If you are reading this article, you are probably on the hunt for a Field Marketing Organization (FMO) to work with but have no idea where to begin. A quality FMO can provide the right support to help grow your business – but not all FMOs are built the same. Many FMOs offer different carriers, services, and support. So how do you go about choosing the correct one for you and your business?
First, we need to identify what an FMO/IMO is. At the most simple level, a Field Marketing Organization (FMO) or Insurance Marketing Organization (IMO) is a business that offers insurance carriers and products to insurance agents or agencies.
Most FMOs and IMOs offer services beyond just contracting with selected carriers. These services vary by FMO/IMO, but for the most part, include:
- Marketing tools
- Lead/prospecting opportunities
- Agent sales support
- Contracting assistance
To identify which FMO you want to work with you should identify what your strengths as an agent are and where you need assistance to grow. Look at the point in your career you are. Are you a new agent that needs guidance in learning the ropes? Are you an experienced agent that needs administration support so you can maximize your time selling? Find out what each FMO you have heard of offers and then compare that to your situation to find the best fit.
Some key questions you should be asking when looking at FMOs:
- How long have they been in business? How many agents do they work with currently?
- What insurance line(s) do they specialize in? Are they a leading organization in your lines of insurance? What makes them a leading organization?
- Are they available and responsive? Will you have a specific marketing director for you to speak with and handle your problems? What resources do they offer you and are they easily accessible?
- Are they innovative? Do they offer any technology that will assist you in growing your business?
- Do they hold you captive or make you assign your commissions? If so what are you getting for that money (office space, leads, laptop or tablet, etc.)?
- Do they offer a straight forward and easy release policy if you ever want to leave them? Will they allow you to keep your renewals if you do decide to leave them?
- Do they pass the social test? Check out the online reviews for that FMO.
In the end, the biggest thing that will differentiate marketing organizations is their ability to build relationships with agents. Competitors can copy everything else: leads, mailers, training, carriers offered, software, and more.
The only FMO you need to do business with is the one that meets your needs, helps you grow your business, and treats you like a partner, not an employee.
Call Grupo LatinoAmericano de Seguros (877.719.8716) today to see how we can work together to take your business to the next level.