The Insurance Guys Podcast

On this episode of The Insurance Guys Podcast, Scott and Bradley are joined by the all-star guest Robert Smith, founder and CEO of Fidelis Advisors. In this thought-provoking episode, our speakers delve into the myths surrounding private company aggregation platforms and their belief that the value of their assets never goes down. They discuss the fluctuation in the value of publicly traded insurance brokers and distribution firms due to market fluctuations and financial performance, questioning why private company platforms would be exempt from these valuation fluctuations. The speakers raise concerns about the terms and impact of bringing in sophisticated investors at a moment of need on existing security holders and highlight the potential issues of holding onto illiquid assets. They emphasize the importance of conservative capitalization and less reliance on debt in the current environment. Marsh agencies are examples of a business connected to a larger, conservatively capitalized enterprise. The episode also explores the interest of private equities in investing in insurance distribution due to its durable attributes, low capital requirements, good cash flow, recurring revenue streams, and ability to scale expenses. The challenge for investors lies in finding opportunities for differentiation in a crowded market and dealing with increased competition among independent insurance agents and brokers. The speakers believe that smaller-scale agencies, which have yet to be the focus of aggregation platforms, have the most significant opportunity for growth through partnerships with larger businesses. The episode further discusses the importance of harmonizing systems and relationships between traditional insurance agencies and banks. The speakers stressed the need for better systems and technology to streamline operations, allowing more time for delivering insurance solutions. They highlight the benefits of strategic partnerships or investments to drive performance and attract investors, emphasizing the value creation and proportional interest in a larger ecosystem compared to approaching it independently. Throughout the episode, our hosts Scott Howell and Bradley Flowers guide the conversation with their industry expertise, while guest Robert William Smith shares his extensive background in the insurance industry. Join us on the Insurance Guys Podcast as we dive into the complexities of insurance distribution, challenges in the market, and the opportunities for growth and success.Key Topics and Takeaways Accidental entry into insurance business, private equity interest. Insurance distribution attractive to private equities, but challenges exist. Opportunities in smaller scale agencies. Technology can drive growth and efficiency. Common challenges faced by small businesses in the insurance industry. Consider boutique for expertise, market access, and business sustainability. Leverage partners, systems, and scale for growth. Banks buying agencies struggle to run them. Banks acquire assets for growth and cross-selling. Harmony needed in banking and insurance systems. Acquisition platforms need conservative capital and scaled assets. Private company platforms must consider value fluctuations. Many platforms indiscriminately acquired businesses, overpaying. Agents should read, listen, and take action.

On this episode of The Insurance Guys Podcast, Scott and Bradley have a special guest, Josh Bagby, who shares his journey in the insurance industry. Josh talks about his experience working in a slow and political environment that wasn’t the right fit for him long term. He discovered the importance of building his personal brand locally and realized that people cared more about him as an individual than the company he worked for. When COVID hit, electronic signatures became crucial for the survival of his business. Josh spent a few years researching and considering other options due to the pandemic and a good renewal book. During this time, he listened to a podcast episode featuring Kenny Urbania, which led him to reach out for advice. He found the information from podcasts and guests valuable, especially when learning about the agency collective. Josh’s agency offers opportunities for growth and better pay for producers who are tired of being stagnant. He emphasizes the importance of freedom in terms of time and how agents are treated as human beings. He discusses the frustrations of being an independent agent and the challenges of dealing with aggregators and clusters that lock them down. Throughout the episode, Josh and the hosts also touch on the importance of not being influenced or bought by sponsors who may act against the best interest of independent agents. They discuss their concerns about the actions of a company called Openly, in which they are both investors. They highlight the need for independent agents to have support and someone to fall back on, as well as the significance of market access, commission percentage, and avoiding lock-up and stipulations.In addition to diving into the insurance industry, they discuss this agent’s personal life, education, and career journey. The podcast episode also covers the power of social media, specifically how the speaker started a successful Facebook group that became a town hall and brand builder for their business. They discuss their efforts to positively impact their community, addressing needs quickly without red tape. They also offer insights on managing negative reviews and maintaining a balanced online community. Towards the end of the episode, the speaker announces their plan to open an independent insurance agency in their hometown and shares their approach to doing the right thing and learning from past agency experiences. They emphasize the importance of investing in quality resources and expertise while building solid relationships in the industry. The episode concludes with a sponsored message from Ascend, a premium finance company that automates invoicing for premium financing. They highlight how Ascend can save time and reduce non-payment cancellations for teams in the industry.

