Why an Insurance FMO Can Help Your Business

A Field Marketing Organization (FMO) can help market, sell, and distribute various insurance products; at Omega, we focus on Medicare Advantage and Supplement plans. To provide our clients with the best possible service, we focus solely on the Medicare realm.

Carriers have added efficiencies and are often offered contracts by agents that they might not otherwise be able to access. When you choose to work with an FMO, you are essentially selecting a business partner to help grow your company. There are countless aspects of managing your company; from training and certification to carrier contracting and enrollment processing, you will surely have plenty to learn and do as an insurance agent. To help ease some of your stress and mitigate the learning curve, read on to discover how partnering with an FMO can help your business:

Enrollment Processing: A significant benefit of using an insurance agent’s services, this process can be more complex than initially thought. It’s essential to have the most recent carrier enrollment forms, complete client information, and supplemental information for specific plan changes. You should be able to update carrier forms, checklists, and guides effortlessly. Most FMOs provide back-end support to process and submit enrollment applications.

Training and Certification: Annual AHIP certification and staying current with yearly changes and new products is vital for success as an insurance broker. These tasks require a lot of training. A solid FMO should provide you with all the resources necessary to get – and stay – certified, take on new products, educate your clients, and remain successful in your arena.

Carrier Contracting: Most FMOs have existing contracts with multiple carriers and products to make the process more streamlined for you to provide a greater number of plans and benefit options to your clients. It is possible to work directly with carriers and obtain individual contracts for each one.

Compliance: To help your clients understand all the available options, you must be knowledgeable about each product and abide by the guidelines. To get clients their best coverage at the best rate, it’s paramount to work with a well-established FMO.

Office Support: Insurance agencies have almost never-ending case management, enrollment tracking, payment processing, etc. A strong FMO will provide the back-office support you require. You’ll quickly learn how to manage your book of business, claims, track paperwork, and handle overall office duties.

Marketing Services: Multi-level marketing can be a complex creature, but a good FMO will have that under control. To approach new targets, stay connected with your existing customer base, and become more of an authority, an experienced FMO will provide marketing support across all channels.

Get started with a trusted FMO like Omega Benefit Strategies today. We can help take your company to the next level.

Omega Benefit Strategies provides seniors who are affiliated with credit unions, labor unions, and associations an educational resource for Medicare. Our turnkey marketing package seamlessly integrates with existing market strategies. We can help businesses increase new member acquisitions, bolster retention, cross-sell opportunities via our “scorecard” system, and even earn an ancillary revenue stream. Accommodating any size membership, we maintain exemplary member service and offer top-notch products. Contact us today by going to www.omegabenefit.org or call 888-404-5049.

Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.

How Wearable Technology is Affecting Medicare

An emerging trend in the healthcare industry is wearable technology, which is reshaping how Medicare brokers advise their clients. Major carriers are not adopting policies that incorporate wearable technology.

Just what exactly is wearable technology? These devices are commonly worn as bracelets or rings and can monitor or track major health concerns among Medicare beneficiaries. Activities such as sleep health, eating habits, exercise, and more disease precursors are all monitored by the individual (and the app) who pays attention to trends and spikes.

Rosamaria Marrujo, a board member of the Sacramento Association of Health Underwriters (SAHU), says, “These factors could theoretically bring down insurance premiums and therefore change how clients choose their Medicare policies.”

Regulations on wearable technology are underdeveloped relative to the expansion they are seeing. Despite a rising concern for public health due to possible privacy violations, the Food & Drug Administration (FDA) does not classify wearable technology as medical devices. In California, the Consumer Privacy Act went into effect in January 2020, allowing people to stop companies from selling their information upon request. With this implementation, a movement could be sparked, igniting stricter regulations for wearable technology in the health insurance market.

“Both the advancement in wearable tech and these new privacy chances are influencing how older clients are deciding on healthcare plans. The bottom line is, this trend is not stopping; it has already reached Medicare beneficiaries who have questions. The successful Medicare brokers will be able to anticipate this and explain the impact to their clients,” said Marrujo.

For more information about offering Medicare to your clientele, contact the experts at Omega Benefit Strategies today.
 

Omega Benefit Strategies provides seniors who are affiliated with credit unions, labor unions, and associations an educational resource for Medicare. Our turnkey marketing packages seamlessly integrate with existing market strategies. We can help businesses increase new member acquisitions, bolster retention, cross-sell opportunities via our “scorecard” system, and even earn an ancillary revenue stream. Accommodating any size membership, we maintain exemplary member service and offer top-notch products. Contact us today by going to www.omegabenefit.org or call 888-404-5049.

Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.

CUNA Mutual Invests in Medicare Agency

Coverage Insurance Solutions announced they will be working with CUNA Mutual Group and examine opportunities to offer Medicare insurance options to credit union members. Founder and CEO of Coverance, Chris Mullins, said the company uses senior-focused marketing, data analytics, and automation designed to improve how seniors purchase Medicare insurance.

The COVID-19 pandemic showcases the importance of proper Medicare insurance for seniors. This has accelerated an upward trend toward centralized call centers, which were traditionally answered by insurance agents in person.

Mike Sekits, managing director of Strandview, said “We have sponsored this management team at two previous successful companies enjoying a very similar business model. The Coverance team has deep experience marketing complex financial services to seniors. They are employing a proven business model – including a highly-efficient call center, state-of-the-art technology, and a highly-effective marketing strategy – to build a leading brand in the Medicare insurance market.”

Strandview Capital’s website said strategic and opportunistic growth capital are provided to companies in the financial software and services sector. “We have established expertise and success investing in companies that are recession-resistant or even thrive in uncertain economic times. We typically lead structured, minority equity investments of $5 million to $15 million per company, and we are often the only institutional investors alongside management.”

CUNA Mutual Group is worth $25 billion in assets and offers commercial and consumer insurance, retirement and investment solutions, and business solutions including data and analytics, lending capabilities, and marketing services.

Omega Benefit Strategies provides senior credit union members an educational resource for Medicare. Our turnkey marketing package seamlessly integrates with existing market strategies. We can help businesses increase new member acquisitions, bolster retention, cross-sell opportunities via our “scorecard” system, and even earn an ancillary revenue stream. Accommodating any size membership, we maintain exemplary member service and offer top-notch products. Contact us today by going to www.omegabenefit.org or call 888-404-5049.

Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.