fretfrek
Expert
Is it possible to get contracted with the same carrier twice through 2 different IMOs? Such as Monumental, Foresters and Americo? The reason I ask is because that other IMO I want a contract with offers a great lead program.
Contracting
- Thread starter fretfrek
- Start date
- 19,647
The short answer is no. There are some exception like I am contracted for Transamerico with one IMO and with Monumental through another IMO. Even though they are the same company I can't write Monumental through the IMO where my Trans contract is and I can't write Trans through the IMO for Monumental.
When I moved my Foresters contract to EFES I had to be released at my previous IMO for Foresters. Same for Americo.
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- #3
fretfrek
Expert
So you're saying as long as my current IMO releases me, then I contract with that new IMO for those carriers? I have contract with foresters, monumental, americo, RNA, MOO.
- 19,647
Again, the short answer is yes, but good luck with getting the other IMO to release you. That's another dirty little, {well, not little}, secret of the insurance business.
I'm sure you never signed a contract that said you would need a release. It's an unholy alliance between the insurance companies and the IMO's to enslave the agent.
There are a few upstanding IMO's that will grant releases. They are few and far between.
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- #5
fretfrek
Expert
jdeasy said:
Thanks JD. I like my IMO. I just don't get any leads. It's ttough gong for this newb. I am looking for a good and affordable lead source without another contract if I can avoid it.
There are some companies that will allow for dual appointments for some purposes, such as some IMOs having a dispute for release.
For example, ANICO and Genworth will do it. MoO will not. So I think maybe some FE companies will? Perhaps someone like Assurity ? Don't know of others but it CAN happen.
For example, ANICO and Genworth will do it. MoO will not. So I think maybe some FE companies will? Perhaps someone like Assurity ? Don't know of others but it CAN happen.
- 19,647
It is very tough for new agents. The big lie is what you get from marketers about how "easy" this all is.
From everything you have posted it seems that you need to get with an IMO that offers training and leads. Don't worry about the contract levels at first. I started in this business at 65% contracts. They did offer great training and good leads.
- 17,072
fretfrek said:
Why don't you just order leads through Monumental at $300 per 1,000?
Or any lead vendor at $400 per 1,000?
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- #9
fretfrek
Expert
Newby said:
Does this mean that i can only sell monumental if i order through them? How long does it take to get these lead cards back from prospects and how soon can I get rolling?
JustinSane
Expert
- 87
From my experience with Monumental leads, roughly 3-4 weeks from when you actually submit your order for leads, is when you'll start getting your replies back.
As far as selling strictly Monumental, they only require that you place through them, an average of $100 AP for each lead you receive. In other words, if you receive 10 leads, you should write a minimum of $1,000 annualized premium out of that batch, through Monumental. Granted, sometimes the person may be better off elsewhere, which is why they don't expect you to write 100% of the cases through them. But since they are partially subsidizing the costs, many will agree that it's only fair of them to ask for that in return.
Hope this helps. Good luck!
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