Power Producers Podcast

In this episode of Power Producers Shoptalk, David Carothers breaks down his top strategies for engaging contractors effectively. Drawing from real-world experience, David shares the key questions and approaches he uses to understand contractors’ needs and build trust. He emphasizes the importance of uncovering pain points related to certificates of insurance and audits, providing actionable insights on how producers can leverage these moments to win new business and strengthen client relationships.

Key Points:

Top Questions for Contractors

David recommends asking about the certificate process and past audits to reveal pain points and spark meaningful conversations.

Streamlining Certificates

He shares how using a self-service certificate portal empowers clients and boosts efficiency.

Audit Support

David emphasizes attending audits to reassure clients and gain insights that improve service.

Anticipating Needs

Learning from auditors helps producers identify client needs and adjust strategies.

Proactive Financial Planning

David advises tracking payroll data to prepare clients for audits and potential adjustments.

Managing Surplus Lines

He highlights the importance of realistic revenue projections and swing endorsements to prevent financial issues.

David concludes that these strategies help producers win business and deliver exceptional client service in a hard market.

Connect with:

Visit Websites:

In this episode of the Power Producers podcast, David Carothers speaks with Richard Stamets, Chief Commercial Officer of BluePond AI, about the transformative role of generative AI in commercial insurance. They discuss BluePond’s AI-driven solution, the Broker Co-Pilot, which has been designed specifically for insurance with functionalities for policy checking, quote comparison, underwriting submission ingestion, and claims ingestion. Richard shares insights into how BluePond’s generative AI technology not only automates and improves accuracy in policy comparison but also assists brokers by identifying selling behaviors and enhancing operational efficiency. 

Key Points:

Generative AI Explained:

Large language models (LLMs) like BluePond’s AI go beyond simple data processing, understanding and generating complex insurance language.

Enhanced Productivity:

Automating policy reviews and comparisons means less time on tedious tasks, freeing brokers and CSRs to engage in more valuable work.

Adoption and Change:

While AI adoption has been slow due to industry hesitance, the technology is here to stay, much like the evolution of the internet. Agencies embracing it early will be positioned for long-term success.

Collaboration Over Competition:

New tech fosters collaboration among different firms, creating stronger, comprehensive solutions for brokers.

Connect with:

·       David Carothers LinkedIn

·       Richard Stamets LinkedIn

·       Kyle Houck LinkedIn

Visit Websites:

·       Power Producer Base Camp

·       BluePond AI

·       Killing Commercial

·       Crushing Content

·       Power Producers Podcast

·       Policytee

·       The Dirty 130

·       The Extra 2 Minutes

In this impactful episode of the Power Producers Shoptalk, David Carothers brings on guest Raghav Tana to discuss the personal challenges and profound purpose behind Raghav's initiative, the Little Sparks Project. This nonprofit organization aims to provide financial and emotional support to families of children with complex medical needs, sparked by Raghav’s experiences with his son, who was born with Apert Syndrome. David shares his own journey with his son Ethan, who has special needs, reflecting on the emotional and financial toll of ensuring adequate care. They discuss the importance of advocacy, community support, and how their personal hardships have led to a shared mission of helping others facing similar struggles. The episode highlights the upcoming Little Sparks Project gala in December, emphasizing the importance of donations and community involvement.

Key Points

Introduction to the Little Sparks Project

Purpose:

The Little Sparks Project was founded to assist families financially when they have children with medical complexities, alleviating some of the financial strain that comes with hospital stays, surgeries, and extra care for children under 12.

Inspiration:

Raghav shares how his son’s rare condition, Apert Syndrome, motivated him to start the organization. He and his wife realized how fortunate they were to afford the costs associated with his son’s care and wanted to help other families facing similar situations but lacking resources.

The Emotional and Financial Burdens of Special Needs Care

Emotional Toll:

David and Raghav talk openly about their experiences as fathers of children with special needs. They emphasize the importance of having a support system and the mental challenges that come with the “why me” question when navigating these situations.

Financial Costs:

The episode sheds light on the often-hidden financial burdens, from medical bills to daily expenses related to special needs care. For example, Raghav mentions spending over $42,000 in the first 14 months of his son’s life on healthcare-related costs, a financial load many families are unprepared for.

Advocacy and Support Networks

Importance of Advocacy:

David shares how he and his wife advocate for their son in school and medical environments, often facing challenges but ensuring he gets the resources he needs. This proactive approach in advocating for children is critical, and it’s something Little Sparks also aims to support.

