In this week's episode, Spencer Smith and Sean Turner delve into Sean's inspiring journey of establishing his insurance agency, Buffer Insurance. We explore the key takeaways from their conversation, offering practical advice and data-driven insights for aspiring entrepreneurs. Key Highlights: 1. The Challenges of Hiring Employees and Empowering Your Team: Starting an agency often means taking on the responsibility of hiring employees before revenue catches up. Sean Turner initially faced this challenge but realized the importance of empowering his team. By letting go of responsibilities and investing in employees, Sean witnessed the growth and independence of Buffer Insurance. This highlights the significance of building a business that is not solely dependent on its founder, fostering a culture of trust and support. 2. Partnering for Success: The Power of Collaboration and Independence: Spencer Smith shares his success story of partnering with vendors and relying on general agencies for guidance. Despite the aggregation and consolidation happening in the insurance market, becoming an independent agent is still possible, especially in areas with new business opportunities like Texas. By staying independent and embracing the concept of the flywheel, entrepreneurs can maintain momentum and attract larger clients. 3. Investing in Employees and Efficient Training Methods: Onboarding new employees and ensuring efficient training methods are crucial for the growth and success of any business. Spencer attributes his ability to quickly train employees to his military training, where repetition and simplicity were key. By operationalizing processes and investing in employees' development, entrepreneurs can create a healthy culture within their agency and scale effectively. 4. Taking a Controversial Stance: The Power of Values-Based Economy: Spencer and Sean discuss the impact of their pro-life policies, including paying for birth costs, implementing maternity and paternity leave, and covering adoption expenses. Despite the initial lack of response, the purpose of their announcement was to showcase the possibilities for other employers rather than taking a political stance. This highlights the importance of knowing and standing up for one's values, participating in a values-based economy, and inspiring other businesses to follow suit. 5. Navigating the Changing Landscape of Healthcare The conversation also touches upon the future of healthcare and the shift from fully insured products to level funded products. Fully insured rates are becoming more expensive due to only sick people remaining in those plans. Sean and Spencer advocate for self-funding as a way to lower costs and enrich benefits simultaneously. These insights shed light on the need for businesses to adapt to the evolving healthcare landscape and explore alternative options for their employees' well-being. Conclusion: Sean Turner's journey of starting Buffer Insurance offers valuable insights for aspiring entrepreneurs. From hiring challenges to empowering employees, taking a stand on controversial issues, and adapting to the changing landscape of healthcare, Sean's story is filled with practical advice and data-driven insights. Enjoy! Timestamps: 00:00:00) Starting an Insurance Agency (00:05:30) Transition from Military to Insurance (00:11:01) Transitioning from Military to Civilian Life (00:16:30) Letting Go of Responsibilities (00:21:47) The Growth and Independence of an Insurance Agency (00:27:29) Viral Moment: Pro-Life Strategies Guide (00:32:57) Unexpected Viral Success (00:38:37) Impact of Controversial Stance (00:44:17) Promoting Stewardship of Health (00:49:55) The Future of Healthcare

Welcome back to another episode of our podcast, where we dive deep into the world of insurance and healthcare. Today, we have a fascinating conversation between Spencer Smith and Elizabeth Vire, Vice President of National Sales at HPI (Health Plans, Inc.). They discuss the importance of a long-term strategy when working with third-party administrators (TPAs) in the insurance industry, along with practical insights and data-driven advice. So, let's jump right in! The Power of Strategy and Exceptional Service: Elizabeth Vire emphasizes the significance of vetting TPAs based on their ownership and long-term solution or exit strategy. She stresses that TPA is not a one-year sell, but rather requires a three to five-year strategy. By asking the right questions about ownership and long-term plans, employers can ensure they are partnering with a TPA that aligns with their goals and values. Navigating the Healthcare System: Challenges and Hope for Change: During the conversation, the challenges of navigating the healthcare system are also explored. Elizabeth shares her personal experience of waiting weeks to see a primary care physician and facing delays in referrals to specialists. This struggle resonates with many individuals, even those who are relatively healthy. However, Elizabeth and Spencer are optimistic about the potential for positive change in the healthcare system. They believe that the private sector has evolved and is paving the way for improvements. They express hope for approaches like direct primary care that prioritize actual care and emphasize the need for change to happen gradually over a few years. Practical Advice for Employers and Consultants: Throughout the conversation, Spencer and Elizabeth offer practical advice for employers and consultants in the insurance industry. Here are some key takeaways: 1. Vetting TPAs: When considering a TPA, inquire about their ownership and long-term plans. This will help ensure a strategic fit and a lasting partnership. 2. Understanding Intent: It is crucial to understand the intent of the client's plan and effectively communicate the messaging to employees. This clarity aligns everyone towards the same goals. 3. Full Integration: Invest in partners who offer full integration rather than settling for half-decent solutions. This ensures a seamless experience and maximizes the benefits of the partnership. 4. Data-Driven Decision Making: Before recommending cost containment solutions, gather and analyze data and utilization patterns. This approach allows for informed decisions that yield the best results. 5. The Value of Continuous Learning: Both Spencer and Elizabeth emphasize the importance of continuous learning and professional development. Staying updated with industry trends and insights is vital for success in the ever-changing insurance landscape. Conclusion: In this engaging podcast episode, Spencer Smith and Elizabeth Vire shed light on the importance of a long-term strategy when working with TPAs in the insurance industry. By vetting TPAs based on ownership and long-term plans, providing exceptional service, and navigating the challenges of the healthcare system, employers can ensure success in their insurance endeavors Stay tuned for our next episode, where we explore the innovative solutions offered by Pareto Health, a leading player in the healthcare industry! Time Stamps: (00:00:00) Transition from College to Banking (00:05:48) Career Path in Banking (00:11:28) Skydiving Mishap (00:16:53) Transition to HBI: An Independent TPA with a Unique Approach (00:22:28) Refreshing and Expanding: Rebranding and National Growth (00:27:56) Opportunities for Dual Option Networks (00:33:40) Importance of Understanding Client Intent (00:38:48) Ideal Consultant Partner (00:44:08) Challenges in Navigating Healthcare

Larry Turrell shares the fascinating history of self-funding in the insurance industry. From his father pioneering self-funded plans to his own transition and expertise, Larry shares insights. He also recounts his amusing experience as a bat boy for the New York Yankees. The podcast discusses the importance of underwriting, pre-screening, and educating the market about self-funding and captives. It explores the passion for self-funding, the impact of the podcast, and the changes in self-funding over the years, including the emergence of artificial intelligence in healthcare.

A Better Barber Shop - The Gents Place - Founder - Ben Davis 🎧 Discover the fascinating journey of Ben Davis, founder of Gents Place, in the latest episode of Self Funded with Spencer! 🎙️ From starting his business during the 2008 financial crisis to navigating the insurance world, Ben's story is a rollercoaster of entrepreneurship and resilience. Tune in to hear how he turned a men's hair salon into a country club meets Speakeasy meets barber shop experience. Ben describes the model of The Gents Place as "Country club meets speakeasy meets barbershop", which blends sophistication, a coolness factor, and networking into a single location for the modern man to get a great haircut and other men's grooming services. Ben actually started The Gents Place at the young age of 25, using an SBA loan two weeks before The Lehman Brothers collapse, bringing much of the financial and real estate markets with it. Interestingly, Ben actually started his professional career at Goosehead Insurance, where actually was accompanied by another past guest of the podcast - Lee Lewis. At the time of its inception, Goosehead disrupted the brick and mortar model of personal lines insurance, turning the solution into a 100% virtual experience for it's customers. Ben left Goosehead to create the vision he had in mind for Gents Place in 2008, without any personal experience in hair or barbershops. He first considered buying an existing franchise, but found those models lacking for what he envisioned. So, rather than going down that road, he decide to create the salon from scratch. Using his success as a key executive with Goosehead, and connections he had in the banking industry through his time there, he was able to pitch this idea and receive funding for it in very short order, partially because pre-crash, it was a lot easier to get a loan from a bank than it is today. Ben also has soft-spot for American Veterans, creating a few non-profit organizations dedicated to helping our soldiers. One in particular - Operation Gentlemen® - ties into the Gents Place, where every September they collect gently used suits and work attire at his salons on behalf of Veterans, and then distribute them free of charge at Fort Hood to members of our Armed Services transitioning into the civilian workforce. Ben is also launching a podcast called "The Untrapped Entrepreneur". The Podcast helps business owners who are feeling trapped in their businesses and want to unlock the secrets to more freedom and success? In the podcast, Ben dives deep into the strategies and stories of entrepreneurs who have broken free from the grind and found true fulfillment. 💼 In each episode, he interviews real people who have discovered the hacks to untrap themselves from the never-ending work cycle. From escaping 80-hour workweeks to saving marriages, these entrepreneurs have experienced it all. But here's the catch: untrapping yourself is an ongoing journey. The podcast shares people's experiences and lessons learned, so that you can avoid falling into new traps along the way. Timestamps: (00:00:00) Entrepreneur's journey in insurance industry (00:05:40) Genesis of Goosehead Insurance (00:11:03) Starting a Men's Grooming Business (00:16:51) Evolution of the Gents Place (00:22:32) Operation Gentlemen: Helping Homeless Veterans (00:28:15) Supporting Veterans and US Manufacturing (00:34:23) Entrepreneurship and Diverse Ventures (00:40:23) Embracing Change and Risk (00:46:15) The Importance of Teamwork (00:52:05) Untrapped Entrepreneurship (00:57:36) The Importance of Being Open to Learning #entrepreneurship #businessjourney #insuranceindustry #groomingbusiness #veteransupport #USmanufacturing #diverseventures #embracingchange #teamwork #untrappedentrepreneurship

