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Many people in our industry choose to only learn through trial and error.

They waste a lot of time and energy walking on the same paths, over and over again, while more mature brokers listen to advice, watch out the sharp edges, and spend the same time prospecting and growing their business.

If you're the second type, this episode is for you.

The episode is short and to the point - so grab your note pad and pencil, pour yourself a cup of fresh coffee, and let's work on the future of your business together.

Here's what we covered:

• The difference between GOALS and OUTCOMES.
• Why playing the Long Game always pays off.
• The secrets of the human brain: how to get in TOP 150 of your prospect's mind.
• What sacrifice you need to make along the way.
• How to reward yourself for your wins.
• SPECIAL INSIGHT: Smart Broker Advice Monster.

In this episode, I and my good friend Hobson Carroll, who is a world-class actuary, talk about specific deductibles. 

We dig into setting the deductible - what types of deductibles we can utilize to mitigate risks and price them appropriately.

As Hobson notes, for a lot of people in today's world, the specific seems to be the most important thing, because everyone realizes that individuals have large claims, and we don't want $2 million claims hitting the budget of the employer self-insured plan.

But if you go back to earlier times when claims didn't get so big and stop loss insurance for self-insured plans was just sort of starting out - it existed in one form or another before that, but it was generally had different names. In reality, in the early days, it was referred to as individual excess risk insurance. And of course, the aggregate protection was known as the aggregate excess risk insurance, excess risk being the term used to describe what happens to the claims over a certain amount.

Stay tuned as we delve into specifics of the specific deductible.

Key Points of Discussion:

• Everyone realizes that individuals have large claims (1:23)
• Why employers use risk mitigation tools (3:23)
• Buying an individual stop loss policy (4:07)
• Bifurcating claims into two mutually exclusive and complimentary sets (5:04)
• Of actuarial tables and manuals (7:04)
• The self-insured plan is this big pot… (10:38)
• How much to raise the specific deductible to offset the trend increase (18:07)
• A fully insured product: When they talk about a trend increase… (18:54)
• It all depends on the sizes of the group, deductible and premium (24:59)
• The re-insurers know the tricks (28:21)
• Setting the aggregate attachment point (32:13)

Learn more at: http://headsupadviser.com/

Join me as in this episode, I talk to my  client and good friend Gary Bender. Gary is a CFO for many years, probably more than he wants to admit to, but he's been around the block and back. He understands the world the CFO’s live in.

Unlike most CFO's, he's actually an owner of a company as well, so he knows the ownership side. He also runs a group called CFO Solutions, that meets on a monthly basis to talk about best practices.

We talk about what is the best way to convey a message from a marketing standpoint to a CFO and he shares exactly how we can get in front of the elusive CFO.⁣

“I'd say to any broker: Find somebody that understands the CFO world and get in front of their groups. We do have CFO groups, they're rare. CFO’s are generally introverted. They’d rather be in the office and be out with 10 or 20 peers,” he explains.

“They don't want to be in the spotlight, but they don't have egos. They have power and control, but they don't have egos,” Gary adds responding to an interjection.

If you've been out there prospecting CFO's, then this is a must-listen so you understand...

• What are the different types of CFO’s? 
• What’s their actual role? How do you get these guys in a room? 
• What are brokers doing wrong in those meetings? 
• How can you use their facts and history when you communicate with CFO’s?

These are some of the key questions answered in this episode, so stay tuned.