Emotional Support:

Both David and Raghav emphasize that asking for help is not a weakness but a necessity. They encourage listeners going through similar situations to seek out emotional and social support, which is crucial for maintaining resilience.

The Little Sparks Gala

Event Details:

The Little Sparks Project is hosting a black-tie gala on December 19 at the State Room in Boston, with limited tickets remaining. The gala is a unique opportunity for supporters in the insurance and wider business community to come together, raise funds, and create awareness for the cause.

Impact and Support:

The gala will have a silent auction and speakers, with all proceeds going toward supporting families in need. Raghav and David encourage listeners who can't attend in person to contribute financially, helping provide resources for families facing similar journeys.

How to Support Little Sparks

For listeners who wish to make a difference, a donation link is available in the show notes, and every contribution, no matter the size, is meaningful. David stresses that financial support can significantly relieve families of financial stress, allowing them to focus on their children's needs without added financial anxiety.

Connect with:

Visit Websites:

In this episode of the Power Producers Podcast, David Carothers sits down with Steve Bruder from Foxen to discuss how Foxen integrates renters’ insurance compliance and risk management solutions into property management. The conversation highlights how property managers can use Foxen’s system to ensure compliance with insurance requirements, prevent gaps in coverage, and generate ancillary income through revenue sharing. Steve provides insights into how Foxen's innovative approach addresses the often-overlooked problem of tenants canceling insurance policies, which can leave property owners vulnerable to costly claims. This episode emphasizes how commercial insurance agents can leverage Foxen’s solutions to differentiate themselves in the habitational real estate space, improve client retention, and enhance the value they offer to clients managing larger property schedules.

Key Points:

Closing Renters Insurance Compliance Gaps

Foxen ensures consistent renters insurance compliance, protecting landlords from uninsured claims—an issue their founders faced firsthand.

Opportunity for P&C Agents

Foxen helps agents differentiate by providing a revenue-sharing model for property managers, making renewals easier and adding value beyond insurance.

Identifying Ideal Prospects

Ideal clients are property managers struggling with insurance compliance or uncovered claims. Foxen manages compliance to save time and reduce risk.

Efficient Claims Process

Foxen’s in-house claims team and digital system streamline the process, handling common issues like water or fire damage caused by tenant negligence.

Standing Out in a Hard Market

With rising premiums, Foxen enables agents to offer unique, risk management solutions instead of just cutting costs, creating a competitive advantage.

Additional Rent Reporting Services

Foxen also offers rent reporting, especially useful in states requiring landlords to report on-time rent payments, adding even more value for clients.

Connect with:

Visit Websites:

In this episode of Power Producers Shoptalk, David Carothers provides a deep dive into effective prospecting tactics for insurance producers, challenging misconceptions about cold calling and outlining a comprehensive approach for sustained success. David highlights his recent experience with a 500-dial cold-calling challenge, underscoring the role of focused preparation and systematized tracking in lead generation success. He discusses the value of in-person marketing drops, HubSpot CRM's data insights, and the benefits of having a robust client database to streamline follow-ups and boost engagement.

Key Points:

Multi-Tool Approach:

David stresses that to excel in sales, producers must go beyond referrals and use diverse methods, like cold calling and in-person marketing, to fully realize potential. Relying on one strategy limits success.

Targeted, Data-Driven Cold Calling:

He calls only high-fit prospects (e.g., service contractors with 25+ vehicles, $5M+ sales) using precise lead scoring through HubSpot, allowing his team to time outreach for when leads are most engaged.

Structured Time and Focus:

Blocking distraction-free intervals (50 minutes for calls, 10 for follow-up) is key to staying productive and responsive without constant interruptions, especially for those with ADHD.

Unique Prospecting Advantage:

David identifies prospects using payroll companies for workers' comp, allowing him to offer benefits (like dividend options) those clients aren’t receiving, giving him a competitive edge.

Tracking and Measuring Success:

Using a CRM, David captures all prospect interactions, creating historical records that improve targeting and help track outreach impact.

Challenge to Cold-Calling Skeptics:

David argues that detractors of cold calling likely aren’t implementing it effectively. With research-backed strategies, he demonstrates cold calling’s value and promises updates on his results to let the numbers prove it.

