Episode 90: Troy Korsgaden on Inflection Point

Does your existing business model work?  Today on the podcast, Bradley and Troy sit down to discuss some of the topics covered in his latest book, Inflection Point (find it at www.korsgaden.com/resources).  These include how to redefine your role when the existing model doesn’t work, how to build a team that can grow with the market, and having a flight plan for your business.  

Troy Korsgaden is a highly sought-after insurance and financial services consultant. He is the principal of Korsgaden International, which specializes in global marketing, distribution, agency building and technology strategies for many of the world’s largest insurance carriers and financial services companies.

As a consultant, speaker, and author of seven books, Korsgaden’s mission is to help the insurance industry and its representatives wake up to the radical transformation taking place in the insurance industry. He helps those in the industry learn how to better communicate with consumers, so that consumers develop a higher appreciation for the value of insurance products.

They discussed recruiting practices, and specifically a recruiting mindset.  We’ve heard the term “The Great Resignation” frequently, but Troy poses that it’s always been difficult to recruit.  However, the ones who are actually getting it done have a constant recruiting process.  When you’re always looking for talent, you consider whether a lead is a new client or a good candidate for a new employee.

Then, they considered how to develop a team that is able to keep up with changes in the industry.  We often use the term “growth to contribution.”  Technology is changing at a rapid pace, so your team has to have a mindset towards growing, learning, and improving.  You also need to think about whether your team member is contributing more to the bottom line or just contributing to your overhead costs.

The best way to see whether or not your team members are helping your bottom line is to have a solid understanding of your financials.  You should have a process to review your numbers and look at your expenses on a monthly basis.

Troy then pointed out the value of presentations over quotes.  Specifically in the insurance and financial industry, there is a volume method to sending quotes that works.  However, there is power in your words, and standing up new capabilities in the form of a presentation is very powerful.

Finally, they discussed a flight plan.  You could think about it like an actual flight.  If you heard your pilot and copilot questioning what to do with all the controls on their panel, you wouldn’t feel very confident in boarding the plane.  As an owner, you need to know what buttons to push when things aren’t going according to plan.  In addition to a solid business plan, you need a flight plan that shows you what to do when things go wrong.

Ready to find your Inflection Point?  Listen now!