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In this episode of the Power Producers podcast, David Carothers speaks with Richard Stamets, Chief Commercial Officer of BluePond AI, about the transformative role of generative AI in commercial insurance. They discuss BluePond’s AI-driven solution, the Broker Co-Pilot, which has been designed specifically for insurance with functionalities for policy checking, quote comparison, underwriting submission ingestion, and claims ingestion. Richard shares insights into how BluePond’s generative AI technology not only automates and improves accuracy in policy comparison but also assists brokers by identifying selling behaviors and enhancing operational efficiency.
Key Points:
Generative AI Explained:
Large language models (LLMs) like BluePond’s AI go beyond simple data processing, understanding and generating complex insurance language.
Enhanced Productivity:
Automating policy reviews and comparisons means less time on tedious tasks, freeing brokers and CSRs to engage in more valuable work.
Adoption and Change:
While AI adoption has been slow due to industry hesitance, the technology is here to stay, much like the evolution of the internet. Agencies embracing it early will be positioned for long-term success.
Collaboration Over Competition:
New tech fosters collaboration among different firms, creating stronger, comprehensive solutions for brokers.
Connect with:
· David Carothers LinkedIn
· Richard Stamets LinkedIn
· Kyle Houck LinkedIn
Visit Websites:
· Power Producer Base Camp
· BluePond AI
· Killing Commercial
· Crushing Content
· Power Producers Podcast
· Policytee
· The Dirty 130
· The Extra 2 Minutes -
In this impactful episode of the Power Producers Shoptalk, David Carothers brings on guest Raghav Tana to discuss the personal challenges and profound purpose behind Raghav's initiative, the Little Sparks Project. This nonprofit organization aims to provide financial and emotional support to families of children with complex medical needs, sparked by Raghav’s experiences with his son, who was born with Apert Syndrome. David shares his own journey with his son Ethan, who has special needs, reflecting on the emotional and financial toll of ensuring adequate care. They discuss the importance of advocacy, community support, and how their personal hardships have led to a shared mission of helping others facing similar struggles. The episode highlights the upcoming Little Sparks Project gala in December, emphasizing the importance of donations and community involvement.
Key Points
Introduction to the Little Sparks Project
Purpose:
The Little Sparks Project was founded to assist families financially when they have children with medical complexities, alleviating some of the financial strain that comes with hospital stays, surgeries, and extra care for children under 12.
Inspiration:
Raghav shares how his son’s rare condition, Apert Syndrome, motivated him to start the organization. He and his wife realized how fortunate they were to afford the costs associated with his son’s care and wanted to help other families facing similar situations but lacking resources.
The Emotional and Financial Burdens of Special Needs Care
Emotional Toll:
David and Raghav talk openly about their experiences as fathers of children with special needs. They emphasize the importance of having a support system and the mental challenges that come with the “why me” question when navigating these situations.
Financial Costs:
The episode sheds light on the often-hidden financial burdens, from medical bills to daily expenses related to special needs care. For example, Raghav mentions spending over $42,000 in the first 14 months of his son’s life on healthcare-related costs, a financial load many families are unprepared for.
Advocacy and Support Networks
Importance of Advocacy:
David shares how he and his wife advocate for their son in school and medical environments, often facing challenges but ensuring he gets the resources he needs. This proactive approach in advocating for children is critical, and it’s something Little Sparks also aims to support.
Emotional Support:
Both David and Raghav emphasize that asking for help is not a weakness but a necessity. They encourage listeners going through similar situations to seek out emotional and social support, which is crucial for maintaining resilience.
The Little Sparks Gala
Event Details:
The Little Sparks Project is hosting a black-tie gala on December 19 at the State Room in Boston, with limited tickets remaining. The gala is a unique opportunity for supporters in the insurance and wider business community to come together, raise funds, and create awareness for the cause.
Impact and Support:
The gala will have a silent auction and speakers, with all proceeds going toward supporting families in need. Raghav and David encourage listeners who can't attend in person to contribute financially, helping provide resources for families facing similar journeys.
How to Support Little Sparks
For listeners who wish to make a difference, a donation link is available in the show notes, and every contribution, no matter the size, is meaningful. David stresses that financial support can significantly relieve families of financial stress, allowing them to focus on their children's needs without added financial anxiety.
Connect with:
David Carothers LinkedIn
Raghav Tana LinkedIn
Kyle Houck LinkedIn
Visit Websites:
Power Producer Base Camp
Killing Commercial
Little Spark (Donate & Support)
Get Your Tickets (Little Spark)
Crushing Content
Power Producers Podcast
Policytee
The Dirty 130
The Extra 2 Minutes -
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In this episode of the Power Producers Podcast, David Carothers sits down with Steve Bruder from Foxen to discuss how Foxen integrates renters’ insurance compliance and risk management solutions into property management. The conversation highlights how property managers can use Foxen’s system to ensure compliance with insurance requirements, prevent gaps in coverage, and generate ancillary income through revenue sharing. Steve provides insights into how Foxen's innovative approach addresses the often-overlooked problem of tenants canceling insurance policies, which can leave property owners vulnerable to costly claims. This episode emphasizes how commercial insurance agents can leverage Foxen’s solutions to differentiate themselves in the habitational real estate space, improve client retention, and enhance the value they offer to clients managing larger property schedules.
