Who is the best FMO and who should I work with?

You just got your Health and Life insurance licenses and now you're ready to start selling! But before you can leap into the world of insurance, you need to find a partner who will be there to work with you and support you. So, who is the best FMO? Well that depends upon what you're looking for. We'll go through the highlights of what you should look for and why you need to partner with one. 

An Insurance Marketing Organization or FMO (Field Marketing Organization) is the liaison between you and the insurance carriers you wish to contract with. Unless you decide to become a captive (career) agent with one insurance company, you have to go through an FMO to get contracted with different carriers. By doing so, you have the ability to work with as many carriers as you like and offer your clients an array of insurance products.

There are endless possibilities when it comes to partnering with an FMO, but some important things you want to consider before placing all your contracts with one organization are: longevity in the industry, selection of carriers and products, commission structure, education and training, marketing and sales support, lead generation and finally back office support.

It's easy to Google "best FMO" and have a list of agencies come up, but to determine which one will be the best fit for you depends upon several things. And when you're vetting which FMO meets your needs be sure to get answers to the questions below.

• Be sure to ask specifically what level contract you'll be getting, if you're 100% vested and get your commissions paid directly by the carrier.
• Ask if they provide you with ways to get prospects and leads. If so, are they free or does the cost come out of your compensation?
• Ask if they offer assistance with marketing. Do they help you with social media, do they give assistance with websites, do they offer email campaign help? Do they work with you on branding, logo design, customized marketing pieces?
• Be sure to ask what type of self-service quoting tools they offer. Do they have apps to run quotes anywhere at anytime?
• Do they offer a CRM to manage your clients?
• Most importantly ask what type of communication they offer with their agents. Many FMOs will lure you in the door, but then once you're contracted, you're left out on your own to grow your business. You want to be sure to partner with an agency who believes in relationships. The insurance industry is a relationship business and that relationship is not just between you and your clients, but between you and your FMO as well.
• Ask about their terms if you need a release, should you decide to move your contracts elsewhere.
• Inquire as to what states they represent and if you can write business in multiple states if need be.
• Ask about ongoing training and education. Do they offer ways to help you learn and get certified for other products?
• Ask about Errors & Omissions coverage. This is insurance you should get to protect yourself in the event an application is submitted incorrectly.
• Ask about the contracting process. Is it done online and is it easy to add contracts with multiple carriers?

Selling insurance products and assisting Americans with their insurance needs can be highly rewarding. After all, everyone needs insurance. When you partner with an organization that wants you to succeed, you're headed on a path for success. Do your research and be sure you get a good feeling about the organization before committing. The right FMO will fuel you with all the tools and resources you need to have a rewarding and profitable career.

By Carolyn Portanova

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