What does an IMO do?
What is an IMO? An IMO (Independent Marketing Organization) works as a partnership between independent insurance agents and insurance carriers. The best IMOs will help you with marketing, training, contracting, recruiting, and ongoing support.
What is an IMO or FMO?
At the most basic level, a Field Marketing Organization (FMO) or an Insurance Marketing Organization (IMO) is a company that offers insurance products and services to insurance agents or agencies. Most FMO's will normally offer services above and beyond insurance products, but the services offered will vary by company.
What is the difference between MGA and GA?
MGAs earn more commission than a general agent, but less than an FMO/IMO/NMO. They oftentimes have to reach and maintain certain production requirements to keep their status as an MGA. These requirements can vary from one FMO, IMO, or NMO to another, and even from one carrier to another.
What is an FMO in the insurance business?
What Is an Insurance FMO? A field marketing organization (FMO) is a company that supports independent insurance agents in their sales endeavors and client retention. FMOs provide an extra level of support to agents through excellent customer service and state-of-the-art resources and tools.
What are the contents of IMO?
The Organization consists of an Assembly, a Council and five main Committees: the Maritime Safety Committee; the Marine Environment Protection Committee; the Legal Committee; the Technical Cooperation Committee and the Facilitation Committee and a number of Sub-Committees support the work of the main technical …
What is the role of IMO?
As a specialized agency of the United Nations, IMO is the global standard-setting authority for the safety, security and environmental performance of international shipping.
What is IMO process?
IMO measures cover all aspects of international shipping – including ship design, construction, equipment, manning, operation and disposal – to ensure that this vital sector for remains safe, environmentally sound, energy efficient and secure.
What is an IMO in insurance?
An independent marketing organization (IMO) is basically the same as an FMO. Some agents believe FMOs tend to focus more on health insurance products while IMOs tend to focus on life insurance products, but this isn't always true.
What does GA mean in insurance?
Key Takeaways. A brokerage general agent's main role is to sell insurance products to brokers and to advise individual, independent brokers. Brokerage general agents can specialize in one segment of the insurance industry or sell policies across a wide range of insurance companies.
What does MGA mean in insurance?
Managing General Agent (MGA) — a specialized type of insurance agent/broker that, unlike traditional agents/brokers, is vested with underwriting authority from an insurer.
What does an MGA do?
An MGA, or Managing General Agent, is an individual or company who can act as a broker or agent on behalf of an insurer. However, unlike a typical agent, they have the authority to underwrite the policies they end up selling to clients.
What’s the difference between a broker and a managing general agent?
An MGA is one type of wholesale broker, and operates on the insurer's behalf while also working closely with clients to attend to their needs. The other type of wholesaler is a surplus lines broker who works with a retail agent and an insurer to obtain coverage for the insured.
What does FMO stand for in insurance?
A field marketing organization (FMO) is basically the same as an independent marketing organization (IMO). FMOs are typically top-level organizations that are licensed to sell health insurance products in most, if not all, states.
What is a Ga and FMO?
What is an FMO/IMO/GA? 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.
How do I choose an FMO?
- How broad is their portfolio?
- Do they have responsive licensed support staff?
- Do they provide 1:1 support?
- Do they know how to sell to clients or just agents?
- Do they provide FREE online enrollment platforms?
- Do they provide retail marketing opportunities?
Is Agent pipeline an FMO?
Founded in 1988, West Virginia-based Agent Pipeline is one of the most successful insurance field marketing organizations (FMO) in the United States, with a vast network of proud employees and satisfied agent partners.