How does carrier assignment work with IMOs?

[TomZack]

I've just started exploring making some changes and using other IMO/FMOs.

My question is....

If I let an IMO list/assign some carriers to me with them, does that mean any business I write with that carrier(s) HAS to be credited through them?

In other words...if i use more than one IMO/FMO I can't duplicate any carriers with each?

2nd question:
If I already have a direct carrier(s) relationship - how would that work if I write something with that carrier?

 

[Travis Price]

I've just started exploring making some changes and using other IMO/FMOs.

My question is....

If I let an IMO list/assign some carriers to me with them, does that mean any business I write with that carrier(s) HAS to be credited through them?

In other words...if i use more than one IMO/FMO I can't duplicate any carriers with each?

2nd question:
If I already have a direct carrier(s) relationship - how would that work if I write something with that carrier?

To answer your second question first:

If the carrier allows you to sign up under an upline and keep your previous direct appointment, you'd have two different writing numbers. One under the IMO and one direct.

HOWEVER, in my experience, the carriers I've tried to get multiple appointments with denied the second appointment without a release from the first IMO or 6 months no production with the carrier.

 

[pfg1]

Some carriers will allow dual appointments, most won't. Don't allow an IMO to appoint you with carriers unless you are ready to write business with that carrier. Also, ask about release prior to being appointed, so you aren't blindsided. Most stand up IMO's have no problem with releasing agents. (at least in my experience, in the fully underwritten world)

 

[TomZack]

aahhhh....ok. Thank you. That is what I thought might be the case.

Thank you both for your replies.

 

[WinoBlues]

I've just started exploring making some changes and using other IMO/FMOs.

My question is....

If I let an IMO list/assign some carriers to me with them, does that mean any business I write with that carrier(s) HAS to be credited through them?

In other words...if i use more than one IMO/FMO I can't duplicate any carriers with each?

2nd question:
If I already have a direct carrier(s) relationship - how would that work if I write something with that carrier?

In my experience.

In the traditional Life Insurance world you can work more as a independent business owner and please business with whomever you choose. You can can multiple contract numbers with one company. Example I have a few different uplines with Protective, AIG, MoO and LFG. Example: husband and wife cases - I could write the husband a Lincoln National case under ABC IMO and the wife Lincoln National under XYZ IMO. It is my business.

FE seems to be loaded much heavier in favor of IMO control. Other than MoO I am not sure of any FE companies that allow you to dual contract. Or leave one IMO for another at your desire. You may have to ask permission.

 

[TomZack]

Hmmm ..... about.

Yes, traditional life products and annuities for small business and family retirement markets is my main goal. So, is it safe to assume the previous 2 responders work more in FE?

Does it matter that you are a veteran with X amount of history of production?
Would someone newer with less production be treated differently?

 

[Newby]

Hmmm ..... about.

Yes, traditional life products and annuities for small business and family retirement markets is my main goal. So, is it safe to assume the previous 2 responders work more in FE?

Does it matter that you are a veteran with X amount of history of production?
Would someone newer with less production be treated differently?

Same with 1st day on the job as it is for a 25 year MDRT member. FE carriers only allow one Upline at a time.

 

[pfg1]

So, is it safe to assume the previous 2 responders work more in FE?

I don't do FE.
Again, some carriers will allow dual contracting, many won't. Most people don't have a need for two contracts for the same carrier honestly. Many carriers you can go direct with.
Find an IMO that can help you accomplish what you want (and hopefully provides value to you) and partner up with them.

 

[TomZack]

Thank you pfg1.

I am researching the different IMOs (at least those I am aware of). I feel that I am still in the stage where I would benefit from using one (or more) that has some solid support possibilities in marketing, presentations, etc.

Some of them say they have some 'proprietary products' as well. If they have some kind of advantage over competitive products in the marketplace that would be nice.

I do question that though. Why would a carrier give an exclusive to any IMO for a really good product? Wouldn't behoove them to offer it to everyone in order to obtain more sales for the carrier and market share of that type of product ( annuity or CV life product)?

 

[maovd]

Hey, I work with an IMO (Not with Annuities) an yes there are some carriers that allow dual appointment but no real reason for that. Also yes after 6 months we can take them over. Or they get a release from current IMO (they usually will not grant it). As for exclusives, it happens an usually only for short time until it either blows up or bombs..