Difference Between IMO FMO GA and MGA

[azmedsupagent]

is anyone willing to explain the differences between these? I understand that IMO stands for Independent marketing organization, FMO stands for Field Marketing Organization, MGA stands for managing general agent, and GA stands for General agent. Im hoping that someone can explain the differences in what they offer to the agent and what is required of them by the insurance carriers.

 

[midwestbroker]

FMO - Field Marketing Organization

IMO - Insurance Marketing Organization

FMO vs. IMO - can be interchangeable - but in my findings a FMO is usually larger and has more products. However, this is only my findings and your results may vary.

GA - General Agent - Has a contract that may allow the agent to have sub-agents

MGA - Managing General Agent - Has a contract that may have GA's under them

To get these contracts, some carriers may have some production levels.

Also, what one carrier's requirements are for a MGA (or any other acronym) may be very different from another's.

 

[GreenSky]

In practice, the FMO ofers contracts as does the IMO. Pretty much not much in the way of training and certainly nothing hands on. You may receive higher contracts, help with lead costs, and advances that are not available from the carrier.

Same goes with IMO however depending on who you work with (ie. Todd, Newby) you will get telephone support and most likely a higher than street level contract.

MGA is basically a glorified GA and may or may not add anything of value for the agent.

I have a GA type contract with one of my carriers for MA plans. I feel that to earn my override I must be hands on. I do go out with my (few) agents and will run appointments with them until they are comfortable. I do this because I'M PAID A F*CKING OVERRIDE FOR A REASON."

I hope that's relatively clear as far as who does what.

Rick

 

[azmedsupagent]

Excellent! thank you for the responses. Ive been captive for 5 years now and im leaving the nest later this year. Eventually my goal will be to have an office with an administrator, receptionist and a handfull of agents in my down line. What type of production requirement is typical for a GA contract with a typical med sup carrier like MOO?

 

[Mink]

Some companies refer to these levels with different initials. Bottom line, each level takes a couple points from the next level.

 

[tins]

Excellent! thank you for the responses. Ive been captive for 5 years now and im leaving the nest later this year. Eventually my goal will be to have an office with an administrator, receptionist and a handfull of agents in my down line. What type of production requirement is typical for a GA contract with a typical med sup carrier like MOO?

Arizona:
MOO Level 6 = 19%
MOO Level 7 = 20%

Street level is Level 5 @ 18%...
There aren't big overrides with Med Supps.

 

[azmedsupagent]

Thanks Tins,

ofcourse this begs the question... what type of overrides might one see with mapd plans?

 

[donamese]

ofcourse this begs the question... what type of overrides might one see with mapd plans?

Just depends on the upline. Some take steep cuts others just a single levels worth. Some say it is for leads, support, training, etc...others offer nothing yet take a cut anyhow. The split doesn't always match the support.

 

[C. H Baldwin]

An IMO usually has highest commissions is a wholesaler of several companies they represent. Usually no bells & whistles but some might take care of process of app to issue or an outside leadprogram. Usually for the experienced agent who needs no help. An MMO usually has lower commission scales with a program some good some bad An FMO or MGA are more hands on and try to develop agents into their program. Some do by remote and mass hire. some have in house agents. Now here's the kicker they don't know what they are and intermingle their services and are there own hybrid made brokerage. But as in all things some are good and some are crooks. Mine is unique I only have a set amount and with hands on help but with nobody in house our sales are mostly made virtually by marketing services that make transfers of interested people to us the agent. We make 6 figures part time and way more if full time and trained in different concepts of planning!

 

[GreenSky]

An IMO usually has highest commissions is a wholesaler of several companies they represent. Usually no bells & whistles but some might take care of process of app to issue or an outside leadprogram. Usually for the experienced agent who needs no help. An MMO usually has lower commission scales with a program some good some bad An FMO or MGA are more hands on and try to develop agents into their program. Some do by remote and mass hire. some have in house agents. Now here's the kicker they don't know what they are and intermingle their services and are there own hybrid made brokerage. But as in all things some are good and some are crooks. Mine is unique I only have a set amount and with hands on help but with nobody in house our sales are mostly made virtually by marketing services that make transfers of interested people to us the agent. We make 6 figures part time and way more if full time and trained in different concepts of planning!

Most of this is wrong but we've been waiting 4 years for another response on this thread.

Rick