Connect with:

Visit Websites:

In this episode of the Power Producers Podcast, David Carothers interviews Ray Gage, a veteran of the insurance industry who transitioned into mindful business coaching. Ray shares insights from his decades-long career in insurance, including selling his agency and the emotional challenges that followed. The conversation explores the often-overlooked emotional side of agency sales, leadership, and the impact of mindfulness in both personal and professional lives. Ray also discusses his upcoming book "Start with Stop", which focuses on the power of stopping to reassess and transform one’s approach to business and life. The book offers 16 chapters, each addressing a distinct area of improvement such as leadership, time management, and communication, allowing readers to find practical transformations tailored to their needs.

Introduction and Background:

David introduces Ray Gage, a veteran in insurance since 1980, who now focuses on mindful business coaching and is releasing a book titled Start with Stop in December. Ray reflects on his journey, from agency ownership to transitioning into coaching, aiming to guide others with the knowledge he’s gained.

Selling an Agency: Overlooked Challenges:

Ray shares insights from selling his agency, explaining the unexpected emotional challenges that followed. He advises those considering a sale to seek advice from others who’ve gone through it to prepare for the potential impact.

Mindful Business Coaching:

Ray’s coaching emphasizes self-awareness, showing how personal responsibility and mindfulness affect professional and personal growth. He advocates intentionality and self-care to foster a balanced, productive life.

Start with Stop – Rethink Your Routine:

The book is structured with 16 standalone chapters, allowing readers to focus on specific areas like time management or relationships. Ray’s goal is to help others accelerate their growth by breaking out of old patterns and developing sustainable, positive habits.

Breaking Familiar Patterns:

Ray discusses the “familiar zone,” where people stick to uncomfortable routines simply because they’re habitual. He stresses the importance of practicing new habits to achieve personal growth.

Detaching from Outcomes and Finding Purpose:

Ray and David touch on ‘detaching from outcomes’ to reduce stress, allowing people to focus on effort rather than results. Ray also emphasizes the importance of finding one’s purpose, as it provides clarity and motivation for long-term success.

Connect with:

Visit Websites:

In this episode of Power Producers Shoptalk, David Carothers discusses the importance of shifting away from selling on price and focusing instead on the total cost of risk (TCOR). Carothers emphasizes that insurance producers must position themselves as trusted advisors by addressing not only insurance premiums but also uninsured losses, compliance costs, safety program investments, and indirect costs such as reputational damage and employee downtime. He offers five critical questions that producers can ask at the point of sale to differentiate themselves from competitors and provide value to their prospects by focusing on long-term risk management and business operations.

David highlights the power of understanding a client’s operations, recounting a personal experience where he helped a resort reduce their high workers' compensation mod by improving operational efficiencies. He stresses the importance of asking the right questions to uncover hidden risks and developing solutions that prevent losses, thus lowering long-term insurance costs. The episode concludes by encouraging producers to adopt a proactive approach, offer value-added services, and leverage their insights to establish deeper client relationships, especially in a hard market.

Key Points

Stop Selling on Price

Producers need to focus on total cost of risk (T-Core) instead of just competing on premiums. This strategy positions you as a trusted advisor and improves long-term risk management for clients.

Value of Power Producer Base Camp

The podcast introduces Power Producer Base Camp, a program for individual producers designed to provide support and coaching, distinct from the larger Killing Commercial platform.

Focus on Comprehensive Risk

Insurance premiums are only part of the overall cost of risk. T-Core includes uninsured losses, compliance costs, safety program investments, and indirect costs like reputational damage. Producers need to highlight the full scope of risks to add value.

Examples and Stories

Real-life examples, like identifying inefficiencies in a resort's housekeeping or missed opportunities in manufacturing, showcase how addressing T-Core improves business performance and mitigates risks.

Critical Questions to Ask:

Addressing Objections

Clients may want to reduce insurance costs by adjusting limits or exclusions, but producers should help them understand the risks of doing so and propose solutions like raising deductibles instead.

Long-Term Client Relationships

By focusing on reducing T-Core, producers can establish long-term relationships with clients, creating fewer claims, lower uninsured losses, and more favorable premiums over time.

Differentiation and Execution

Producers must differentiate themselves from competitors by offering proactive solutions, implementing risk management strategies, and ensuring clients see them as trusted advisors.

Connect with:

Visit Websites:

In this episode of the Power Producers Podcast, David Carothers speaks with Matthew Bryan, a seasoned insurance professional from Tennessee. The conversation dives into Matthew’s unique journey from a background in broadcasting and finance to owning multiple insurance agencies. The discussion highlights how Matthew leveraged his experiences in banking and real estate to transition into commercial insurance, drawing parallels between commercial banking and insurance.

This episode is loaded with insights on everything from transitioning clients, finding your ideal prospects, to managing time efficiently as a business owner. Matthew’s personal story and his approach to building a sustainable lifestyle business are both powerful and inspiring.

Key Points:

Matthew's Background

Matthew Bryan shares his journey from growing up in a radio station, working in finance and commercial banking, to eventually owning an insurance agency. His background in banking provided insights into insurance, leading to agency acquisitions and long-term growth.

Building Relationships

Matthew emphasizes the importance of relationship building in Tennessee's competitive insurance market. He leverages conversations with business owners to ask in-depth questions, helping understand their needs and fostering strong client relationships.

Ideal Clients & Niches

The agency focuses on professional clients like lawyers, veterinarians, and chiropractors, targeting both commercial and personal lines. They avoid small, time-consuming accounts and aim to work with clients that align with their business goals.

Client Segmentation

The agency practices client segmentation to improve efficiency. By focusing on tiered clients (bronze to platinum), they aim to prioritize high-value accounts and refer smaller ones to other agents or service centers.

Work-Life Balance

Both Matthew and David highlight the importance of balancing business growth with personal life. Matthew values time with family and builds his business around personal priorities, while David shares how health scares led him to prioritize family time and intentional scheduling.

Collaborating with Competitors

Both emphasize the value of building relationships even with competitors, noting that referral networks can benefit everyone. Losing an account should not be taken personally but rather as part of the business process.

Efficient Time Management

The importance of time management is stressed, with both agreeing on outsourcing tasks that don't align with their hourly rates to free up time for high-value work and personal commitments.

Community Building

They discuss the benefits of networking with other agents and learning from each other's experiences, which helps foster growth, regardless of being competitors.

Connect with:

Visit Websites:

In this episode of Power Producers Shoptalk, David Carothers interviews Dustin Boss, co-founder of Emerge Apps. Dustin discusses how his experience as a producer led him to develop a suite of technology tools for agents, including OSHA compliance and risk management software. He shares insights into how these tools can help agents offer more than just insurance by focusing on compliance, safety, and risk management. This episode highlights creative ways to approach middle-market clients and the importance of leveraging technology to differentiate from competitors.

Key Points

Non-Insurance Engagement

Dustin emphasizes leading with value beyond insurance, such as compliance and safety solutions, to build deeper relationships with clients.

Emerge Apps Suite

Dustin's company offers several tools, including OSHA Logs and Automate Safety, that help agents open doors by providing compliance solutions, reducing client risks, and locking in retention.

Innovative Sales Approach

By working outside of traditional insurance renewal cycles and focusing on pain points like OSHA compliance, agents can subtly displace incumbent relationships and gain long-term clients.

Customization and Real-Time Insights

Tools like OSHA Logs allow agents to monitor clients' safety records in real-time, helping to prevent issues before they escalate into claims, which ultimately improves client retention.

Future of Risk Management

Emerge Apps continues to innovate with new products like Light Duty Works, aiming to offer comprehensive solutions for managing workplace safety and reducing claims.

Connect with:

Visit Websites:

In this episode of Power Producers Podcast, David Carothers interviews Lawson Condell, founder of Riskbly, a platform designed for commercial insurance agents to streamline risk management services. Lawson shares his journey from the Air Force and sales roles at ADP and Oracle to founding Riskbly. He created Riskbly to address inefficiencies in the commercial insurance process by providing agents with a white-labeled, customizable platform for managing policy documents, safety videos, risk management programs, and real-time insights. 

Key Points

Riskbly's Inspiration

Lawson built Riskbly based on his experience in commercial insurance, aiming to simplify risk management and enhance communication between agents and clients through a unified platform.

What Sets Riskbly Apart

Riskbly is fully white-labeled and customizable, allowing agents to provide seamless risk management under their brand. It integrates policy documents, safety training, and HR resources in one platform, avoiding multiple systems.

Real-Time Insights

Agents can monitor clients' progress on risk management tasks in real time, ensuring proactive follow-up and ongoing support throughout the year, not just at renewals.

Tailored Risk Management Programs

Agents can assign specific programs to address client risks, such as safety or compliance issues, and track progress. This ensures clients follow through on risk reduction efforts.

Adoption and Client Engagement

Riskbly uses notifications, mobile access, and training content to drive client engagement. It can also be used as a prospecting tool by offering it to potential clients during the sales process.

Future Plans

Riskbly aims to integrate with other tech solutions and provide underwriters access to real-time client risk management data, potentially leading to better pricing and decisions.

Connect with:

Visit Websites: