7 Key Services Your IMO Should Provide You!
The independent insurance sector often falls short in gauging what its field agents truly need from an Independent Marketing Organization (IMO).
Consider the following aspects of your relationship with your IMO or Field Marketing Organization (FMO) and evaluate how well they address these needs.
1. Expertise in Product Development
It’s crucial for an IMO to have product experts available for case design. The best IMOs go a step further by having in-house expertise in developing, pricing, and managing insurance products. This knowledge helps in selecting high-performing products and collaborating directly with insurance companies on product development.
2. Strategic Partnership Opportunities
A successful IMO goes beyond just offering products. Look for one that has established partnerships with Broker/Dealers (B/D) and Registered Investment Advisors (RIA). This ensures that you have access to a broad range of financial vehicles while integrating insurance seamlessly into comprehensive financial plans.
3. Assistance with Branding
To stand out and compete with major financial firms, you need high-quality branding and marketing materials. Since most insurance professionals aren’t graphic designers, creating your own materials can result in a less-than-professional image. Ideally, your IMO should offer design services to help develop your brand, including logo creation and marketing materials, at little or no cost to you.
4. Focus on Sales Training, Not Just Product Knowledge
Advisors may not always see the need for additional sales training, especially if they've been successful in the past. Regardless of experience, integrating techniques like Neuro Linguistic Programming into sales interactions can enhance effectiveness. The key is a commitment to continuous improvement. Choose an IMO that offers training to refine your non-traditional sales skills.
5. Support in Practice Management
Once you have a prospect, you need an effective method to advance them through your process. Many advisors enter the field to help others, but they often overlook that refining and standardizing business processes leads to increased sales, larger transactions, and more referrals. Your IMO should assist you in developing your practice with programs designed to boost credibility, referrals, and overall satisfaction.
6. Enhanced Prospecting Opportunities
A common request from agents is for "more people to see." For independent agents, having access to effective prospecting programs is essential. Growing your business involves investment, but it should be strategic. Every insurance practice requires marketing and prospecting efforts. If you hear an advisor say they can’t afford marketing, it’s crucial to understand that you can't afford to neglect it. If needed, find an IMO that can offer reimbursement for prospecting investments.
7. Mastermind Groups
Growth often comes from interacting with peers who excel in their fields. While national conferences and main-stage presentations are valuable, meaningful connections are often made in more intimate settings. Seek out exclusive mastermind groups or meetings that facilitate networking with top producers and offer opportunities to exchange ideas and best practices.
As you plan for the upcoming year, review these criteria and assess how well your current IMO meets these needs. For a successful year ahead, align with an IMO that excels in these areas and talk to Valor!
Want More? Register for the next free Valor Marketing Weekly Training.
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