Independent Benefits Consulting with Chris Wolpert of GBS In this podcast episode, Spencer Smith and Chris Wolpert discuss their careers, entrepreneurship, healthcare consulting, marketing strategies, and personal connections. They delve into Chris Wolpert's transition from journalism to the insurance industry, highlighting his focus on work-life balance and employee well-being as an insurance consultant. Chris shares his motivations for starting Group Benefit Solutions and his passion for the group benefits industry, the importance of consulting in modernizing healthcare, eliminating out-of-pocket expenses, and utilizing technology and personalized care is emphasized. He also created a comic books as a marketing tool, showcasing his creativity and ability to connect with prospects. The power of simple content and social connections in building a following on social media is also discussed. Chris has become well-known on LinkedIn because of his recurring theme of sharing Dad Jokes, as well as famous fables that teach life lessons. Overall, the conversations cover a wide range of topics that highlight the importance of balance, creativity, specialization, and personal connections in various professional endeavors. Timestamps: (00:00:00) Chris Wolpert's Career Journey (00:05:37) Starting GBS and Early Challenges (00:11:25) Consulting in Modernizing Healthcare (00:16:53) Using a Comic Book to Differentiate in the Insurance Industry (00:22:58) Comic book storytelling (00:28:38) Specializing in Modernizing Healthcare (00:34:35) The Power of Specialization (00:40:37) The Power of Simple Content (00:45:49) Anticipation of Hanging Out Links: Self Funded on YouTube: https://www.youtube.com/c/SpencerSmithSelfFunded/videos?app=desktop Self Funded With Spencer (Audio Version): https://podcasters.spotify.com/pod/show/spencer-harlan-smith Spencer Smith on LinkedIn: https://www.linkedin.com/in/spencer-smith-self-funded/ GBS Website: https://gbsbenefitsgroup.com/ Chris Wolpert on LinkedIn: https://www.linkedin.com/in/chris-wolpert/ #careerjourney #entrepreneur #healthcareconsulting #insuranceindustry #marketingstrategies #worklifebalance #specialization #contentmarketing #socialconnections #personaldevelopment

PBM Consulting - Bringing Transparency to Pharmacy with Trevor Daer of Granite Peak Analytics Trevor Daer, the founder of Granite Peak Analytics, joins me on the orange couch to explore the world of pharmacy analytics and the importance of data in making informed PBM decisions. This episode of the Self-Funded with Spencer Podcast explores the world of pharmacy rebates and the importance of collaboration in making progress and saving money. Spencer Smith and Trevor Daer discuss the PBM space and how Granite Peak Analytics can help large payers make educated decisions. Additionally, PBM Consulting Solutions provide employers with objective analysis and guidance to help them save on prescription drug costs. Furthermore, the episode touches on the growing concern of specialty pharmacy risk as well as how to scale impact and make a difference in the world. Through dialogue about the importance of communication and understanding the "why" behind processes, this episode emphasizes how collaboration is key to achieving successful outcomes. Quotes: 1. On Life in Montana - "People are people regardless of where they're from. So I think that's one thing why people keep moving there is we're pretty welcoming." 2. On why Consultants use Granite Peak - "Rather than having to try to find 17 different vendors based on a situation you're offering, hey, I will give your entire book of business a single contract for them to make sense of." 3. So I think if every kind of component of this infinitely complex system really honed in on their area and said, no, we're going to be more accountable and we're going to kind of align incentives, I think we could really move forward as a better well, I would. Links: Trevor LinkedIn Profile - https://www.linkedin.com/in/trevor-daer-22455b30/ Granite Peak Analytics LinkedIn - https://www.linkedin.com/company/granite-peak-analytics-llc/ Granite Peak Analytics Website - https://granitepeakrx.com/ Spencer LinkedIn Profile - https://www.linkedin.com/in/spencer-smith-self-funded/ Self-Funded with Spencer on Spotify - https://open.spotify.com/show/1TjmrMrkIj0qSmlwAIevKA?si=89a1b922dcf84da0 Self-Funded with Spencer on Apple Podcasts - https://podcasts.apple.com/us/podcast/self-funded-with-spencer/id1566182286 Self-Funded with Spencer YouTube Channel - https://www.youtube.com/@SelfFunded Timestamps: (00:00:00) Montana Life (00:05:38) Pharmacy Consulting Career (00:11:03)Exploring PBM Space (00:16:30) Pharmacy Rebates (00:22:25) Creating Granite Peak (00:28:14) Granite Peak Analytics (00:33:59) PBM Consulting Solutions (00:39:27) Specialty Pharmacy Risk (00:45:07) Scaling Impact #entrepreneurship #pharmacy #PBM #rebates #GranitePeak #analytics#solutions #specialtypharmacy #risk #scalingimpact

Enhanced Benefits with VB - Eric Silverman - Voluntary Disruption Are you looking for a way to get better engagement among your workforce without employees feeling like they just talked to a used car salesperson? Then you need to listen to the episode of Self Funded With Spencer featuring Eric Silverman! In this episode, Spencer and Eric discuss the enhanced benefit industry, plan design and enrollment, and technology. Voluntary Benefits are employer-sponsored benefits that provide employees with additional perks such as health insurance and retirement plans. Eric believes that the term "voluntary benefits" is not appropriate and prefers the term "enhanced benefits". He works with advisors and brokers to enhance employee benefits. The episode also covers National Day, a tool Eric used for Personal Branding to gain visibility and grow his LinkedIn following to over 70,000 followers! Finally, Eric and Spencer discuss Eric's podcast called "Rockstars Rocking". Eric has been blessed to know a lot of successful business people and entrepreneurs, so he likes to highlight people doing amazing work in their field. Tune in to learn more about Voluntary Benefits and how to maximize them for success! Links: Voluntary Disruption Website - https://voluntarydisruption.com/ Eric's LinkedIn Profile - https://www.linkedin.com/in/silvermaneric/ Rockstars Rocking Podcast - https://voluntarydisruption.com/rockstarsrocking/ Timestamps: (00:00:00) Voluntary Benefits Industry (00:05:33) Enhanced Benefits (00:11:08) Voluntary Disruption (00:16:47) Broker Bonus Splitting (00:22:10) Communication in Benefits (00:28:11) Winning New Business (00:33:15) Consulting Business Creation (00:38:23) Starting a Podcast (00:43:38) National Day Branding (00:48:35) Networking Conversations

