Insurance Agent Forum

[salpro22]

Originally Posted by GreenSky

Hey TX -

Show me where I agreed to a waiting period in my contract before changing my FMO. It doesn't exist. It's an agreement between an FMO and the insurance carrier.

As far as changing FMO's, I could almost see where I would be restricted in moving for 6 months - but NOT for 6 months of not being able to write business. That just hurts everyone. (Mutual of Omaha is 12 months)

I have contracts with other FMO's - Senior Market Sales, Agents Marketing Center and Ritter Insurance Marketing come to mind. Both have given me a letter guaranteeing a release from any and all contracts if desired. The latter two have provided me with not only service, but with higher contracts that those I could find elsewhere.

Bever did not release me as a punitive measure. He stated he did not want to work with me but would not give a release. On the other hand, I understand he never releases anyone so that should tell you what kind of a person he really is.

All this is in the past and although I don't dwell on it, I have learned a lesson. If an FMO isn't honest enough to allow me to work where and when I want by giving me a release, then that FMO is not worth my time.

The FMO works for ME, not the other way around. It's a shitty system and only serves to hurt the agent.

By the way, in the spirit of honesty, what's your releationship with RBI?

Rick

Do you have links for Senior Market Sales and Agents Marketing Center? I'm in the process of researching FMO's.

[GreenSky]

Originally Posted by salpro22

Do you have links for Senior Market Sales and Agents Marketing Center? I'm in the process of researching FMO's.

JR -

Senior Market Sales
I only have a Coventry contract with them and the commissions seem to be at street level. But they were honest enough to give me a "pre-nuptial" letter.

Agents Marketing Center - Ask for Rex Snyder. He's really focused on annuities but can help with the health side as well.

Ritter: Ritter Insurance Marketing
Ask for Craig Ritter. He knows Medicare and other senior products better than anyone I've spoken with and offered me higher contracts than anyone.

Rick

[MedSuppPro]

tx "Obviously, you aren't privy to the new iteration of Symphony. Last year was interesting. WellCare shut off the leads prematurely and left all their FMO's in the lurch. RBI has done their level best to never let that happen again. All my guys are happy. Most are producing 60-100 apps per mo."

I'm privy... It's phony!

If your using Symphony like you say you are then how are your agents placing 60-100 apps per month? Which CMS approved Wellcare method of contact are you utilizing? Is it a telemarketing script or a mail piece? Are your agents cold calling? What lead method are you using?

Please answer this question without defending the Robert Bever way!

[retread]

Just reporting my experience with FMOs, not justifying them:

RBI has been a pain to deal with from the paperwork end. Very slow, but improving.

PFS (Pinnacle Financial Services)... Kevin Shields toyed with me for several months when I asked for a release (suggesting that he would as soon as he determined if any charge-backs were due), even offering me a large commission (more than I would get elsewhere) if I agreed to stay with him. I turned him down, and he retaliated by flat refusing to release me, even though no charge-backs. Finally got his release through the intervention of another FMO that befriended me, but nearly 6 months later.

These FMOs meet during the year and know each other well. They work together to get the insurance companies to offer better contracts for all agents, which is to their advantage... it increases their percentage! Because it is a "good ole boy network", they are reluctant to "steal" an agent from one of their own. If you can make a good case, sometimes, as in mine, you can coax some help.

As for Bob Bever, I haven't asked for a release, but came close to it because of slow pay and statements, and virtually no support. This is improving now, and they have a broker portal website.

In all cases where agents ask for a release, FMOs must make sure that they are not left to cover charge-backs, but it should not take 6 months to determine this, if the FMO has his act together. My guess is that an FMO that can't find his butt in the dark is going to say "no" just because he is disorganized. Others are going to say "no" so as not to offend another FMO, and yet others are going to be obstinate due to being "socially challenged".

[JthomasTX]

Originally Posted by MedSuppPro

tx "Obviously, you aren't privy to the new iteration of Symphony. Last year was interesting. WellCare shut off the leads prematurely and left all their FMO's in the lurch. RBI has done their level best to never let that happen again. All my guys are happy. Most are producing 60-100 apps per mo."

I'm privy... It's phony!

If your using Symphony like you say you are then how are your agents placing 60-100 apps per month? Which CMS approved Wellcare method of contact are you utilizing? Is it a telemarketing script or a mail piece? Are your agents cold calling? What lead method are you using?

Please answer this question without defending the Robert Bever way!

I don't feel this even deserves a response.
Agents who make money and develop a good name for themselves in the MA business do it ethically and as a full time job. 60+ hours a week. I don't need to teach everyone how we do it.

BTW, I am a GA with RBI and a couple other FMO's. I've only got 12 agents and thats all I need for now.

[GreenSky]

Originally Posted by JthomasTX

I don't feel this even deserves a response.
Agents who make money and develop a good name for themselves in the MA business do it ethically and as a full time job. 60+ hours a week. I don't need to teach everyone how we do it.

BTW, I am a GA with RBI and a couple other FMO's. I've only got 12 agents and thats all I need for now.

Still waiting for you to backup your claim that I signed an agreement allowing RBI to hold me for 6 months without writing business before I could move my contract.

I would call you a tool but don't want to insult you.

