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).
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.
initial insurance company partners include:
United Property Casualty – UPC Insurance Company
Lighthouse Property Insurance Corporation
Southern Fidelity Insurance Company
· State National Fire Insurance Company
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
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.
acts as the marketing department for IMS and our insurance companies, but IIABL
member subproducers deal directly with insurance company underwriters and
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%.
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.
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.
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
more information about Independent Market Solutions please call the IIABL
office at (225) 819-8007 or email the following IIABL staff members: