How Should Insurance Brokers Get Paid - Jonathan Lopez

Jonathan Lopez's career journey is a testament to the power of hard work and continuous learning. From a shoulder injury in the Marine Corps to earning a doctorate in leadership, Lopez has overcome obstacles and embraced opportunities to shape his professional path.

Lopez's commitment to helping others extends beyond his career. He is actively involved in fundraising for wells in Tanzania through the Water Boys organization. This philanthropic effort not only builds wells but also ensures their maintenance and management, providing clean water to communities in need.

In a recent episode of the podcast "Self Funded," hosted by Spencer Smith, Lopez and Smith delve into the complexities of incentives in the insurance industry. They emphasize the importance of transparency and integrity in navigating this field. Lopez highlights the issue of misaligned incentives and what he refers to as "dark money," shedding light on the need for greater accountability.

The conversation also touches on shared savings arrangements and compensation structures for consultants. The evolving landscape of the insurance industry demands a closer examination of who gets paid and how much at each step of the equation. Lopez and Smith recognize the need for more transparency and integrity in the industry, challenging the perception of insurance as a greedy or stagnant field.

Comedy emerges as a powerful tool for delivering harsh truths and sparking meaningful conversations. Lopez and Smith discuss the influence of comedy in addressing industry issues and dispelling misconceptions. They highlight the role of comedians like Joe Rogan, who use their platforms to share perspectives and engage audiences through humor.

Artificial intelligence (AI) emerges as a game-changer in the insurance industry, particularly in underwriting and prepayment of claims. Lopez emphasizes the benefits of AI in analyzing patterns and resolving issues efficiently. The vast amount of healthcare data available allows AI to make data-driven decisions, leading to more accurate risk assessment and cost-saving strategies.

Chapters

00:03:29 From $20 to Doctorate: Overcoming Obstacles

00:06:46 Climbing Mount Kilimanjaro to Fund Wells

00:09:58 Sustainable well management for clean water access

00:19:48 Misaligned incentives and dark money in insurance

00:28:33 Incentivized cost savings through shared arrangements

00:34:34 Prescription-based Comp for Insurance Consultants

00:40:25 The Power of Comedy in Delivering Truth

00:41:48 AI's Impact on Claim Management in Insurance

00:50:45 Revolutionizing Underwriting with AI Technology

00:59:27 Optimizing Insurance Plans w/ Pre-Underwriting Analysis