IMO Renewals and Bonuses ?

[DC2188]

When you go independent and contract with different carriers through an IMO do you get renewals and bonuses from the carrier for the business you write?

 

[goillini52]

When you go independent and contract with different carriers through an IMO do you get renewals and bonuses from the carrier for the business you write?

Yes....................................Sometimes you get bonuses from the IMO.

 

[Newby]

When you go independent and contract with different carriers through an IMO do you get renewals and bonuses from the carrier for the business you write?

Yes. It's exactly the same as being direct except the IMO will sometime add additional bonuses or incentives.

 

[DC2188]

I'm currently with a company and my first obligation is to offer their products but if it doesn't fit the customers needs I can go to brokers clearing house and get something from another company so in a sense I'm Indy but the highest commission on our products is 60% plus bonuses if I meet a certain production level and for our final expense product it's 35% and I feel as if I'm getting short changed when I hear people talking about contracts with commissions of 100 or 120% but I was told I would get no renewals if I go with an IMO.

 

[Newby]

I'm currently with a company and my first obligation is to offer their products but if it doesn't fit the customers needs I can go to brokers clearing house and get something from another company so in a sense I'm Indy but the highest commission on our products is 60% plus bonuses if I meet a certain production level and for our final expense product it's 35% and I feel as if I'm getting short changed when I hear people talking about contracts with commissions of 100 or 120% but I was told I would get no renewals if I go with an IMO.

That is completely false. Read this thread http://fexcontracting.com/getting-started-with-fe-sales/

First you want to get with an IMO that has competitive products. Second you need good commissions 110-120 is fair. Third you need good leads. Fourth you need good ongoing training and support.

Most IMOs try to keep you through ignorance and scare tactics. Educate yourself (no better place than this forum for that) then select your new home.

When you are ready to select your new IMO, we would love to have you on board at FexContracting.com

Knowledge is power.

 

[Thad.Sipple]

And if it's on the Internet it must be true, hehe.


All seriousness Newby is correct.

 

[dward]

They actually might be telling you the truth if you are with a captive, career type agency. It sucks but its a way to keep you there. They pay you 60% year 1 and 10% years 2-10 in renewals that's a total of 150% over a 10 year period on that policy. You just need to stay there 10 years to get that renewal! Its the classic Northwestern/Mass/Met career plan. If you leave and aren't vested, you lose your renewals.

So are you working with an IMO or a captive agency?

 

[VolAgent]

I'm currently with a company and my first obligation is to offer their products but if it doesn't fit the customers needs I can go to brokers clearing house and get something from another company so in a sense I'm Indy but the highest commission on our products is 60% plus bonuses if I meet a certain production level and for our final expense product it's 35% and I feel as if I'm getting short changed when I hear people talking about contracts with commissions of 100 or 120% but I was told I would get no renewals if I go with an IMO.

It sounds like you in a career agency. Before you decide the grass is greener, make sure you are looking at everything. Do you get retirement, group insurance, office space and supplies, FICA matching, etc.? And most importantly, are you getting the tools you need to succeed.

When you add all that up, it can be the same if not more than the 100 to 120% you can get through an IMO. Or you could be getting the short end of the stick.

Before you go jumping ship, make sure you really are improving your situation. There are plenty of agents that absolutely love the career environment because it pays them well and they get the tools they need to succeed. There are plenty more that aren't getting any of that and would be better off elsewhere. You need to see what situation you are in.

 

[dward]

It sounds like you in a career agency. Before you decide the grass is greener, make sure you are looking at everything. Do you get retirement, group insurance, office space and supplies, FICA matching, etc.? And most importantly, are you getting the tools you need to succeed.

When you add all that up, it can be the same if not more than the 100 to 120% you can get through an IMO. Or you could be getting the short end of the stick.

Before you go jumping ship, make sure you really are improving your situation. There are plenty of agents that absolutely love the career environment because it pays them well and they get the tools they need to succeed. There are plenty more that aren't getting any of that and would be better off elsewhere. You need to see what situation you are in.

Well said...

It totally depends on your situation.

 

[DC2188]

I'm with Mutual of Omaha and I'm a career agent but not captive they told me I could appoint with other company's through imos to fill in the gaps. But I'm getting shafted on my commission rate.