as an independent agent, when I talk to reps from other carriers, they know all about Federated's training AND just as important, that Federated tries to only hire A+ people. (It's helped us gain several contracts with carriers that might not otherwise have worked with us)

    It is very difficult to get hired there. this is another reason for their success. Your peers are generally the "best of the best".

    As a young person, willing to work hard, there aren't many opportunities to make this kind of money at that early in your career. One of the "issues" is that it is difficult every year to maintain the success and many become burned out. If you don't sell life insurance, you are considered a failure and will be weeded out. You also you hear "no" more than most insurance jobs (in particular when you are considered one of the best in you field compared to the people you compete against). it can be pretty demoralizing. Especially in some territories, which can be "beaten up" pretty badly over the years due to rep turn over and/or lack of prospects in Federated's wheel house or lack of competitiveness. All of this weighs on you.

    One of the issues they face is keeping people after the first 4 or 5 years. They can go elsewhere and maybe make close to or more or even MUCH, MUCH more $ and you don't start at zero each year (in regards to goals) At least not to the extent that Federated does.

    One of the biggest issues to look at would be the territory that you take. There are some real dogs. there are some great ones too. It's probably kind of hard for an outsider to know which is which coming in. Federated paints a great picture of every opportunity.

    The pension, which is unheard of by most companies today, is extremely attractive but sadly, most of the best people either leave before they can attain it or they move into the home office in another, less stressful role.

    There definitely is some cronyism within the company. Probably not unlike many other companies but this is a relatively small company so it tends to stand out front and center. You really see that first hand once you move into mgmt. For me, that was a huge turnoff and one of the reasons I fell out of love with the company. I know that is not uncommon though for companies. It's a reality

    Cons

    There are negative experiences for many that have worked there just as there are postives. We can say that for just about any company though, right?

     Federated is set in their ways and they have had great success because of it but they do lose some good people because of their stubbornness as well. I'm sure they can point to their overall company success and say "our way works". And....they are right. It has worked.

    This is NOT the job (talking sales) for lazy, thin skinned or unmotivated people. To succeed, you WILL work and you will work hard. probably harder than you ever have or will. Expectations are extremely high. Closing ratios are generally pretty low too. So you do hear "no" a lot. From both the underwriters and the customers. There are times when you will work hours upon hours for one little deal that might make you a few hundred dollars (or you might not get it at all) and years later you will look back and laugh as today, you wouldn't waste your time on something like that. However, to succeed at Federated, you HAVE to close those little deals to get your numbers. It's kind of a big game at times. You have to be a "stat sheet stuffer" sometimes.

     There is a great deal of micro management from the very top all the way down to the front line. Amazing amount of that goes on. But again, it's workedfor them, but again, it turns off some.

    Can you make it as a career sales person there? I have to say that very, very few people can and very, very few are anymore. It's not the same job that it was 15-20 years ago. Their sales force has a ton of old vets and a ton of brand new people. Very few in between and I just don't' see that changing. In fact, I think Federated has come to the conclusion that it's simply going to be that way and they are doing well as a whole, so just deal with it and live with it? I think that attitude really hurts some areas of the country that they are in and their reputation lags because of it.

    It will be interesting to see where they are in 10-20 years. The old guys will be gone. Will Federated just be an organization of 24-30 year old sales people and few staying in the field long enough to retire there? In the future, I just don't see that job being attractive to the 40 year old and older person with the newer breed of person that is coming down the pike. There isn't the loyalty or committment there any longer

    Advice to ManagementAdvice

    Keep making money. My small pension is relying on you! :) Seriously though. Find a mix of the old way and the new. I hope you have found a way to bridge the age and experience issue.

    I think the Federated concept is very solid and they have the best intentions but can be brutal on those people that don't perform.

    Don't think you are so "cutting edge" because your really are not. Your stubborness and inability to sometimes listen to the field and react to the market (yeah, yeah.....you are always profitable) hurts your people.

    But, a certain segment of your people will continue to kiss the ring and tell you how great what you are doing is and you will lap it up. Remember, those telling you how great you are, are usually doing so out of self preservation or advancement. Listen to the little guys in the trenches. Not just your big hitters.

    Recommends
    Neutral Outlook
    No opinion of CEO
  6.  

    One tough job

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

    I worked at Federated Insurance full-time for more than 3 years

    Pros

    Great pay and they give you plenty of leads on businesses to quote

    Cons

    You are given all the resources to quote accounts but lack being competitive in pricing (25% high minimum most of the time). No personal life if you are doing what you are suppose to in order to stay on top of the work load.

    Advice to ManagementAdvice

    Find a better way to manage workload on sales reps. It is a six and a half day a week job.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  7.  

    Old timers

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Risk Analyst  in  Owatonna, MN
    Former Employee - Risk Analyst in Owatonna, MN

    I worked at Federated Insurance full-time for more than 5 years

    Pros

    Great training program, family atmosphere. Good town to raise a family (Owatonna). A lot of nepotism and cronyism (positive if you are a Buxton).

