When you have an Exchange account and multiple imap accounts in a profile, you will have problems setting an imap account as default data file. Removing the Exchange account will allow you to set the imap data file as default, which will create a calendar and contacts folder in the imap data file. Meeting invites sent to the address will go into this calendar and you can send meetings from it.
Adding the Exchange account back, will change the default to Exchange though. If the exchange account is a work account, you can turn off cached mode and they should let you set the IMAP data file as default.
If you have an outlook.com account or can't turn off cached mode, remove all of the other accounts from the profile, set the imap data file as default then add the accounts back. Be aware if you have folders named “(This computer only)" in any of the imap accounts you remove, anything in those folders will be lost if you don't export it.
Another option is putting the exchange accounts in new Outlook and keeping the IMAP accounts in classic.