Anyone know of any FMO/IMOs in P&C they'd recommend? Preferably one that works with P&C and Health. I have a Health Insurance agency and I'm considering getting into P&C, specifically for home owners insurance. I have a steady stream of leads for home insurance in the DC area. Now, we are just started the licensing process. Any recommendations or things to consider at this early stage would be much appreciated! Thanks!
Finding an FMO/IMO for P&C
- Thread starter Yesh
- Start date
- 2,562
"Preferably one that works with P&C and Health. " Why merge these together? Why not find a great P&C aggregator and a great Health aggregator?
- Thread starter
- #3
NY independent
Super Genius
- 134
Find a good, local, independent agency that has good personal lines markets and work out a fair commission split and let them do the quoting, marketing, and servicing. P&C is a lot of work these days.
I'm speaking from experience when I say this.
I tried the same thing a few years. I own an Medicare centric agency, and tried expanding into the P&C arena, and for the same reason.
The two do not mix nearly as much as you would think.
HO3 and Auto insurance is so much more labor and service intensive than you would ever imagine as a health agent. Plus, the carriers demand so much more production than the L&H side of the business does, that you will end up finding yourself focusing solely on P&C.
granted, I am in Florida though, so that may be part of it. But, in my experience, the only things that P&C and L&H have in common is the word "insurance".
Agent 0
Expert
- 37
What would be considered a fair commission split? I am talking to one group that does 80/20 up to a certain premium and after that goes 90/10. Is this reasonable/ standard or is it a rip off?
- 2,562
It really depends on a lot of factors that go into it:
1. Who generates the business? [I am assuming you do]
2. Who writes the business?
3. Who does Client Service?
4. How common is the risk?
5. How common is the Insurer Appointment?
6. Who owns the rights to the client? [and this is the part no one thinks of]
7. What is the renewal split?
1. Who generates the business? [I am assuming you do]
2. Who writes the business?
3. Who does Client Service?
4. How common is the risk?
5. How common is the Insurer Appointment?
6. Who owns the rights to the client? [and this is the part no one thinks of]
7. What is the renewal split?
Agent 0
Expert
- 37
1. Yes, I do.
2. I do.
3. I do,
4. Home/ auto
5. I'm not quite sure what this question means. Do you mean is it a Progressive or some no name company?
6. We would own the book is what they said.
7. Renewals would also be 90/10.
- 2,562
Some insurance appointments are super easy to get - others are amazingly rare and difficult to get. If anyone with a heartbeat can get an appointment you may have more leaverage with the cluster/aggregator.
Agent 0
Expert
- 37
Oh gotcha, not sure what I'm allowed and not allowed to say about the particular offer because I signed an NDA now. But how do I know which appointments are hard to get and which are easy? Is it possible to go directly through some companies and join a cluster for others? Would this be worth it if you aren't getting much of the bonuses?
Also, I want to add thank you very much for being willing to answer my questions. Means a lot.
