G
Guest
Guest
FMO's promise leads where you are on your own with companies direct right? I noticed Humana and UHC both are on TV now gearing up for open enrollmentfor MA who gets all these hot leads?
Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
FMO's promise leads where you are on your own with companies direct right? I noticed Humana and UHC both are on TV now gearing up for open enrollmentfor MA who gets all these hot leads?
I'm contracted directly with all the major health carriers (not so with life, annuity and med supp). My commission level is the standard street.
I looked into Health Choice One. Their contract states that they own the client. That is not worth any amount of support they offer.
I've worked for FMO's, Brokerage houses, insurance companies and as a captive and independent agent so maybe I can add some insight.
If you are an independent agent I think you need both an FMO and a primary carrier and here's why. As has been noted the FMO will always try to pay you as little as possible on your business because they get paid on the spread. Typically this will be 30-40% override but independnet agents need to remember that the payout to the FMO is loosely based upon the FMOs total premium with that carrier that drives their contract so you aren't giving up 30-40%. You might not even be giving up anything if you don't do a great deal of business.
With your primary company, and there are a good number you can go directly to and who will work with you almost as though you are a captive agent but you're not. You can build a relationship with the key people who help drive your business, the underwriters and case managers etc and you can focus your business and service on that particular company or companies.
As most of these types of companies will pay you directly you will tend to make much more money over time while still retaining the FMO relationship for those cases thaty don't fit or need more competitive underwriting etc.
I have a main carrier that gets the majority of my business and I have an FMO relationship where I can shop those cases that need it. I make more, I'm more efficient so clients get better service and everyone is happier.
I did a conference with HCO today. They made it very clear that the agent owns the business and that we are paid direct. Did I miss something?