On this episode of The Insurance Guys Podcast, Scott Howell and Bradley Flowers dive into a discussion with guest Seth Zaremba. Seth shares valuable insights on optimizing service in the insurance industry. He highlights the importance of independent agents owning the transaction process and leveraging data to increase net margin. The conversation explores the integration of technology platforms and the need for targeted customer service efforts. The speakers also discuss the mission of Neon and b atomic!, especially their new product Neon Shopping - an easy and affordable way for agencies to monitor their policyholders and prospects. They stress the collaboration between agents and big data players to achieve this mission. Throughout the episode, various strategies and solutions are discussed, including integrating CRM into AMS, assigning staff persons to carriers, and utilizing measurable metrics to evaluate agency performance. Listeners are encouraged to adapt to the changing industry landscape and find ways to reduce expenses to scale and compete effectively. Overall, this episode provides valuable insights and actionable tips for independent agents in the insurance industry.Get Your b atomic! Neon Alerts Deal Here >>>Neon Shopping Alerts offers our The Insurance Guys listeners an easy and affordable way for agencies to monitor their policyholders and prospects as they shop across 55,000 comparison-shopping and lead-generation websites while keeping their data secure.///////////// SPONSORS: HawkSoft Agency Management SystemCustomize your technology stack with HawkSoft Agency Management System. It's intuitive, efficient and includes a wide range of core features. Plus, get unparalleled customer service. Invest in HawkSoft and your investment will pay for itself in the first year. Contact sales@hawksoft.com or go to hawksoft.com/insuranceguys and mention the Insurance Guys podcast. Ascend Check Out The Modern Insurance Payments Platform Book an Ascend demo at useascend.com/insuranceguys

On this episode of The Insurance Guys Podcast, Scott Howell and Bradley Flowers sit down with their guest, Diane Delaney. Diane Delaney is an accomplished insurance professional with extensive experience in the industry. She currently serves as the executive director of the Private Risk Management Association (PRMA) and focuses on helping independent agents and insurance professionals enhance their sales and service skills.During the episode, Diane shares her experience working with high net worth clients and highlights the lack of training and preparedness within the industry. She emphasizes the importance of education and collaboration, noting that PRMA provides resources and support to its 4,500 members.Diane also discusses her role in developing a high-net-worth sales school at AIG Private Client Group and her current focus on supporting the PRMA community. She encourages listeners to unlearn insurance jargon and approach sales from a value-based perspective.In addition to discussing her work, Diane shares her interest in getting young people involved in the insurance industry and highlights the benefits of hiring younger individuals. She also highlights the confusion surrounding specific industry terms, such as “producer” and “marketer.”Throughout the episode, Scott Howell and Bradley Flowers converse with Diane, seeking insights into the private client world and sharing their experiences. Listeners are encouraged to focus on private client business and to consider the benefits of collaborating and uplifting the industry. Enjoy the show!

On this episode of the Insurance Guys Podcast, the hosts, Scott Howell and Bradley Flowers are joined by Andrew Wynn, CEO of Ascend, a technology company that optimizes approval and billing processes in the insurance industry. Andrew shares a personal story about the risks of messing up billing and how Ascend solves these problems related to billing and approval processes. The hosts discuss the importance of working with a consultative agent while prioritizing customer experience and ease of business. They also talk about Ascend’s integration with other software, the importance of relationships in troubleshooting, and centralization in the industry. The hosts tease upcoming breaking news from Andrew that will change the industry and discuss their own experiences in selling a company to an InsurTech MGA. They end the podcast promoting Ascend and encouraging listeners to automate low or no value add tasks.Ascend Promo Link >>> useascend.com/insuranceguysSPONSORS: HawkSoft Agency Management SystemCustomize your technology stack with HawkSoft Agency Management System. It's intuitive, efficient and includes a wide range of core features. Plus, get unparalleled customer service. Invest in HawkSoft and your investment will pay for itself in the first year. Contact sales@hawksoft.com or go to hawksoft.com/insuranceguys and mention the Insurance Guys podcast. Ascend Check Out The Modern Insurance Payments Platform Book an Ascend demo at useascend.com/insuranceguys

