As an independent insurance agent, you have a lot of choices on who you want to work for and what products you want to sell. One area of business that could prove very beneficial to your business as well as your potential clients is Medicare. As a new Medicare agent, though, you may find it challenging to figure out the rules, regulations, and available companies that offer Medicare plans. One great way to simplify Medicare plans is to work with an Independent Marketing Organization, or IMO.
But, what is the best IMO for new Medicare agents? Read on to learn more! Or, if you’re ready to launch your new career as an independent insurance agent, contact our team at GLIA today to start your journey.
What’s an IMO?
Before searching for the best IMO for new Medicare agents, it’s important to understand what an IMO is. An Independent Marketing Organization is a third-party company that works as a go-between for independent insurance agents and various insurance carriers.
An IMO will help independent agents get connected with insurance carriers they may not have the ability to partner with on their own. But, they are much more than that.
A reputable IMO will provide independent agents with support, tools, and services they typically have to handle on their own. This includes contracting, recruiting, training, software tools, lead generation, marketing, and other support.
What an IMO provides is a teammate to help independent agents navigate the industry. When it comes to selling Medicare plans, an independent agent must have an experienced IMO in their corner.
Do You Want to Work with Specific Carriers?
Different locations have different contracts for Medicare plans. So, before you decide which insurance carriers you would like to work with, you have to figure out which carriers can even offer plans in your area.
A simple search through the medicare.gov website will help you figure out this information. Then, you can select from among the list of available insurance carriers to decide who you’d like to work with.
Once you’ve done that, you can match up potential IMOs that provide you contracts with the insurance carriers you desire. By reverse engineering the process this way, you’ll be simplifying your research and narrowing down your options right from the start.
What Type of Support Do You Need?
Before selecting an IMO, it’s important to understand what type of support and/or services you need when you’re selling Medicare plans. Do you need training, educational materials, and hands-on support? Do you need tools to help with lead generation and quickly processing quotes? Do you need marketing and advertising support?
Make a priority list of the things you need help with the most, and then search through available IMOs that match up best with your list of needs. Anytime you are partnering with an outside organization such as an IMO, you want to make sure that what they provide matches up with what you need.
Ultimately, this will result in a more productive business relationship.
What Are the Contract Details?
It’s also important to understand how contracts and/or commissions work when you’re partnering with an IMO. Are the contracts you sell fully vested? This refers to whether you own the contracts and pay the IMO a percentage as a commission, or vice versa.
Also, what are the fee structures, bonuses, and other commissions available with the IMO you’re considering? Is there the potential to have these reduced over time as you sell more Medicare plans?
Knowing the details of the arrangement will help you decide if the tools and support the IMO is providing you are worth what you’ll have to pay.
What is Their Reputation?
An IMO will be serving as your support backbone. You will be putting a lot of trust in them to help you grow your business. With no large insurance carrier serving as your support, you can’t afford to partner with the wrong IMO that steers you in the wrong direction.
So, before you choose an IMO, make sure you do your research. How long have they been in business? What is their reputation among other independent insurance agents? What are people saying about them?
You want to feel comfortable with the IMO you’re partnering with, as they’ll play a vital role in the success and future growth of your business.
Work with GLIA
These are some of the things you should consider when you’re weighing your options for which IMO to partner with for Medicare plans.
At GLIA, we have been working with new Medicare agents like you for years now, helping them get their business off the ground and supporting them as they grow long-term. Contact us today and find out why we’re the best IMO for new Medicare agents.