Key Points:
Closing Renters Insurance Compliance Gaps
Foxen ensures consistent renters insurance compliance, protecting landlords from uninsured claims—an issue their founders faced firsthand.
Opportunity for P&C Agents
Foxen helps agents differentiate by providing a revenue-sharing model for property managers, making renewals easier and adding value beyond insurance.
Identifying Ideal Prospects
Ideal clients are property managers struggling with insurance compliance or uncovered claims. Foxen manages compliance to save time and reduce risk.
Efficient Claims Process
Foxen’s in-house claims team and digital system streamline the process, handling common issues like water or fire damage caused by tenant negligence.
Standing Out in a Hard Market
With rising premiums, Foxen enables agents to offer unique, risk management solutions instead of just cutting costs, creating a competitive advantage.
Additional Rent Reporting Services
Foxen also offers rent reporting, especially useful in states requiring landlords to report on-time rent payments, adding even more value for clients.
Connect with:
David Carothers LinkedIn
Steve Bruder LinkedIn
Kyle Houck LinkedIn
Visit Websites:
Power Producer Base Camp
Killing Commercial
Foxen
Crushing Content
Power Producers Podcast
Policytee
The Dirty 130
The Extra 2 Minutes -
In this episode of Power Producers Shoptalk, David Carothers provides a deep dive into effective prospecting tactics for insurance producers, challenging misconceptions about cold calling and outlining a comprehensive approach for sustained success. David highlights his recent experience with a 500-dial cold-calling challenge, underscoring the role of focused preparation and systematized tracking in lead generation success. He discusses the value of in-person marketing drops, HubSpot CRM's data insights, and the benefits of having a robust client database to streamline follow-ups and boost engagement.
Key Points:
Multi-Tool Approach:
David stresses that to excel in sales, producers must go beyond referrals and use diverse methods, like cold calling and in-person marketing, to fully realize potential. Relying on one strategy limits success.
Targeted, Data-Driven Cold Calling:
He calls only high-fit prospects (e.g., service contractors with 25+ vehicles, $5M+ sales) using precise lead scoring through HubSpot, allowing his team to time outreach for when leads are most engaged.
Structured Time and Focus:
Blocking distraction-free intervals (50 minutes for calls, 10 for follow-up) is key to staying productive and responsive without constant interruptions, especially for those with ADHD.
Unique Prospecting Advantage:
David identifies prospects using payroll companies for workers' comp, allowing him to offer benefits (like dividend options) those clients aren’t receiving, giving him a competitive edge.
Tracking and Measuring Success:
Using a CRM, David captures all prospect interactions, creating historical records that improve targeting and help track outreach impact.
Challenge to Cold-Calling Skeptics:
David argues that detractors of cold calling likely aren’t implementing it effectively. With research-backed strategies, he demonstrates cold calling’s value and promises updates on his results to let the numbers prove it.
Connect with:
David Carothers LinkedIn
Kyle Houck LinkedIn
Visit Websites:
Power Producer Base Camp
Killing Commercial
Crushing Content
Power Producers Podcast
Policytee
The Dirty 130
The Extra 2 Minutes -
In this episode of the Power Producers Podcast, David Carothers interviews Ray Gage, a veteran of the insurance industry who transitioned into mindful business coaching. Ray shares insights from his decades-long career in insurance, including selling his agency and the emotional challenges that followed. The conversation explores the often-overlooked emotional side of agency sales, leadership, and the impact of mindfulness in both personal and professional lives. Ray also discusses his upcoming book "Start with Stop", which focuses on the power of stopping to reassess and transform one’s approach to business and life. The book offers 16 chapters, each addressing a distinct area of improvement such as leadership, time management, and communication, allowing readers to find practical transformations tailored to their needs.
Introduction and Background:
David introduces Ray Gage, a veteran in insurance since 1980, who now focuses on mindful business coaching and is releasing a book titled Start with Stop in December. Ray reflects on his journey, from agency ownership to transitioning into coaching, aiming to guide others with the knowledge he’s gained.
Selling an Agency: Overlooked Challenges:
Ray shares insights from selling his agency, explaining the unexpected emotional challenges that followed. He advises those considering a sale to seek advice from others who’ve gone through it to prepare for the potential impact.
Mindful Business Coaching:
Ray’s coaching emphasizes self-awareness, showing how personal responsibility and mindfulness affect professional and personal growth. He advocates intentionality and self-care to foster a balanced, productive life.
Start with Stop – Rethink Your Routine:
The book is structured with 16 standalone chapters, allowing readers to focus on specific areas like time management or relationships. Ray’s goal is to help others accelerate their growth by breaking out of old patterns and developing sustainable, positive habits.
Breaking Familiar Patterns:
Ray discusses the “familiar zone,” where people stick to uncomfortable routines simply because they’re habitual. He stresses the importance of practicing new habits to achieve personal growth.
Detaching from Outcomes and Finding Purpose:
Ray and David touch on ‘detaching from outcomes’ to reduce stress, allowing people to focus on effort rather than results. Ray also emphasizes the importance of finding one’s purpose, as it provides clarity and motivation for long-term success.
