This article is the forth in a five-part series about why brokers should work with a Field Marketing Organization (FMO) like AHCP.
Here’s what was covered in our first three posts:
- In the first post, we discussed the fact that FMOs research and vet carriers and products for the agent.
- In the second post, we explained that FMOs supply access to technology that helps you run your agency.
- In the third post, we shared information about the marketing and lead support agents can get by working with an FMO like AHCP.
In this article, we’ll introduce a fourth reason agents should work with an FMO: help with the busy work
FMOs provide personnel resources to manage all back-office procedures
Field Marketing Organizations (FMOs) play a critical role in the success of health insurance agents by providing them with valuable resources and support. One significant aspect of this support is managing back-office procedures, enabling agency owners and agents to focus on their core expertise of recruiting agents, selling insurance policies and nurturing client relationships.
The Importance of Back-Office Support
For insurance agents, managing the various administrative tasks associated with operating a successful agency can be overwhelming and time-consuming. FMOs step in to alleviate this burden by handling these back-office responsibilities and systems, allowing agents to concentrate on client acquisition, retention, and overall business growth. Efficient and effective back-office support eliminates headaches and helps your business run smoothly, setting your agency up for success.
Back-Office Services Provided by FMOs
FMOs typically offer a wide range of back-office services designed to support insurance agents in their day-to-day operations. We’ve already discussed a few of these in our previous articles:
- Contracting and Licensing: FMOs provide access to vetted carriers and assist agents with the licensing and appointment process. This helps simplify the complex process of obtaining and maintaining licenses across multiple states and carriers. At AHCP, we have over 500 products with almost 50 carriers across the US.
- Training and Education: FMOs offer training and educational resources to help agents stay up to date on industry trends, product knowledge, regulatory changes and sales skills. AHCP has an extensive training library to help agents continually develop their skills and expertise.
- Marketing and Lead Generation: FMOs often provide marketing support to help agents generate leads and grow their client base. At AHCP, we provide agents with access to lead programs, digital marketing services, and other resources to help promote the agent's services.
Here are some additional back-office tasks an FMO like AHCP can assist with.
- Commission Tracking and Reconciliation: A quality commission system helps build confidence among agents. Large and small agencies alike struggle to effectively track commissions from numerous carriers and scores of products for themselves and their agents. The process is complicated by complex hierarchies, advanced commissions, chargebacks, debit balances and a mix of new and recurring commissions. Top FMOs handle the arduous task of commission tracking and reconciliation reporting to help ensure that agents receive accurate and timely payments for their sales. With clear weekly consolidated reporting, this not only helps agents monitor their income, but also allows them to identify and resolve any discrepancies with carriers quickly. Additionally, AHCP leverages carrier relationships and volume production to help agents earn even more. Click here to learn about current incentive and bonus programs.
- Customer Relationship Management (CRM) Tools: Some FMOs offer agents access to CRM tools that help them manage their client relationships more effectively. These tools can streamline client communication, track historical interactions, and automate routine tasks, allowing agents to deliver superior customer service. AHCP offers a CRM through our sister company, Quotit. Quotit makes it simple to manage client data and prospects in a native CRM tool while keeping track of all associated marketing and sales activity. With Quotit, you move clients seamlessly through every stage, from your contact list to quoting to proposal and enrollment. The Quotit CRM also offers document storage in each customer record for safekeeping Scopes of Appointments and other critical documents.
- Compliance: Being aware of and adhering to ever-changing regulatory rules can be scary for agents. FMOs should have deep legal and compliance resources to help guide agents on a clear path to avoid trouble while providing resources and tools to increase business in a compliant manner.
- Application Processing and Policy Management: FMOs assist agents with the policy application process. This includes submitting applications to carriers, monitoring their progress, and addressing any issues that may arise along the way. FMOs can also help agents with policy renewals, changes, and cancellations, ensuring that clients receive timely and accurate service.
By providing comprehensive back-office support, FMOs help health insurance agents streamline their operations, empowering them to focus on their primary responsibilities and grow their business. By partnering with an FMO, agents can benefit from personnel assistance, expert guidance, and valuable resources, ultimately leading to increased productivity and a more successful agency.
To learn how AHCP can help you get to the next level, reach out to our sales team today.