Key Points of Discussion:

• In 15 years, mean tenure of a private firm CFO down to 28 months from 84 (1:10)
• CEO’s realize they need a trusted adviser as CFO (1:44)
• The different types of CFO’s; the actual role of a CFO (2:18)
• Most of the top financial execs in private firms are controllers (3:01)
• Most firms need a strong controller and a super-strong CFO (3:19)
• Communicating with a controller vs communicating with a CFO (6:01)
• Change is a positive word and the CFO's going to understand that… (13:54)
• CFO’s know healthcare benefits are probably their third largest expense on their cost stack and they can't change pricing in the marketplace; their job is to manage the cost stack (16:01)
• Why are they not involved in managing the healthcare budget? (17:19)
• Most people in controllership or finance are not ‘people’ people (24:46)
• How do we prospect the CFO’s? (26:33)
• Getting these guys in a room: Don’t make it a selling event (30:16)
• Tips for brokers: Use their facts… (31:30)
• Understanding your information and defining your goals (34:39)

Additional Resources:

• TheCFOSolution.org

In this episode, Craig and I walk you through the process of becoming a student of the game. You see, there’s this difference between the pros and the more experienced pros. There's always people who are better than the rest.

I've admired Craig’s way of being a student of the game. I feel like I'm a student of the game. That's how I got good at things that I did.

Meeting Craig and learning from him over time, I always thought: “Well, it's just a smart guy and he knows all this stuff already.”

And then getting closer to him, being around him on the regular, I started to realize this guy's a student of the game. He's doing things on the weekends. He's doing things when nobody's looking.

Stay tuned as we talk about why it is so important to be a student of the game in this business and we also zero in on the formula for success.

Key Points of Discussion:

• Delayed gratification is a secret to being successful in anything (2:13)
• Be willing to do things unsuccessful people aren't and you’ll be a success (3:06)
• You’ve got to review your performance after you're done (5:21)
• Being able to walk away, take the sale away, and not be needy (6:38)
• About weekends, research, reading, and watching videos (7:36)
• Of sales and psychology books, and those on behavioral economics (10:22)
• Thinking about the gap between where I'm at and where I'd like to be (14:56)
• Finding the button that's going to make the heart connect with the brain (16:12)
• Focusing on what you're not great at, to get better (17:16)
• What they know about how human beings make decisions (18:58)
• Signing up for whatever made me uncomfortable and getting over it (22:03)
• Trying and finding a hot button with whoever I'm going to talk to (23:00)
• Craig on good books having fabulous ideas he can make money with (28:51)

This one is a live episode at the Ranch with Ed Jacobson and Hobson Carroll. They talk about how health insurance is treated differently as compared to other types of insurance. They also discuss how healthcare insurance has evolved in the US starting from the early 60s.

They deal with different factors changing the face of healthcare insurance in the country, starting from the times when immunization drugs started to roll about and they passed Medicare and Medicaid to deal with the elderly and kids from poor families who couldn’t afford healthcare.

They underline the fact that emotional and political and religious influences on our system have a bearing on how much we spend on healthcare in this country.

And then they talk of the times when suddenly, there was a cash mill going on. Doctors and providers started seeing money coming in for populations that they previously couldn't count on for much money.

And it was “Hey, we can charge more money because we can charge the insurance companies!”

As the insurers improved the depth and width of their country, of their products, the marketplace adapted to it. The providers adapted to it.

Stay tuned to dive deeper.

Key Points of Discussion:

• Health insurance: One wants to pay a dollar in and collect more (0:38)
• It is expected of health insurance to cover high-cost rare event things (5:32)
• The early 60s: Start of healthcare insurance as a bigger dollar volume biz (10:37)
• The medical-industrial complex: We started to have more drugs (12:04)
• “We can charge more money… we can charge the insurance companies!” (12:55)
• Insurance companies setting those guidelines around rebates and things (24:35)
• All these so-called single-payer countries… (29:52)
• Failing by making patients not feel responsibility for anything they spend (33:48)
• Getting buyers to want the better benefits that most won't need or use (35:39)
• Starting in the mid-70s, general inflation and medical inflation were rising (37:55)
• Today, there are massive administrative costs (38:35)
• How’d an insurer compete in a market where everything is the same? (39:32)
• Going to the network doctor because it will cost you less… (42:21)
• The role of the advocacy and the administrative service (47:43)

This is the inaugural episode for the Heads Up Adviser podcast. This will lay the foundation for the various topics that we will cover on the podcast.

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To learn more, check out The Heads Up Adviser website.