Better option an IMO or MGA
- Thread starter Ryan Wert
- Start date
- 1,410
There's no rule on what either one does. MGA & IMO is basically just the name of a specific comp level. That's really it. It's up to you to decide what to offer agents in terms of marketing, support, & training.
You can put agents at basically any level below you, usually at 5% increments (with life insurance). You will make an override on the difference between your agents level and your level. Example: you're at 120% commission & you put an agent at 100%. You would make a 20% override on all of the agents production.
Sounds great right? Here's the catch. If any of your agent's policies cancel, it charges back. Most agents are living check to check & wont be able to pay it back. They walk away & someone has to pay the insurance company back... YOU!
You can put agents at basically any level below you, usually at 5% increments (with life insurance). You will make an override on the difference between your agents level and your level. Example: you're at 120% commission & you put an agent at 100%. You would make a 20% override on all of the agents production.
Sounds great right? Here's the catch. If any of your agent's policies cancel, it charges back. Most agents are living check to check & wont be able to pay it back. They walk away & someone has to pay the insurance company back... YOU!
DigitalBGA.com
Super Genius
- 107
Start with your value proposition to the agent and work backwards. What can you do for them, teach them, provide for them that others can't (or can you do it better)? Earning overrides should always come with providing value to the producer. Figure out your value, and build a program around it. Our value is leads, marketing, automation, tech, telesales...so we built programs around them. Good luck!
BIG one
Expert
- 39
The only time you ever need to partner with someone in business is if they have money or they know something you don't.... you may want to find a partner.
