Working With Two Different Agencies?

[jarvantgroup]

I recently been licensed and have working with an IMO selling insurance. I'm not captive at my current IMO. But they are one of those 'lead-based' companies where you're encouraged to purchase more leads to increase your opportunities. My question is what are the downsides/upsides or legalities of working with another new agency/company to increase my sales opportunities while contracted with another? I'd like to connect with a new organization and explore their opportunity before severing ties with my current one. I don't want to run afoul of any legal regulations within my state. Thanks.

 

[Jerard]

I recently been licensed and have working with an IMO selling insurance. I'm not captive at my current IMO. But they are one of those 'lead-based' companies where you're encouraged to purchase more leads to increase your opportunities. My question is what are the downsides/upsides or legalities of working with another new agency/company to increase my sales opportunities while contracted with another? I'd like to connect with a new organization and explore their opportunity before severing ties with my current one. I don't want to run afoul of any legal regulations within my state. Thanks.

You can have as many uplines as you want. None have to know about the others. If you have a particular insurance company you want to contract with find out which ones have that company, then call each one and ask for their best deal. "Non captive" means you're self employed and answer only to yourself.

However, if you're getting a good deal on leads from a particular IMO then "the right thing" would be to place that business with that IMO, but noone will know if you don't.

 

[jarvantgroup]

You can have as many uplines as you want. None have to know about the others. If you have a particular insurance company you want to contract with find out which ones have that company, then call each one and ask for their best deal. "Non captive" means you're self employed and answer only to yourself.

However, if you're getting a good deal on leads from a particular IMO then "the right thing" would be to place that business with that IMO, but noone will know if you don't.

Great answer. I thought there might be some database somewhere, where you had to be 'disengaged' from one company before 'engaging' with another. If you are currently contracted with an insurance carrier (ex. Happy Life Insurance, and the agency you are looking at going to has partnered with that same carrier (Happy Life Insurance), would the carrier issue you another agent # in conjunction with the new agency you're thinking about going with?

 

[Tahoe Ray]

Great answer. I thought there might be some database somewhere, where you had to be 'disengaged' from one company before 'engaging' with another. If you are currently contracted with an insurance carrier (ex. Happy Life Insurance, and the agency you are looking at going to has partnered with that same carrier (Happy Life Insurance), would the carrier issue you another agent # in conjunction with the new agency you're thinking about going with?

That depends on the carrier. Many will "dual appoint" (some will allow even more than two writing numbers) however some will not. Ask your potential new upline regarding the specific companies that you'd like to set up with them. They'll let you know the carriers where you can set up multiple writing numbers and which ones would require a release/no production.

 

[Cash]

If an IMO is giving you leads, or heavily subsidized leads, then you should put business from those leads with that IMO. Other than that more than one IMO is the norm.

 

[jarvantgroup]

If an IMO is giving you leads, or heavily subsidized leads, then you should put business from those leads with that IMO. Other than that more than one IMO is the norm.

Current IMO is providing leads at a cost. The overwhelming majority are aged leads that are resold multiple times. New lead cost is about $40/ea. That's good info to know that multiple IMO's is the norm. Thanks.

 

[Newby]

Current IMO is providing leads at a cost. The overwhelming majority are aged leads that are resold multiple times. New lead cost is about $40/ea. That's good info to know that multiple IMO's is the norm. Thanks.

Cost on aged leads is under $2 and brand new fresh leads will range from $20-$30 depending on your state.

But the real question is: why are you buying leads from your IMO anyway? I could understand if he had a good price but at $40? Bad decision.