Unlocking Cost Savings with Reference Based Pricing (RBP) - ClaimDOC - Omar Arif This week I sit down with Omar Arif, SVP of Growth with ClaimDoc to answer the question, "What is Reference Based Pricing, aka "RBP"?" Omar Arif, the SVP of Growth for Claim Doc, a cost containment vendor, was sold on RBP when he discovered it. Claim Doc provides a balanced approach to RBP, combining both "pay and defend" and "negotiate and settle strategies". Omar states that their network replacement is the most buttoned up in the industry, with all legal work, provider relations, and member services done in-house. The give and take of pay and defend vs. negotiate and settle is up to the individual to decide. Claim Doc's clinical team of nurses and coding experts performs a clinical audit on every single bill before re-pricing the claim. They also cap themselves out per claim to avoid being egregious and to be more friendly to stop loss markets. Stop loss carriers that have taken the time to learn ClaimDoc's model and have experience with them will often offer lower stop loss rates. Claim Doc is also transparent about how they get paid, taking a percentage of the build charge. Claim Doc is a family owned boutique company that is not the norm in the healthcare reimbursement space, which is mostly private equity or venture capital backed firms. They have 120 employees, with half of them being member facing to ensure access to care outside of a traditional contract and handle any billing questions. Why are so many people switching to ClaimDoc? It is because they say "They're working to make your self-funded insurance plan remarkable. Using next-generation technology paired with a human touch, they deliver transparent medical claim pricing and allow our clients' health plans to thrive." Links: Self Funded on YouTube: https://www.youtube.com/c/SpencerSmithSelfFunded/videos?app=desktop Self Funded With Spencer (Audio Version): https://podcasters.spotify.com/pod/show/spencer-harlan-smith ClaimDoc Website - https://claim-doc.com/ ClaimDoc LinkedIn Page - https://www.linkedin.com/company/claimdoc/ Omar Arif LinkedIn Page - https://www.linkedin.com/in/omararif1/ Timestamps: 5:00 - Lamborghini Dreams 7:45 - Playing Pro Baseball 14:56 - Getting Hooked On Sales 21:30 - What Is An RBP? 35:23 - RBP Implementation 41:11- Employer Communication 47:41 - Medicare As A Reference Point 54:10 - Will RBP Ever Become The Norm? 59:06 - Conclusion #entrepreneurship #LamborghiniDreams #ProBaseball #ContrarianSelling #ReferenceBasedPricing #RBPNetworkReplacement #RBPImplementation #MedicareReimbursementRates #RBPBenefits #TheEntrepreneursJournal

Pro Soccer, Super Bow Bids, and Formula One? - Neal Carter of Cvent Neal Carter joins me on the orange couch to discuss the logistics of planning Large Conferences, the process of putting together a Super Bowl bid, the impact of COVID-19 on the hospitality industry, and the 2023 Formula One race season. We also discussed the technical aspects of Formula One, the impact of Lewis Hamilton on the sport, and Neal's new Instagram channel - "American Gearbox". Like me, soccer has been a huge part of Neal’s life, with Neal even spending a few years as a pro soccer player in the U.S. As Neal currently works in the event planning industry, we discussed the huge undertaking of making a Super Bowl bid, the importance of everything from the days of the week in event planning, the amount of rooms needed per night, figuring out the proper room rates, the food buffet style versus plated, and the virtual component of events due to COVID-19. All this and more can be seen (and heard!) in Episode 101 of  @SelfFunded  with Spencer! Self Funded on YouTube: https://www.youtube.com/c/SpencerSmithSelfFunded/videos?app=desktop Self Funded With Spencer (Audio Version): https://podcasters.spotify.com/pod/show/spencer-harlan-smith Timestamps: 0:00 - Intro / Moving From Miami To Texas 3:22 - Neal’s Introduction To Soccer / Love Of Pele 11:29 - Playing Pro Soccer 13:46 - Hotel Sales Managing / Planning a Super Bowl Bid 23:09 - COVID’s Impact on Hospitality 29:11- Planning Virtual Events 38:23 - Falling In Love With Formula One 40:57 - The Netflix Effect 46:56 - Lewis Hamilton's Success 53:11 - Pit Strategies In Formula One 59:42 - Outro #entrepreneurship #soccer #superbowl #hospitality #virtualevents#formulaone #netflix #lewishamilton #maxverstappen #americangearbox

In a lively roundtable, Seth Denson, an employee benefits expert, joins Dennis Fowler, a seasoned insurance professional, and Chris Hamilton, a strategist in employee benefits. They tackle exciting trends in healthcare, like vertical integration and the importance of financial literacy for employees. The trio shares insights on transitioning from agent to consultant roles, mentorship's critical role, and strategies for effective healthcare decisions. They also stress the need for efficient healthcare and the merits of self-insuring plans, all while celebrating the milestone of 100 episodes!