Contracting: Pro's & Con's to Go Through an FMO or Go Straight to the Company to Get Contracted?

[srock]

I'm an Insurance Agent selling Medicare Supplement Insurance in Wisconsin. I am contracted with 4 companies as of right now and I was looking to get appointed to offer more companies because in Wisconsin all Medicare Supplement's are the same and basically compete on price. Now I was curious what are the advantages & disadvantages of going through an FMO to get contracted with companies and also straight to the insurance company for contracting?

Also do any companies send you free or paid leads once you are appointed with those companies just to sell their Medicare Supplement Insurance?

 

[4thquarter]

From my experience so far being with an IMO is so much better because the vibe is like local support

And my upline is available anytime to chat about insurance

 

[Chazm]

I picked my FMO because they give lead discounts from my regular mail company and I get paid direct from the insurance company. There was no benefit with going direct when available.

 

[axeman462]

I contracted direct with Wellcare. If there is any word worse than horrendous, to describe the agent support I would use that word.

 

[srock]

Are there any FMO's or IMO's that recruit nationwide or is it usually based on what region or state you live in? Any companies that people have had success with?

 

[vic120]

I contracted direct with Wellcare. If there is any word worse than horrendous, to describe the agent support I would use that word.

For that reason I changed my direct to contract with FMO and that still didn't help, Fir that reason for the last 2 years I have not sold them I only do re certs for renewals and this reminds me I didn't get paid this month, Ugg

 

[Todd King]

Are there any FMO's or IMO's that recruit nationwide or is it usually based on what region or state you live in? Any companies that people have had success with?

Yes, there are many FMO's that recruit nationwide. We are one of them. Feel free to call and ask anything you want.

 

[GoPokes]

An FMO/IMO is probably only as good as the person representing them. If you go with a big outfit, do some vetting, and quiz the marketer that is trying to earn your business. Find out if they really know their stuff. If it doesn't seem like a good fit, then maybe try a different marketer within that IMO, or look elsewhere. I like to do business with like minded people, so If my gut tells me its good, then I give it a try. However, I don't have all my contracts with one outfit. I have gone direct before, but I didn't like it very much, so I moved it.

 

[midwestbroker]

It is all a matter of the FMO you choose. I would advise you to call a few and interview them to see if they are someone you would want to do business with.

Some common questions to ask:
Do I have to assign my commissions?
What contract level do you offer?
What discounts do you have for services? (you may be able to save some money by having a contract through them for leads, CRMS, etc.)
What other benefits can you offer? Back office support? Marketing help? etc...

Full disclosure: I do run the training for Senior Marketing Specialists out of Columbia, MO. Of course, check us out, but I always advise on calling a few to see who would be a good fit.

 

[goillini52]

Ask about releases!