How To Pick An FMO

[LMGInsurance]

Background info on me: I have been a Health & Life Agent since 2009 with various insurance agencies in the South Florida area. I have decided to go independent.

I am currently looking for an FMO. What should I be looking for in an FMO? I understand that I want an FMO that provides a good commission structure. I also, would like one that has a lead generation program. (Am I asking too much?) I am appointed with several carriers already but I need an FMO that has contracts with major medical health insurance companies on the marketplace and off the marketplace policies, idemnity plans and limited benefit plans, short term medical insurance, ancillary products (i.e. critical illness, accident, dental, vision) and perhaps life insurance (I have never sold life insurance but I would be interested in training and starting). I looked at the Life and Health IMO/FMO/MGA Directory on this website and there are about thirty companies listed that say they are involved in health insurance. I want to call each of these companies and interview them but before I do, I want to know what kinds of questions should I be asking when I interview them? Are there other FMOs that I should be considering that aren't listed on this website's directory? I want to leave no stone unturned!

 

[donamese]

What commissions do you offer? How much to get them increased?
Do you offer releases and if so what is the criteria?
How much are your leads, where do they come from and how are they distributed?
What services do you provide to your agents?
What companies do you represent?
Can I contract with a different group for other companies?
What training do you provide?
Will you put your answers from the above questions in writing?

 

[Newby]

What commissions do you offer? How much to get them increased? Do you offer releases and if so what is the criteria? How much are your leads, where do they come from and how are they distributed? What services do you provide to your agents? What companies do you represent? Can I contract with a different group for other companies? What training do you provide? Will you put your answers from the above questions in writing?

Good list of questions but left one major one out:
Are you paid directly from the carriers?

 

[EAJoe]

Your #1 question should be "How are you going to help me get in front of people on a favorable basis?" High commission levels, the best carriers, and great back end support are irrelevant if you're not seeing people.

 

[ace3]

If you're looking for a specific suggestion, I use Art Jetter. Free leads and $1 mil E&O for free. They work the best for me.

The other posters had great considerations. Make sure you ask a lot of questions before picking!