IIABL is pleased to announce the launch of Independent Market Solutions (IMS), a multi-state Big I markets access program, designed to provide personal lines insurance markets to IIABL member agencies.  IMS is owned and operated by a group of Big I state associations (including IIABL) and is administered by the Florida Association of Insurance Agents (FAIA).

IMS is starting with homeowners markets because they provide the greatest need and opportunity.  IMS plans to expand into private passenger automobile, other personal lines coverages, and might someday consider small main street commercial business.

Our initial insurance company partners include:

·         United Property Casualty – UPC Insurance Company

·         Lighthouse Property Insurance Corporation

·         Southern Fidelity Insurance Company

·         State National Fire Insurance Company

IMS develops relationships and contracts with insurance companies to distribute their personal lines insurance products through IIABL member agencies.  IIABL members apply to become subproducers of IMS for specific insurance companies.  There are no minimum premium volume requirements for IIABL members to participate in IMS.  IMS does not charge fees for IIABL members to access these markets.  IIABL member subproducers have a Subproducer Agreement which protects their ownership of expirations. 

Each insurance company has complete control over the appointment of individual member agencies, appointing the ones they want and withdrawing appointments that are not beneficial over time.  Agency appointments are made to compliment and not conflict with direct appointment agencies.  Appointments are based on mutually beneficial and profitable relationships, and no appointments are guaranteed.  IMS manages the relationships between insurance companies and IIABL member agencies. 

This consolidation of markets under the management of IMS benefits both IIABL member agencies and insurance companies because it creates a broad geographic spread of risk throughout the entire state of Louisiana.

IIABL acts as the marketing department for IMS and our insurance companies, but IIABL member subproducers deal directly with insurance company underwriters and claims departments. 

IMS downloads policy information each night, produces monthly production reports for each IIABL member subagent, and pays commissions by EFT.  IMS keeps 2% - 3% of the commission to pay for operations and pays the balance of the commission to our IIABL member agency.  For example, several insurance companies pay 15%, IMS retains 3% and pays the subproducer agency 12%. 

Initially we have no profit sharing agreements.  We hope that once we are well established and have a profitable book of business, we will earn profit sharing.  If/when we do, IMS will retain a small override and will pass the vast majority of profit sharing back to our member agencies / subproducers.

If an IIABL member subproducer develops a significant book of business and meets established requirements, they may be able to earn a direct appointment with an insurance company.  There is no cost to remove your book of business if you earn a direct appointment.

IMS CANNOT GUARANTEE THAT EVERY IIABL MEMBER WILL GET MARKETS, but we will be able to help many of our members.  IIABL and other state Big I associations did NOT create IMS to make a lot of money…we created IMS to help perpetuate and strengthen the independent insurance agency system by helping small agencies to gain access to markets and be more successful.

For more information about Independent Market Solutions please call the IIABL office at (225) 819-8007 or email the following IIABL staff members:

Jeff Albright                        JAlbright@IIABL.com

Francine Berendson             FBerendson@IIABL.com

Kim Jackson                       KJackson@IIABL.com