Looking for an FMO or IMO partner? As an insurance agent or agency, finding the right partner can be vital in growing your business.
So what should you be looking for? In the latest episode of the Broker Link, Louise Roberson breaks down a strategy in choosing the proper insurance marketing organization. What are the things to look for and what are the pitfalls to avoid?
What is an IMO or fmo?
Commonly referred to as FMO (Field Marketing Organization), IMO (Independent Marketing Organization), or GA (General Agency), an insurance marketing organization is a third party that works between the independent insurance agent and the insurance carrier.
The insurance carriers lean on the marketing organization to provide recruiting, contracting, training, licensing, and support at no charge to you.
You can read more about How to Find the Best Insurance FMO here!
Here are a few other advantages:
- FMOs/IMOs are your back-office support. – A good partner will provide you with contracting, marketing, and other support you need to run your business.
- These Organizations act as a Liaison to the Insurance Carriers – A good FMO/IMO should be able to answer any questions you have related to carrier products, but if not, they have a direct line to the carriers.
- FMOs/IMOs can provide Incentives to Help your Business grow – If you find a good partner, you can also get perks for working with them. For example; The Brokerage Inc. provides selling bonuses and a program called Brokerage Bucks. You can use Brokerage Bucks on marketing tools when you meet a specific selling quota for the month.
Three Main Takeaways
- A good IMO/FMO will offer fully vested contracts so make sure you ask a lot of questions.
- Do your research and check on the reputation of the IMO/FMO. What do others say about the company?
- If you’re looking for a partner, The Brokerage Inc. is here to help.
Visit our What We Offer page to learn more about what The Brokerage Inc. has to offer your insurance business.
And remember we have a complete library of podcasts to help you grow your business. You can listen to all of our Broker Link episodes in our Podcast library here!