Connect with:
David Carothers LinkedIn
Ray Gage LinkedIn
Kyle Houck LinkedIn
Visit Websites:
Power Producer Base Camp
Gage Bontrager Consulting
Start with Stop Book
Killing Commercial
Crushing Content
Power Producers Podcast
Policytee
The Dirty 130
The Extra 2 Minutes -
In this episode of Power Producers Shoptalk, David Carothers discusses the importance of shifting away from selling on price and focusing instead on the total cost of risk (TCOR). Carothers emphasizes that insurance producers must position themselves as trusted advisors by addressing not only insurance premiums but also uninsured losses, compliance costs, safety program investments, and indirect costs such as reputational damage and employee downtime. He offers five critical questions that producers can ask at the point of sale to differentiate themselves from competitors and provide value to their prospects by focusing on long-term risk management and business operations.
David highlights the power of understanding a client’s operations, recounting a personal experience where he helped a resort reduce their high workers' compensation mod by improving operational efficiencies. He stresses the importance of asking the right questions to uncover hidden risks and developing solutions that prevent losses, thus lowering long-term insurance costs. The episode concludes by encouraging producers to adopt a proactive approach, offer value-added services, and leverage their insights to establish deeper client relationships, especially in a hard market.
Key Points
Stop Selling on Price
Producers need to focus on total cost of risk (T-Core) instead of just competing on premiums. This strategy positions you as a trusted advisor and improves long-term risk management for clients.
Value of Power Producer Base Camp
The podcast introduces Power Producer Base Camp, a program for individual producers designed to provide support and coaching, distinct from the larger Killing Commercial platform.
Focus on Comprehensive Risk
Insurance premiums are only part of the overall cost of risk. T-Core includes uninsured losses, compliance costs, safety program investments, and indirect costs like reputational damage. Producers need to highlight the full scope of risks to add value.
Examples and Stories
Real-life examples, like identifying inefficiencies in a resort's housekeeping or missed opportunities in manufacturing, showcase how addressing T-Core improves business performance and mitigates risks.
Critical Questions to Ask:
What are your top operational risks?
How do losses and claims impact your business?
What risk management strategies are in place?
Have you evaluated the long-term costs of choosing lower insurance limits or excluding critical coverages?
Would you allow me to calculate your total cost of risk?
Addressing Objections
Clients may want to reduce insurance costs by adjusting limits or exclusions, but producers should help them understand the risks of doing so and propose solutions like raising deductibles instead.
Long-Term Client Relationships
By focusing on reducing T-Core, producers can establish long-term relationships with clients, creating fewer claims, lower uninsured losses, and more favorable premiums over time.
Differentiation and Execution
Producers must differentiate themselves from competitors by offering proactive solutions, implementing risk management strategies, and ensuring clients see them as trusted advisors.
Connect with:
David Carothers LinkedIn
Kyle Houck LinkedIn
Visit Websites:
Power Producer Base Camp
Killing Commercial
Crushing Content
Power Producers Podcast
Policytee
The Dirty 130
The Extra 2 Minutes -
In this episode of the Power Producers Podcast, David Carothers speaks with Matthew Bryan, a seasoned insurance professional from Tennessee. The conversation dives into Matthew’s unique journey from a background in broadcasting and finance to owning multiple insurance agencies. The discussion highlights how Matthew leveraged his experiences in banking and real estate to transition into commercial insurance, drawing parallels between commercial banking and insurance.
This episode is loaded with insights on everything from transitioning clients, finding your ideal prospects, to managing time efficiently as a business owner. Matthew’s personal story and his approach to building a sustainable lifestyle business are both powerful and inspiring.
Key Points:
Matthew's Background
Matthew Bryan shares his journey from growing up in a radio station, working in finance and commercial banking, to eventually owning an insurance agency. His background in banking provided insights into insurance, leading to agency acquisitions and long-term growth.
Building Relationships
Matthew emphasizes the importance of relationship building in Tennessee's competitive insurance market. He leverages conversations with business owners to ask in-depth questions, helping understand their needs and fostering strong client relationships.
Ideal Clients & Niches
The agency focuses on professional clients like lawyers, veterinarians, and chiropractors, targeting both commercial and personal lines. They avoid small, time-consuming accounts and aim to work with clients that align with their business goals.
Client Segmentation
The agency practices client segmentation to improve efficiency. By focusing on tiered clients (bronze to platinum), they aim to prioritize high-value accounts and refer smaller ones to other agents or service centers.
Work-Life Balance
Both Matthew and David highlight the importance of balancing business growth with personal life. Matthew values time with family and builds his business around personal priorities, while David shares how health scares led him to prioritize family time and intentional scheduling.
Collaborating with Competitors
Both emphasize the value of building relationships even with competitors, noting that referral networks can benefit everyone. Losing an account should not be taken personally but rather as part of the business process.
Efficient Time Management
The importance of time management is stressed, with both agreeing on outsourcing tasks that don't align with their hourly rates to free up time for high-value work and personal commitments.
Community Building
They discuss the benefits of networking with other agents and learning from each other's experiences, which helps foster growth, regardless of being competitors.
