The International Maritime Organization (IMO), created through a UN convention in 1948 and entering operation 10 years later on 17 March 1958.
“IMO” is often used in teenage messaging to indicate that what has been stated is just an opinion and should not be taken as gospel truth.
Access to a wide range of insurance products
IMOs are independent marketing organizations (IMOs) that provide insurance professionals access to an array of products and services. They also provide back office support and training services, helping agents expand their businesses more easily while competing more successfully with larger independent agencies while being able to negotiate higher commission rates to make more money for themselves.
Are You an Independent or Large Agency Needing National Carrier Solutions? An Insurance Market Organization (IMO) can be a tremendous asset. Find one with superior products and service by checking its references, reviews and reputation in the industry; carefully read any contracts before signing them; if there are any queries or concerns consult a legal professional immediately for advice.
An Independent Marketing Organization, or IMO, serves as a third-party intermediary between independent licensed agents and insurance company home offices, offering contracting, licensing, marketing, education sales support compliance services for its members for a small percentage of commissions paid on insurance product sales. They may also be known as Field Marketing Organizations or FMOs.
Even though the Independent Marketing Organization does not offer full back office services, it plays an essential part of the independent agency model by offering products, competitive compensation plans, and marketing and training resources for agents to maximize their potential. Furthermore, acting as an advocate on their behalf with insurance carriers and other key players.
The International Maritime Organization (IMO) is an international maritime organization with more than 170 members around the world and led by its Secretary-General. The Assembly meets every two years for policy decision-making while an IMO Council composed of 40 members governs between Assembly sessions.
An insurance management office (IMO) plays an essential role by offering access to an expansive array of life and annuity products. These provide much-needed financial security upon the death of a loved one. Furthermore, in addition to life insurance products offered through their portfolio of life products they also provide retirement solutions as well as health and disability coverage solutions.
Higher commission rates
Working with an insurance management office (IMO) can offer agents many advantages, including access to a wider selection of products at higher commission rates, comprehensive training and support from experts and streamlined back-end processes. All these features make working with an IMO an excellent way to expand business while drawing new clients in.
The International Maritime Organization is an intergovernmental body which sets global maritime safety standards and facilitates cooperation among its member nations. Its purpose is to improve shipping safety, environmental protection and economic prosperity – working closely with key donors such as the European Union, Global Environment Facility and maritime organizations as well as actively contributing towards meeting UN Sustainable Development Goals (SDGs).
Since Covid, most IMOs have increased their commission rates; however, these increases still lie one to three percentage pages lower than pre-Covid commission rates. For instance, Business & Industrial Supplies saw its commission rates jump from 3% to 5% but this still falls well under what these products once demanded pre-Covid.
If you are considering an IMO as a potential marketing organization partner, it is crucial that their starting commission rates are competitive with those offered by BGAs or general Insurance Marketing Organizations. Some IMOs specialize in niche products like final expense life insurance and offer more extensive training resources than a general BGA; other providers such as EFES the Final Expense Life IMO offer very aggressive commission grids and lead programs.
Comprehensive training and support
An extensive training program is essential to any shipping agent looking to launch their career in this lucrative industry. In such a course, you’ll gain an in-depth knowledge of its fundamentals while receiving hands-on experience working on various projects. Furthermore, communication skills training should also be part of this curriculum for an ideal start to their maritime career.
IMO is the leading maritime authority, established to promote ship safety and the prevention of marine pollution. This organization implements international rules and standards for shipping, sets technical regulations, investigates accidents or incidents that occur at sea and provides emergency responses as necessary. Furthermore, the IMO provides guidelines to assist developing countries implement international conventions.
Organisation has implemented various innovative projects to increase safety and efficiency, such as its global partnership model for legal reform in developing nations. Furthermore, it has pioneered numerous efforts to protect oceans such as its Distress Signal via Satellite system that allows shipmasters to send distress signals even if their crew members cannot send manual distress calls themselves.
IMO also serves as the secretariat for the UN Global Maritime Distress and Safety System, using both satellite and terrestrial radio communications to provide aid for ships in distress. It plays an integral part in helping promote international maritime treaties that regulate ship and crew survival.
As part of its partnership, and providing secretariat support for, the Joint Group of Experts on the Scientific Aspects of Marine Environmental Protection (GESAMP), which advises the United Nations system on scientific aspects of marine environmental protection, EIP has worked towards reducing toxic substance discharge into sea water as well as contributing to prevent oil spills through its work.
IMO has established strong working relationships and collaboration with regional seas conventions such as HELCOM, PERSGA and COBSEA. Furthermore, it assisted the Nairobi Convention’s Emergency Protocol by helping create the NOWPAP Regional Oil Pollution Preparedness Response and Cooperation Centre.
Managing general agent
An MGA (Managed General Agency) is a type of insurance agent or broker authorized to assess risks, offer coverage and approve or deny coverage by an insurer. Some MGAs are owned by their parent insurer while others operate as independent businesses – the scope of their authority and services provided are specified by contract known as delegated authority agreement.
MGAs typically specialize in certain coverage areas, such as property or marine insurance, while also creating their own products for special risks that insurers are unwilling to cover. MGAs work closely with agencies and companies alike in providing detailed risk evaluations for various forms of coverage types.
MGAs can assist their agents in reaching their sales goals by offering guidance and support. They may provide training materials, lead generation assistance or administrative tasks so agents can focus solely on sales.
An IMO can provide agents with invaluable networking opportunities. By organizing conferences and seminars for agents as well as hosting networking events for top producers, an IMO provides invaluable networking opportunities – something many agents value highly in an organization. In addition, training and mentorship services provided to new agents within the industry is another invaluable service provided by an IMO; all this adds up to create something of great value to all involved parties involved in its services. These services could make the difference between providing value or not.
Finding an IMO or FMO that fits can have a dramatic impact on an insurance agent’s success. When selecting an IMO, agents should carefully consider its reputation and benefits to them as agents. A great IMO will have strong relationships with top carriers, provide access to multiple products, handle claims quickly and efficiently and offer marketing and field support as well as dedicated account managers who can help resolve any issues during underwriting processes allowing agents to focus on selling more insurance policies while improving performance.