    Cons

    Old boy network, Jack Welch management model (get rid of bottom performing 20% of employees whether warranted or not). Limited fresh ideas, co-signers in upper management. Limited promotion ops and functions on lower end of pay range. Manages by intimidation.

    Advice to ManagementAdvice

    Fresh ideas and fresh upper management.

    Doesn't Recommend
    Neutral Outlook
  8.  

    Used to be a better place to work

    • 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 for more than 8 years

    Pros

    Fully funded pension, some good benefits, depending on which program you are hired under you could have very good training, new CEO that came on board is more realistic when it comes to company spending and company goals and has been at the company over 30 years

    Cons

    Does not value their employees - treats them as a commodity. Health insurance benefits are substandard and the employee health insurance program doesn't cover a lot. Slow to make changes, upper management continually says they like to "think inside the box". Pay is slightly below industry average, benefits really lack compared to the industry or companies of this size. Very conservative values that, for a lack of a better way to put it, are good ol' boy ways. Their actions make it seem like the company is headed for a bad financial outlook.

    Advice to ManagementAdvice

    Instead of saying "people, people, people", act on it and treat employees like you actually value what they do for you.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  9.  

    Friendly Office Environment

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Business Account Underwriter  in  Glendale, AZ
    Former Employee - Business Account Underwriter in Glendale, AZ

    I worked at Federated Insurance full-time for more than a year

    Pros

    Great Benefits, Fair Salary, Excellent Management, Friendly Coworkers

    Cons

    Location on westside isn't for everyone

    Advice to ManagementAdvice

    Don't change a thing. Management has excellent communication with employees, always worked towards positive solutions for everyone.

    Recommends
    Positive Outlook
    Approves of CEO
  10.  

    Great Company but you have to be 100% committed or you will fail

    • 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 for more than a year

    Pros

    The have the best training in the industry hand down. Starting Salary for a Marketing Rep is amazing for someone just out of college. The benefits and retirement package are top notch. The invest a lot of money in their employees and do not want to see you fail. The have industry recommendations which definitely give you a foot in the door when cold calling and cultivating prospects. I very much enjoyed my management and the people I worked with in my District. They have wonderful incentives trips to Hawaii/Australia, cruises, etc.

    Cons

    They have some out of date practice. They are slow to change. Unfortunately, being a direct writer underwriting has all the control. Federated's underwriting standards and documents required just to quote is absolutely over kill and scares a lot of prospects. Our rates were out of the ball game 19/20 times. The have been giving large increases on customers that have been with us for 10+ years with no claims. Like I said you have to be completely committed to sales and insurance, if you have any reservations do not take the job. If you go through the longer training program you have no certainty of where you will be placed. I was hired out of one city and was put in a city over 3 hours from where I initially thought I would be hired, killed my motivation a little right there.

    Advice to ManagementAdvice

    Get with the times, use technology better. Trust the marketing reps a little more and you will be much more profitable. Get rid of the old laptops and move to tablets it will be much more effective for your reps.

    Recommends
    Neutral Outlook
    No opinion of CEO
  11. 1 person found this helpful  

    Very poor place to work!

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

    I worked at Federated Insurance full-time for more than 10 years

    Pros

    Many very excellent employees - small town atmospere - great town to raise kids. Good (not great)benefit package overall.

    Cons

    Culture is toxic - leadership is by fear and intimidation rather than by inspiration. There is no opportunity to rise to the senior management level for Underwriters, Claims Adjusters, HR, IT, Loss Control etc... as all major functions are headed by a Marketer or former Marketer. Employee's are viewed as a liability vs. an asset even though lip service is give to the latter concept. No true innovation is possible as senior managemt will broker no opinions or views different than their own - their attitude is "my way or the highway" (and they mean it!). Very poor communication from the top - no accountability to the owners of this "Mutual Company" who are the policyholders.

    While starting pay is on par with the competition, salary increases are difficult to obtain and measly at best. Bonus' are very small for this wealthy of a company except to a very few (senior management and a select few favorites). Lot's of cronyism and favortism - very much the typical "good old white boys club". In this organization, raises and promotions rely much more on "playing the game" and who you know than how hard you work or how good you are at your job. Performance evaluations are completed on the Jack Welch model (get rid of 10-20% each year) which is fine in a production setting where productivity is easily objectively measured, but does not work well in a company where most of the measurement is subjective (major catagories of the yearly performance review are "Passion" and "Energy" - how can you even begin to objectively measure that!). Managers of even the smallest units are forced to designate someone as "needs improvement" (a professional death sentence) without regard to whether that person exists or not.

    Advice to ManagementAdvice

    Internal company Board of Directors members should be replaced with external independent & objective members who will truly hold senior managment accountable and improve communications with the policyholders who "own" a mutual company as well as the employees. Add senior managment members from outside the organization to reduce cronyism and favortism and allow true innovation to ocur without fear of repercussion. Treat employee's as the "asset" they are instead of simply paying lip service to this concept.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

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