Connect with:
David Carothers LinkedIn
Matthew Bryan LinkedIn
Kyle Houck LinkedIn
Visit Websites:
Power Producer Base Camp
Killing Commercial
Bryan Insurance Group
Crushing Content
Power Producers Podcast
Policytee
The Dirty 130
The Extra 2 Minutes -
In this episode of Power Producers Shoptalk, David Carothers interviews Dustin Boss, co-founder of Emerge Apps. Dustin discusses how his experience as a producer led him to develop a suite of technology tools for agents, including OSHA compliance and risk management software. He shares insights into how these tools can help agents offer more than just insurance by focusing on compliance, safety, and risk management. This episode highlights creative ways to approach middle-market clients and the importance of leveraging technology to differentiate from competitors.
Key Points
Non-Insurance Engagement
Dustin emphasizes leading with value beyond insurance, such as compliance and safety solutions, to build deeper relationships with clients.
Emerge Apps Suite
Dustin's company offers several tools, including OSHA Logs and Automate Safety, that help agents open doors by providing compliance solutions, reducing client risks, and locking in retention.
Innovative Sales Approach
By working outside of traditional insurance renewal cycles and focusing on pain points like OSHA compliance, agents can subtly displace incumbent relationships and gain long-term clients.
Customization and Real-Time Insights
Tools like OSHA Logs allow agents to monitor clients' safety records in real-time, helping to prevent issues before they escalate into claims, which ultimately improves client retention.
Future of Risk Management
Emerge Apps continues to innovate with new products like Light Duty Works, aiming to offer comprehensive solutions for managing workplace safety and reducing claims.
Connect with:
David Carothers LinkedIn
Dustin Boss LinkedIn
Kyle Houck LinkedIn
Visit Websites:
Power Producer Base Camp
Emerge Apps
Killing Commercial
Crushing Content
Power Producers Podcast
Policytee
The Dirty 130
The Extra 2 Minutes -
In this episode of Power Producers Podcast, David Carothers interviews Lawson Condell, founder of Riskbly, a platform designed for commercial insurance agents to streamline risk management services. Lawson shares his journey from the Air Force and sales roles at ADP and Oracle to founding Riskbly. He created Riskbly to address inefficiencies in the commercial insurance process by providing agents with a white-labeled, customizable platform for managing policy documents, safety videos, risk management programs, and real-time insights.
Key Points
Riskbly's Inspiration
Lawson built Riskbly based on his experience in commercial insurance, aiming to simplify risk management and enhance communication between agents and clients through a unified platform.
What Sets Riskbly Apart
Riskbly is fully white-labeled and customizable, allowing agents to provide seamless risk management under their brand. It integrates policy documents, safety training, and HR resources in one platform, avoiding multiple systems.
Real-Time Insights
Agents can monitor clients' progress on risk management tasks in real time, ensuring proactive follow-up and ongoing support throughout the year, not just at renewals.
Tailored Risk Management Programs
Agents can assign specific programs to address client risks, such as safety or compliance issues, and track progress. This ensures clients follow through on risk reduction efforts.
Adoption and Client Engagement
Riskbly uses notifications, mobile access, and training content to drive client engagement. It can also be used as a prospecting tool by offering it to potential clients during the sales process.
Future Plans
Riskbly aims to integrate with other tech solutions and provide underwriters access to real-time client risk management data, potentially leading to better pricing and decisions.
Connect with:
David Carothers LinkedIn
Lawson Condell LinkedIn
Kyle Houck LinkedIn
Visit Websites:
Power Producer Base Camp
Killing Commercial
Riskbly
Crushing Content
Power Producers Podcast
Policytee
The Dirty 130
The Extra 2 Minutes -
This episode of the Power Producers Shoptalk, is focused on the use of digital marketing tools, specifically pixel tracking, retargeting, and video proposals, to enhance lead generation and sales conversions in the commercial insurance industry. The discussion emphasized the importance of quick follow-up on leads, the role of automation, and the critical need for a well-defined sales process when dealing with cold traffic. David Carothers and Chris Langille highlighted the use of pixels for tracking website visitors, remarketing strategies, and content creation to drive traffic to agency websites. The session also covered how personalized content, like blog posts and video proposals, can significantly boost sales, especially when paired with proper retargeting.
The call provided examples of retargeting through platforms like Facebook and Google, using video proposals via tools such as QuoteVids, and building custom audiences to drive more relevant traffic to an agency’s services. It also touched on the value of organic content over paid traffic in building long-term customer relationships.
Key Points:
Sales Process Efficiency
Quick follow-up is essential, especially for cold traffic. Agencies need a well-defined process for responding to leads immediately via phone or automation. Speed is key in converting cold leads into sales.
Remarketing with Tracking Pixels
Utilize tracking pixels (Facebook/Google) to retarget website visitors who don't complete a conversion. This helps keep your brand in front of potential clients and reduces overall advertising costs by focusing on people who’ve already shown interest.
Personalized Video Proposals (QuoteVids)
Use tools like QuoteVids to create and send personalized video proposals, allowing prospects to review quotes, download documents, and accept proposals. It improves client engagement and boosts closing rates by providing a more interactive experience.
Content Marketing as a Lead Generator
Long-form blog posts and relevant content attract organic traffic, generate leads, and provide value. Clients who engage with educational content are often higher-quality leads, as they've already built trust with your brand.
Case Studies for Social Proof
Showcasing real client success stories through digital case studies builds credibility. They provide proof of your expertise and effectiveness, encouraging new prospects to trust your services.
