Independent Agent Versus IMO

[100kinssales]

Wondering how many people out there are independent agents or if they work for some kind of IMO...

If you are independent...how do you schedule your week?

If you are with an IMO...why did you choose IMO?

 

[iowaagent]

My answer to your question is both. I am an independent agent that also works with imo's. I have worked with my imo's a little bit on training, but mainly because of the contracts they had available for what I wanted to sell. The imo's I work with are both out of state, so they don't have any impact on how I schedule my week. The name of the game is activity.

 

[PrivateEquity]

You say that you make 100k in sales and you ask questions like this?

Do you ask these types of questions while you are closing 80% of your sales?

Go figure!

 

[arnguy]

This thread is a waste of time and energy!

 

[Crhagaman]

You say that you make 100k in sales and you ask questions like this?

Do you ask these types of questions while you are closing 80% of your sales?

Go figure!

no need to be such a douche.

 

[ScottLFB]

100K.. Not sure if you understand the system or not. Independent Agents are just that "Independent".. IMO/NMO whatever you want to call them are the National Marketing Companies with the Carrier Contracts. Most Carriers don't contract Agents directly, they make the Independent agents contract under an IMO/NMO..

 

[PrivateEquity]

no need to be such a douche.

Thank you, Mr. Vinegar!

 

[100kinssales]

My answer to your question is both. I am an independent agent that also works with imo's. I have worked with my imo's a little bit on training, but mainly because of the contracts they had available for what I wanted to sell. The imo's I work with are both out of state, so they don't have any impact on how I schedule my week. The name of the game is activity.

Sounds good. I have come across a lot of agents that do the same.

I was just curious how most independent agents out there schedule there week working out their home versus an office.

Thanks for your feedback
- - - - - - - - - - - - - - - - - -

This thread is a waste of time and energy!

A lot of these threads are!

I just had the thought cross my mind...I apologize if your time was wasted.
- - - - - - - - - - - - - - - - - -

You say that you make 100k in sales and you ask questions like this?

Do you ask these types of questions while you are closing 80% of your sales?

Go figure!

I apologize if my question upset you!

It was def. a random question, but if you'd like to come run appointments with me for a week, I'll show you the 80% .
- - - - - - - - - - - - - - - - - -

100K.. Not sure if you understand the system or not. Independent Agents are just that "Independent".. IMO/NMO whatever you want to call them are the National Marketing Companies with the Carrier Contracts. Most Carriers don't contract Agents directly, they make the Independent agents contract under an IMO/NMO..

Thanks for your reply Scott. I don't know of the "system" you are referring to specifically. I realize that IMO's are the national marketing companies.

I'm not sure if you realize that there are many agents out there who contract directly with a company. Yet, they work independently without the "covering" of an IMO.

I personally like IMO's because of the tools most of them provide versus doing it solely independent.

To be honest, my question was worded very well . I should have clarifyed it a little better:

Why would someone choose to be completely independent versus being independent WITH an IMO?

 

[baggins415]

Very few insurance companies actually contract agents directly. They really don't want to be handling every little question a complete newbie would have regarding dotting the i's and crossing the t's on applications. They also want the option to retrieve a charge back on an advance from someone other than you if you decide to screw them over. It happens a lot.

Of course there are many other reasons why most insurance companies do not direct contract but those are two of the big ones.

There are many types of IMO's, big and small. You'll find (or likely not ever know but I'm telling you here) that even big IMO's are under other IMO's for certain companies and products. The levels of the hierarchy never really concerned me as long as I was getting a good fair contract with room to grow. And no it doesn't mean if IMO A is under IMO B's contract, and you go to IMO B you will get a better contract - in fact you may get less from IMO B. In any event, IMO's will know what you are worth after some time and with good production every contract is negotiable. Of course your phone calls will go unanswered if you are better at filling out contracting paperwork than you are at insurance applications.

If you are fairly new to the insurance game or aren't producing big numbers you are much better off going with a general agent who can teach and guide you. I deal with 2 fairly large IMO's that I have developed great relationships with over the years. They love my business and when I say jump they ask how high. I'm very happy to give them my and my agent's business. They also jump for my agents because, well, they are my agents.

Speaking of IMO's and general agents. Whoever you contract with should be transparent. I give all of my agents full access to my large IMO's resources, software, quoting tools, forms etc. My IMO is now their IMO - who they probably would have never been so lucky to find on their own if they never met me. I also let them call my IMO directly if they want to and discuss other companies that they may be interested in contracting with. Because my contracts are so large with the IMO - I am able to give the same or even much higher contracts than that agent would get if they approached the IMO alone. You might not think this is the case but it is. Then my agents not only have me to help with their cases, ideas, and marketing, but the full use of the IMO and the IMO's resources and tools. It's a win win win for everyone.

- Also, remember that most IMO sales employees are failed insurance agents who hung it up for a more steady but less ambitious paycheck. These people may be nice and slick over the phone pumping their latest contract - but where the rubber meets the road they are fairly useless to help your business. It helps being connected to someone actually out there SELLING -or at least not far removed from selling.

I love using the IMO resources for product ideas and putting pressure on insurance companies for big cases. Sometimes you need some muscle behind you and a good IMO can help. Beware though most IMO's are just a slick advertising layout in an insurance magazine. Once you are contracted you'll find out just how little they care about you and how high their turnover is in the office. You'll also find out how little everyone in the office knows about insurance! Yikes, it's scary stuff! You'll be getting weekly calls about the 'flavor of the week' new hot product. It gets really old really fast.

My IMO's don't call me with their latest fat contract they need sign ups for...they know to only call me with a good fresh idea - or truly innovative product that's going to help my business.

I must say I love my IMO. But it was a long road to find them and develop the relationship I now enjoy with them.

[email protected]
(want to get into a great niche market in California with almost no competition? email me)

 

[Norwayguy]

Baggins post is right on in regards to why you would want to work with an IMO/GA etc. He also speaks the truth about most IMOs being nothing more than a slick group at getting agents contracted and once contracted are pretty worthless.

He also brings up a great part that contracts can be negoitiated. So having the highest paying contract isn't as important and finding someone to help you produce business, once that business flows you can get that higher contract or as he puts it you can sometimes get a higher contract by contracting you a lower imo in the upline.