Rick

[MedSuppPro]

tx,
I respect your need to keep private your methodology.

I found Symphony to be slow, outdated, and not a lead system. My experience was that it is simply a list of 100 names. Symphony is a data base of 100 names. Big deal!

Unlike you, I don’t have a dog in this hunt. RBI is history. They came at me with a phony contract change during the last week of December, 2007. They requested my agency to sign this new “updated contract – immediately”. What they didn’t say was that this subprime contract would have amounted to almost a 50% chargeback. Had I signed it, RBI would have profited.

When an FMO messes with my rice bowl -- I cut the cord.

Thanks for giving me this opportunity to vent!
PS MidWestBroker knows all about cutting cords

[JthomasTX]

Originally Posted by GreenSky

Still waiting for you to backup your claim that I signed an agreement allowing RBI to hold me for 6 months without writing business before I could move my contract.

I would call you a tool but don't want to insult you.

Rick

Well, let me go fish out my 2007 contract and I'll find it. If it's not in there as I remember, then there is no release, clause, and they never had to release you. either way we all play by company rules. If it was Wellcare's policy, then it is what it is. BTW, it is now 3mos. no sales to get released automatically with WellCare.


A tool huh. Wow, I feel so blessed that you would feel the need to hold back. Ahh, 7th grade again....memories.

I'm done with this. I've said my piece. If you really need the last word that badly. Have at it.

[GreenSky]

Originally Posted by JthomasTX

Well, let me go fish out my 2007 contract and I'll find it. If it's not in there as I remember, then there is no release, clause, and they never had to release you. either way we all play by company rules.

I'm done with this. I've said my piece. If you really need the last word that badly. Have at it.

Thanks for the last word. As far as the BS you wrote, there is a release required because it's an agreement between the FMOs and WellCare (as well as most other carriers). But it is nothing that an agent signs.

I asked WellCare if I could be appointed with another FMO but they refused unless I received a release. And you are correct, my contention is if it is not in the contract, then I should not be required to have a release.

Before you start spouting your "truths," make sure you have the slightest idea of what you are talking about. Otherwise, people might question your honesty and intelligence. (Not me however. For me there is no question about you.)

Lastly, welcome to forum. Please feel free to post when you have something accurate to report.

Rick

[al3]

Originally Posted by GreenSky

Lastly, welcome to forum. Please feel free to post when you have something accurate to report.

Rick

Ouch. That was rude.

Jthomas, don't argue with Rick. You are just going to get your A$$ kicked and it is not worth it. I hope you learn this lesson quicker than I did.

Al

[GreenSky]

Originally Posted by GreenSky

Still waiting for you to backup your claim that I signed an agreement allowing RBI to hold me for 6 months without writing business before I could move my contract.

Ok JTomasTX. I knew you couldn't backup your claims so here's a link to the contract

http://www.neishloss.com/Documents/W...0FINAL2008.pdf

Show me where I am required to wait 6 months to move my contract without a release.

This is the main reason I am opposed to the FMO system. We are being held to something none of us ever agree to. It is a dishonest system run by dishonest people.

Your apology will suffice.

Rick

[midwestbroker]

LOL Medsupp!

I signed up with RBI for CIP. I no longer offer CIP since their rates shot up, and Coventry has a less expensive diabetic program in KC.

I will say for the time that I did offer CIP, I did not have any problems with them. Then again, I only wrote a handful of policies.

I am was under the impression that if you do not write business for 6 months that you can be released from most carriers.

[healthagent]

Originally Posted by GreenSky

Ok JTomasTX. I knew you couldn't backup your claims so here's a link to the contract

http://www.neishloss.com/Documents/W...0FINAL2008.pdf

Show me where I am required to wait 6 months to move my contract without a release.

This is the main reason I am opposed to the FMO system. We are being held to something none of us ever agree to. It is a dishonest system run by dishonest people.

Your apology will suffice.

Rick

Well if you have the time and money it would make for an interesting lawsuit. The basis of the suit is there's an agreement between the FMO and the carrier where no one will be released for six months however that is not disclosed to the agent. If that was disclosed it would have affected signing on with the FMO.

Very expensive to sue, probably a complete waste of time. The FMO or carrier would run you into the ground financially during the suit - but it would still be interesting.

[GreenSky]

Originally Posted by healthagent

Well if you have the time and money it would make for an interesting lawsuit. The basis of the suit is there's an agreement between the FMO and the carrier where no one will be released for six months however that is not disclosed to the agent. If that was disclosed it would have affected signing on with the FMO.

Very expensive to sue, probably a complete waste of time. The FMO or carrier would run you into the ground financially during the suit - but it would still be interesting.

I did consider that in another case. But since it would not only cost a fortune but I could mitigate the loss by not writing for 6 months and then move the contract, how much could I really receive?

The other issue is really how much is the damage. If I could get another $50 per application by moving to another FMO and I could PROVE I could write 50 apps, then the entire suit is only $2,500. Since all appointments are at the disgression of the carrier, what is the likelihood of a new contract?

The system needs to be fixed and the only way to correct it right now is to require a pre-nuptial from any prospective FMO. I'd love to form an association mainly to gather some momentum with this, but have no idea how to go about it.

Rick