E82: Lessons Learned From Losing $50,000 In 48 Hours

In this solo episode, James shares some important lessons learned from losing two accounts that total more than $50,000 in annual revenue.

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Episode Highlights:

• James shares the story of how he lost two large accounts for his agency. (2:20)
• James discusses the backstory of the hotel account they had at Riskwell as well as the issues they had with the account. (4:17)
• James mentions that one of the issues they faced after writing all of the regulations was that they didn't ask all of the proper questions during discovery. (11:18)
• James explains that you get what you allow; if you allow bad behavior from an insured, they will continue to act that way since they don't care about you. (15:34)
• James explains that the second account they lost was a roofing company that they had for three years. (20:46)
• James discusses how they lost the roofing account and the important lessons they learned from the experience. (23:17)
• James discusses the importance of staying in contact with your VIP clients and being informed of internal changes. (25:51)
• James mentions that there is a big difference between a loss and a failure, and as long as you are successfully learning from a loss, it doesn't become a failure. (28:03)
• James reveals that in 2023, the Agency Freedom podcast will have a podcaster series of episodes, with guests from throughout the industry who have their own podcasts. (28:47)

Key Quotes:

• “My success at Riskwell, and our growth that is way above average, does not mean that we are immune in any way to making ridiculous blunders and lapses in judgment.” - James Jenkins
• “Having these conversations once a quarter, biannually, whatever it happens to be…if you're asking the questions about the staff, and the strategy, and the direction, the operations, then you're going to get more insight than if you're just staying in insurance land.” - James Jenkins
• “As long as you are successfully learning from a loss, it doesn't become a failure.” - James Jenkins