Wholehan Marketing
Occasionally I find myself in a conversation that reminds me not to assume or take for granted the benefits that we, an Insurance FMO (Field Marketing Organization), bring to the marketplace. Sometimes a rep. that I’m engaging will say that they “do all of their research themselves” or they “go direct to the insurance carriers” … and I ask myself (and them), “Why?”
The life insurance and annuity industry has largely adopted the Independent FMO (or IMO, Independent Marketing Organization) distribution system as their predominant method of marketing, distributing, and promoting their product lines. The insurance carrier is paying the FMO to market their products to the agent population, help decide which product to use in each situation, provide access to the contracting, application, sales materials, etc. (and even some of us) after the sale help usher the case through underwriting – all on behalf of the writing agent. And the best part: the writing agent gets all of these services for Free!
When the insurance product is ultimately paid for by the consumer, the carriers pay the FMO a commission override above and beyond the writing agent commission for helping broker that deal. This means that us FMO’s are paid on commission – just like the writing agent – to help make sure that sale gets made.
If you are not currently using an Insurance FMO to help you with the insurance side of your business, or you are not fully engaged with the one you have been working with, give the experts at Wholehan Marketing a call and let us help you make the insurance part of your practice as easy and profitable as possible!