Outsource Paid Advertising
Paid ad campaigns require expertise. Agencies should focus on creating organic, value-driven content and leave the complexities of paid advertising, such as Google and Facebook ads, to professionals to maximize return on investment.
Balanced Automation and Personal Touch
Automating certain processes, like follow-ups, is important for efficiency, but maintaining a personal touch is key. Automation should not remove the human element, which is critical for building trust and strong client relationships.
Connect with:
David Carothers LinkedIn
Kyle Houck LinkedIn
Chris Langille LinkedIn
Visit Websites:
Power Producer Base Camp
Advisor Evolved
Killing Commercial
Crushing Content
Power Producers Podcast
Policytee
The Dirty 130
The Extra 2 Minutes -
In this episode of the Power Producers Podcast, David Carothers interviews Jim Matuga, the founder of Interaction Media and creator of StoryMaker, a SaaS platform that leverages AI to help agencies and producers tell compelling stories that drive sales. They dive into the importance of storytelling, content creation, and how to connect with customers on a deeper level by using generative AI.
Key Points from the Discussion:
Storytelling as a Sales Tool:
Jim shares how most businesses communicate through features and benefits but miss the mark by not addressing the internal problems of their customers. A compelling story focused on the customer as the hero is what builds trust and connection.
David adds that too many salespeople listen with the intent to respond rather than understand. Empathy, listening, and understanding are key elements that lead to trust and, eventually, sales.
The Power of StoryMaker:
Jim explains how StoryMaker automates the content creation process by utilizing a company's existing content and an AI-driven framework to craft 30-second pitches, emails, blog posts, social media content, and more.
StoryMaker learns your business voice, saving time while keeping the messaging authentic. Jim discusses how he used StoryMaker to create his business’s story arc, and how it has been transformative for clients in various industries.
AI in Marketing and Sales:
Both David and Jim agree that AI, particularly generative AI, is one of the biggest technological transformations since the internet. AI tools like StoryMaker and ChatGPT allow businesses to create personalized, authentic content quickly, which can be tailored to the needs of different audiences.
Efficiency and Accuracy in Content Creation:
Jim highlights how StoryMaker allows non-writers, like insurance agents or other sales professionals, to create high-quality content without needing advanced writing skills. This includes emails, blog posts, and social media content—saving time while producing effective marketing materials.
David shares his experience using AI to simplify complex insurance topics, explaining how ChatGPT helps him create content that resonates with audiences without overwhelming them with technical jargon.
The Importance of Personalization:
David emphasizes that the AI-generated content must match the salesperson's voice to ensure authenticity. Without this alignment, there’s a risk of disconnect between the content and the real person behind it, which can damage the trust built through inbound marketing.
Responding to Emails Using AI:
Jim introduces StoryMaker’s feature of crafting professional email responses, saving users time and ensuring their tone is appropriate, even in contentious situations. David highlights how this helps avoid emotionally charged or poorly worded responses that could hurt relationships.
Connect with:
David Carothers LinkedIn
Jim Matuga LinkedIn
Kyle Houck LinkedIn
Visit Websites:
Power Producer Base Camp
Killing Commercial
StoryMaker
InnerAction Media
Crushing Content
Power Producers Podcast
Policytee
The Dirty 130
The Extra 2 Minutes -
In this Power Producers Shop Talk, David Carothers reflects on his childhood idol, Pete Rose, and the profound impact Rose's grit, determination, and relentless hustle had not only on baseball but also on David's personal and professional life. The episode is bittersweet as David shares the news of Pete Rose's unexpected passing and then dives into how the lessons Rose embodied on the baseball field can be translated into the world of sales and commercial insurance.
Key Points:
Hustle is Key:
Rose's relentless effort on the field mirrors the importance of going the extra mile in sales—whether it's making that extra call, writing a personal note, or preparing for every meeting.
Outwork the Competition:
Hard work beats talent when talent doesn’t work hard. In sales, consistent effort will outlast those who rely on natural ability alone.
Consistency Wins:
Success isn’t about one big deal but the steady effort of prospecting, follow-up, and building relationships over time.
Prepare Like a Pro:
Just as Rose prepared for every game, sales producers should thoroughly prepare for meetings and tailor their approach to each client.
Track Progress:
Measure your efforts to ensure growth. Whether in fitness or sales, tracking helps adjust tactics for better results.
Relentless Follow-Up:
Like Rose’s persistence, continuous follow-up and engagement are critical to closing deals.
Be Versatile:
Adaptability is key—tailor your approach to each client and stay informed on industry trends.
Resilience and Grit:
Rose’s career had ups and downs, but his grit kept him going. Sales requires the same resilience to push through challenges and rejection.
Integrity Matters:
Ambition is important, but trust and ethics must never be compromised in sales.
Continuous Learning:
Always strive to improve—learning new skills and staying updated on trends will give you an edge in sales.
Connect with:
David Carothers LinkedIn
Kyle Houck LinkedIn
Visit Websites:
Power Producer Base Camp
Killing Commercial
Crushing Content
Power Producers Podcast
Policytee
The Dirty 130
The Extra 2 Minutes -
In this Power Producers Podcast episode, David Carothers speaks with Michael Phillips, who leads the U.S. cyber underwriting practice at CFC. They discuss the state of the cyber insurance marketplace, the evolving risks businesses face due to cyber threats, and how insurers like CFC are addressing these risks. Michael highlights the importance of understanding the continually changing nature of cybercrime, particularly as it relates to geopolitical tensions and the rise of offensive cyber operations. They delve into the role of insurance in providing not just financial coverage but also emergency response services to businesses of all sizes.
Key Points
Cyber Market Evolution:
CFC has remained a leader in the evolving cyber insurance space, focusing on emerging risks and staying consistent even as the market fluctuates.
Sales Enablement:
Agents need better tools to educate clients on cyber risks. CFC provides resources like benchmarking, ransomware calculators, and case studies to help overcome sales objections.
Comprehensive Cyber Coverage:
Agents have a duty to offer sufficient cyber coverage. Failure to do so can have severe consequences for both the client and the agent’s liability.
Cyber Underwriting Challenges:
Cyber threats constantly evolve, requiring thorough underwriting. CFC uses tech like vulnerability scanning to offer accurate coverage.
MSP Partnerships:
Partnering with managed service providers helps bridge the gap between cybersecurity and cyber insurance, benefiting both agents and clients.
Proactive Services:
CFC offers proactive incident response and threat monitoring to help businesses mitigate cyber risks before they escalate.
Overcoming Objections:
Agents should lead with education and real-world examples to help clients understand the true costs of cyber risks and why insurance is essential.
Connect with:
David Carothers LinkedIn
Michael Phillips LinkedIn
Kyle Houck LinkedIn
Visit Websites:
Power Producer Base Camp
CFC
Killing Commercial
Crushing Content
Power Producers Podcast
Policytee
The Dirty 130
The Extra 2 Minutes -
In this episode of Power Producer Shop Talk, David Carothers delves into the critical balance that commercial insurance agents must maintain between fulfilling their "duty to offer" and avoiding the appearance of overselling. David emphasizes the importance of educating clients on this duty, particularly in areas like cyber liability, where underinsurance can leave clients highly exposed.
The discussion highlights the professional responsibility of agents to offer adequate coverage that matches clients’ risks, ensuring they fully understand and sign off on any rejection of recommended limits. He points out that failing to do this not only opens agents up to potential errors and omissions (E&O) claims but also damages their reputation.
David also touches on the significance of empathy in client relationships, noting that many clients are unaware of the broader factors that influence their premiums, like reinsurance and geography. He advocates for transparent education and tailoring the conversation in a way that clients, who may not speak the language of insurance, can fully grasp.
He concludes by encouraging agents to embrace their role as educators and advisors, leading with empathy and focusing on managing clients' exposures rather than just selling policies. By doing this, agents can improve their close rates and long-term client relationships.
Key Points:
Duty to Offer vs. Overselling:
Agents have a professional obligation to offer appropriate coverage and ensure clients understand their risks. It's crucial to offer proper limits without appearing pushy, especially in areas like cyber liability where under-coverage can leave clients vulnerable.
Transparency and Risk Management:
Educate clients about their risk exposures and offer a range of options, from self-insurance to risk management strategies, so they can make informed decisions.
Encourage clients to take calculated risks, but document their decisions carefully to avoid E&O issues.
Simplifying Complex Concepts:
Using tools like ChatGPT to rephrase complicated insurance terms in simpler language helps clients feel informed and comfortable. Educate clients about market conditions and why their rates might increase.
Empathy and Relationship Building:
Be empathetic and share personal experiences, such as facing similar rate hikes, to humanize the conversation and build trust.
Focus on solving client problems, not just selling insurance products.
Use of Technology:
Tools like video presentations make it easier for clients to understand complex information and share it with others, helping build transparency and trust.
Connect with:
David Carothers LinkedIn
Kyle Houck LinkedIn
Visit Websites:
Power Producer Base Camp
Killing Commercial
Crushing Content
Power Producers Podcast
Policytee
The Dirty 130
The Extra 2 Minutes -
In this episode of the Power Producers Podcast, David Carothers speaks with Daryl Henry, a Certified Insurance Counselor and Certified Risk Manager from Bitner Henry Insurance Group, a fourth-generation family business. Daryl shares his unique journey into the insurance industry, discussing the influence of his family’s dual legacy in insurance and mission work. He talks about his focus on serving human services organizations, particularly children's homes and other social services sectors, emphasizing the importance of empathy, understanding client needs, and building relationships.
Daryl also shares the challenge and reward of building expertise in a niche market, discussing his transition from working with small businesses to focusing on human services. He delves into the importance of continuous learning, having read textbooks on human service organizations and learning the specific needs of these vulnerable industries. The episode also highlights the power of storytelling in connecting with clients and how insurance is ultimately a business about people, not just policies.
Key Points:
Finding a Niche:
Daryl focuses on underserved sectors like social services, where there’s less competition but immense opportunity.
Storytelling in Sales:
Building personal connections and telling clients’ stories helps foster trust and long-term relationships. Daryl emphasizes understanding clients’ needs rather than pushing products.
Education & Expertise:
Constant self-education, especially in niche markets, is vital. Daryl recommends reading and researching to better serve clients.
Technology & Simplifying Jargon:
David suggests using tools like ChatGPT to break down complex insurance jargon, making it easier for clients to understand.
Problem-Solving Approach:
Focus on solving clients' problems, not just selling policies. Building a consultative relationship ensures clients trust you beyond insurance.
Connect with:
David Carothers LinkedIn
Daryl Henry LinkedIn
Kyle Houck LinkedIn
Visit Websites:
Power Producer Base Camp
Bitner Henry Insurance Group
Killing Commercial
Crushing Content
Power Producers Podcast
Policytee
The Dirty 130
The Extra 2 Minutes -
In this episode of Power Producers Shop Talk, David Carothers dives deep into the topic of marketing drops and how they remain an effective sales strategy in today’s saturated digital landscape. He emphasizes the importance of in-person marketing drops to cut through the noise, create personalized connections, and distinguish oneself from the competition. David shares key insights on preparation, execution, and follow-up strategies for successful marketing drops. He also offers practical tips for building rapport, researching prospects, and timing interactions based on the industry. The episode also highlights the critical role of the gatekeeper and strategies to ensure a lasting impression on decision-makers.
Key Points
Personalization is Key:
Tailor marketing materials to the prospect by including their name, company info, and relevant challenges. Deep research, including checking the lobby, shows you care about their business.
Timing Matters:
Visit prospects at the right time. For service contractors, early morning (7–8 a.m.) works best. For restaurants, go in mid-afternoon (1:30–2:00 p.m.) to avoid busy periods.
Gatekeepers are Important:
Build rapport with gatekeepers. They’re often the first decision-makers. Knowing personal details about them can help you get through to the decision-maker.
Ask Open-Ended Questions:
Engage prospects with questions and listen more than you talk. Use phrases like "It sounds like..." to show you’re listening and build trust.
Memorable Marketing Materials:
Leave behind something tangible and unique, like a stainless-steel business card or personalized company gift, to stand out and be remembered.
Follow-Up is Crucial:
Use a structured follow-up strategy (email, call, in-person) to keep prospects engaged. Track and measure your conversion rates and timeline.
Handle Objections Gracefully:
Acknowledge objections with soft labeling like "It sounds like..." to encourage further conversation and address concerns.
Track Your Success:
Use a CRM or spreadsheet to track drops, follow-ups, and conversion rates. Data helps refine your process.
Connect with:
David Carothers LinkedIn
Kyle Houck LinkedIn
Visit Websites:
Power Producer Base Camp
Killing Commercial
Crushing Content
Power Producers Podcast
Policytee
The Dirty 130
The Extra 2 Minutes -
In this episode of the Power Producers Podcast, David Carothers and Aron Robertson discuss their experiences in the insurance industry, with a focus on production and agency growth. Aron shares his journey from selling insurance out of his house to starting multiple agencies and acquiring two more in the next 60 days. He emphasizes the importance of transparency, accountability, and continuous learning. David highlights the significance of setting goals and celebrating milestones, sharing his own experiences with buying a Rolex and a Cartier watch. They also discuss the challenges of networking, the impact of reinsurance on rates, and the importance of being genuine and transparent with clients.
Key Points:
Personal Growth & Transition:
Aron transitioned from the Marine Corps to the insurance industry, facing early struggles but persisted by learning from industry leaders and focusing on self-improvement.
Building Trust & Relationships:
Success came from consistently communicating, being reliable, and transparent with clients. Connecting with decision-makers and building trust helped him win over clients from competitors.
Taking Calculated Risks:
Aron emphasizes the importance of taking risks to grow, including an acquisition strategy that helped expand his agency. He focused on the potential outcomes rather than the fear of failure.
Authenticity Matters:
Aron and David agree that being yourself in client interactions is crucial. Authenticity helps build stronger relationships and makes producers stand out in the market.
Learning & Celebrating Wins:
Tracking progress and celebrating milestones is key to staying motivated and recognizing how far you've come.
Strategic Networking:
Approach networking with clear goals. Focus on key connections and ensure meaningful follow-up to turn introductions into relationships.
Mentorship & Paying It Forward:
Aron encourages reaching out for mentorship and paying it forward by helping others, highlighting the value of guidance from industry veterans.
Connect with:
David Carothers LinkedIn
Aron Robertson LinkedIn
Kyle Houck LinkedIn
Visit Websites:
Power Producer Base Camp
Killing Commercial
Crushing Content
Power Producers Podcast
Policytee
The Dirty 130
The Extra 2 Minutes -
In this episode of the Power Producers Shoptalk, David Carothers addresses the pervasive issue of call reluctance among commercial insurance producers. He explores the psychological, environmental, and personal factors contributing to this hesitation and provides actionable strategies to overcome it. David emphasizes the importance of maintaining confidence, avoiding perfectionism, and adopting a proactive mindset to improve sales performance. He also highlights the role of visualization, self-assessment, and stress management techniques in building resilience and effectiveness in cold calling.
David encourages producers to create supportive work environments and utilize tools like CRMs and call recordings to refine their approach. He stresses the importance of setting realistic goals, following structured routines, and continuously reflecting on and improving their techniques. Throughout the episode, David underscores that addressing call reluctance is crucial for long-term success in the industry.
Key Points:
Call Reluctance Defined: An irrational fear or hesitation to make sales calls, often rooted in psychological, environmental, and personal factors.
Fear of Rejection: Producers often avoid calls due to fear of being told "no." Reframing questions to get a "no" response can empower the prospect and keep the conversation going.
Lack of Confidence: Confidence issues can be perceived by prospects, especially gatekeepers. Sounding self-assured improves chances of getting through.
Perfectionism: Trying to be perfect before making calls leads to procrastination. It's better to act and improve with each call than to over-prepare.
Reflection and Feedback: Regularly review call recordings to analyze performance, and seek feedback from peers or supervisors for improvement.
Stress Management: Managing stress and maintaining work-life balance is key to avoiding burnout and giving your best to clients.
Practical Tips: Use visualization, set specific call goals, schedule dedicated call times, and leverage CRM tools for tracking and improving performance.
Take Action: Address call reluctance by diagnosing the issue, setting goals, and using supportive systems like coaching and role-playing.
Connect with:
David Carothers LinkedIn
Kyle Houck LinkedIn
Visit Websites:
Power Producer Base Camp
Killing Commercial
Crushing Content
Power Producers Podcast
Policytee
The Dirty 130
The Extra 2 Minutes
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In this episode of the Power Producers Podcast, David Carothers interviews Zach Gould, a seasoned entrepreneur and insurance professional. The discussion delves into Zach's journey in the insurance industry, highlighting his early days with G&N Insurance, his partnership with Matt Namoli, and the transition after selling their agency. Zach shares insights on personal growth, the importance of personalized outreach in business, and the significance of maintaining authenticity in interactions. The conversation also explores the challenges and rewards of entrepreneurship, the value of being grounded, and the importance of reflection and connection in both personal and professional life.
Key Points:
Personalized Approach:
Zach emphasizes the importance of personal connections, reaching out with genuine, thoughtful messages to 2-5 people daily. This practice has helped him form valuable relationships and opened unexpected doors in business.
Mentorship & Accountability:
Both Zach and David stress the importance of external accountability, mentorship, and receiving unbiased feedback. They believe that external perspectives, whether from mentors or peers, can help entrepreneurs and producers grow beyond their current capabilities.
Family & Business Legacy:
David shares how he integrated his son into the family business, teaching him through experience and hard work, and Zach reflects on the significance of building a legacy that supports family and leaves a lasting impact.
The Power of Communication:
Zach underscores that business leaders need to communicate wins and goals clearly to their team. By doing so, they can discover hidden resources within the organization and unlock further potential for business growth.
Reflection & Staying Grounded:
Both discuss the importance of staying grounded and remembering where you came from, highlighting how reflecting on past experiences helps maintain humility and drive future success.
Connect with:
David Carothers LinkedIn
Kyle Houck LinkedIn
Zach Gould LinkedIn
Visit Websites:
Power Producer Base Camp
ZG Group
Crushing Content
Killing Commercial
Power Producers Podcast
Policytee
The Dirty 130
The Extra 2 Minutes -
In this episode of Power Producers Shoptalk, David Carothers delves into the crucial topic of accountability in the commercial insurance industry, focusing on both internal and external aspects. He emphasizes the importance of accountability in shaping a producer's career and ensuring long-term success. David discusses the challenges producers face when relying solely on internal accountability due to organizational politics, biases, and limited perspectives. He advocates for the integration of external accountability through mentors, coaches, and peer groups, which can provide unbiased feedback, broaden perspectives, and foster continuous personal and professional growth.David also touches on the significance of self-awareness, the development of a growth mindset, and the role of external accountability in enhancing a producer’s confidence and self-assurance. He encourages producers to seek out communities and resources that align with their personal and professional goals, highlighting his own resources at Killing Commercial and Power Producer Base Camp, as well as recommending other industry experts like Charles Specht, Randy Schwantz, and Scott Addis.Key Points:Introduction to Accountability:Accountability is vital for producers and agency staff to ensure they stay on track and achieve long-term success.Internal accountability can be difficult, especially when team dynamics and internal politics come into play.External accountability from a mentor, coach, or peer group can provide unbiased feedback and drive personal and professional development.Internal vs. External Accountability:Internal Accountability often focuses on short-term results and can be influenced by internal politics or company culture.External Accountability allows for more objective feedback, free from biases and internal influences, helping producers gain a broader industry perspective.Impact on Career Development:Accountability goes beyond meeting targets; it influences decision-making, career trajectory, and the delivery of services to clients.By holding oneself accountable, producers can ensure they are delivering on promises made to clients, maintaining trust and long-term relationships.Continuous Improvement & Growth Mindset:David stresses the importance of continuous learning, including continuing education and professional designations, to stay competitive.Developing a growth mindset is crucial for producers, allowing them to embrace challenges, persist through setbacks, and continuously seek self-improvement.Building Confidence Through Accountability:Regular external accountability can build confidence, enabling producers to make bold decisions and tackle complex client relationships.This confidence extends not just to client interactions but also to internal negotiations, such as gaining approvals from underwriters or securing internal resources.The Role of Technology:Tools like Plaud, an AI recorder, allow producers to record and analyze their meetings, offering valuable insights for self-improvement and content creation.Community & Support:David highlights the benefits of joining accountability communities like Power Producer Base Camp or Killing Commercial to gain continuous feedback, access training, and share experiences with peers.Connect with:David Carothers LinkedInKyle Houck LinkedInVisit Websites:Power Producer Base CampKilling CommercialPower Producers PodcastPolicyteeThe Dirty 130The Extra 2 Minutes
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