In this special encore rebroadcast episode, Bradley and Scott sit down with David Carothers from Florida Risk Partners and CJ Hutsenpiller from Hutsenpiller Insurance to discuss producer and account manager compensation.///////////// SPONSORS: HawkSoft Agency Management SystemCustomize your technology stack with HawkSoft Agency Management System. It's intuitive, efficient and includes a wide range of core features. Plus, get unparalleled customer service. Invest in HawkSoft and your investment will pay for itself in the first year. Contact sales@hawksoft.com or go to hawksoft.com/insuranceguys and mention the Insurance Guys podcast. Ascend Check Out The Modern Insurance Payments Platform Book an Ascend demo at useascend.com/insuranceguys

In this emergency episode, Bradley and Scott react to the recent announcement by Nationwide Insurance.///////////// SPONSORS: HawkSoft Agency Management SystemCustomize your technology stack with HawkSoft Agency Management System. It's intuitive, efficient and includes a wide range of core features. Plus, get unparalleled customer service. Invest in HawkSoft and your investment will pay for itself in the first year. Contact sales@hawksoft.com or go to hawksoft.com/insuranceguys and mention the Insurance Guys podcast. Ascend Check Out The Modern Insurance Payments Platform Book an Ascend demo at useascend.com/insuranceguys

On this episode of the Insurance Guys podcast, Scott Howell and Bradley Flowers are LIVE from the HawkSoft User Group 2023 National Conference with Brent Thurman (founder of Keystone Insurance Services.) and Paul Hawkins (President / CEO at HawkSoft Inc.) to discuss the importance of team building and customer service. Brent, a second-generation agency owner, shares how he has built a successful team by introducing a new compensation structure and implementing weekly staff meetings. The guests discuss the importance of giving team members a platform to be heard, along with relevant team-building activities such as yearly organized events, recognition of veteran employees with plaques detailing their achievements, and holding virtual and in-person team meetings. Scott, Bradley, and guests also discuss the value of creating a purple cow experience where customers are given a unique and memorable experience and the difficulties of planning and funding industry conferences. Lastly, they conclude that agency owners should prioritize caring for their staff, keeping their team engaged, and building relationships with referrals. This episode of the Insurance Guys podcast was truly informative and reveals the importance of the HawkSoft Users Group National Conference for agents and professionals from around the world.///////////// SPONSORS: HawkSoft Agency Management SystemCustomize your technology stack with HawkSoft Agency Management System. It's intuitive, efficient and includes a wide range of core features. Plus, get unparalleled customer service. Invest in HawkSoft and your investment will pay for itself in the first year. Contact sales@hawksoft.com or go to hawksoft.com/insuranceguys and mention the Insurance Guys podcast. Ascend Check Out The Modern Insurance Payments Platform Book an Ascend demo at useascend.com/insuranceguys

On this episode of The Insurance Guys Podcast, Scott and Bradley talk with Dustyne Bryant, a subject matter expert in personal lines, account management, SOPs, CRMs, risk management, and policy language, with an MBA, a CISC, and a CISR to boot. Married to Scottie Bryant with three children, she is the Personal Lines Academic Director for the National Alliance for Insurance, Education and Research and the host of the Awkward Insurance Podcast. They will discuss personalized account management, the importance of designations, the differences between SOPs, CRMs, and Risk Management, and why policy language is so important. Enjoy the show!SPONSORS: HawkSoft Agency Management SystemCustomize your technology stack with HawkSoft Agency Management System. It's intuitive, efficient and includes a wide range of core features. Plus, get unparalleled customer service. Invest in HawkSoft and your investment will pay for itself in the first year. Contact sales@hawksoft.com or go to hawksoft.com/insuranceguys and mention the Insurance Guys podcast. Ascend Check Out The Modern Insurance Payments Platform Book an Ascend demo at useascend.com/insuranceguys

On this episode, the Twitter popular and truly unanimous Commercial Insurance Guy returns to the show to give Scott and Bradley some unvarnished truth in the commercial insurance space. Plus, Scott shares news of a furry new family member and how he is tackling the cannabis industry. Enjoy the show!Follow @someinsurance