Spot On Insurance

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Mike Strakhov is the Senior Vice President at Live Oak Bank, a digital, cloud-based bank with no ATMs, branches, or tellers. They are a lending company that aims to be America’s small business bank. He co-founded the insurance lending vertical, including building the team and developing strategies for short and long-term goals. As SVP, Mike is responsible for developing referral partnerships with agency networks, consultants, and various insurance carriers across the US.

Mike joins us today to discuss the surge of mergers and acquisitions in 2021 and what he expects to see in 2022. He shares his career experiences before working with Live Oak Bank and the time he was part of the insurance industry. He explains how the pandemic didn’t stop the mergers and acquisitions transactions from happening in record numbers and describes why he and his company are bullish on agency acquisitions today and for the foreseeable future. Mike also shares the steps you should take before deciding to sell an agency and the taxes and fees in-between.

"Debt and taxes are part of the whole she-bang, so you're going to pay it one way or the other." - Mike Strakhov

Today on Spot On Insurance:

• Mike's career and the different hats he's worn over the years.
• Why the insurance industry is so resilient.
• Mike's thoughts on 2020 and how the year still had record-breaking mergers and acquisitions.
• How the Biden administration will change the current market climate.
• The acquisition status of the startup industry.
• How will the surge of mergers and acquisitions affect the industry?
• What Mike expects 2021 to be and what the future holds.
• Why Mike is bullish on agency acquisitions.
• The steps you need to take when selling an agency.
• Why 2021 is a good time for agencies in terms of bank lending.

Key Takeaways:

• It takes several years to get your financials in order.
• Taxes will always be part of the equation, even in retirement.
• In selling agencies, having everything in order is impactful on the price you're going to get paid.

Connect with Mike Strakhov:

• Live Oak Bank
• Mike Strakhov on LinkedIn
• Email: [email protected]
• Phone: (614) 361-9482

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

Apple Podcasts Rate and Review for SpotOn

Jeremy Streten is a coach, lawyer, mastermind facilitator, and author of The Business Legal Lifecycle: How to Successfully Navigate Your Way from Start Up to Success, a book that discusses all the possible things that can go wrong in your business journey and how you can prevent them. He is also the CEO of Business Legal Lifecycle, a company that offers SaaS products that business owners can use to identify risks and blindspots in their business. The mission of Jeremy’s company is to help business owners learn the legal health of their business.

Jeremy joins us to share how Business Legal Lifecycle helps business owners find legal blindspots in their companies and provide solutions to fix them. He discusses Australia's current state and why he believes life is pretty much back to normal, with a few exceptions. He explains the risks many business owners incur in their professional journey and highlights some of the things they can do to solve them or prepare for them. He describes the importance of estate planning and the best time to talk about it. Jeremy also explains why he’s opposed to the industry creating programs and services that can confuse clients and end up driving them away. 

"The number one objection people have is they don't understand. If they don't understand, they disengage." - Jeremy Streten

Today on Spot On Insurance:

• How Australia combatted the pandemic and what it's like today.
• Why Jeremy was interested in tech early in his career.
• What made Jeremy start their company and how they can help reduce business risk.
• Their target market and which businesses benefit the most.
• Jeremy's thoughts on how technical terms serve to confuse potential clients.
• How business professionals can separate simplicity from stupidity.
• What readers can expect from Jeremy's book.
• The best time business owners should talk about estate planning.
• What is it like in Australia in terms of business conferences and meet-ups?
• Jeremy's advice for newcomers and how they can improve the industry.

Key Takeaways:

• Estate planning should be discussed any time.
• Just because a process uses simple terms doesn’t mean it’s stupid.

Connect with Jeremy Streten:

• Business Legal Lifecycle
• Book: The Business Legal Lifecycle: How to Successfully Navigate Your Way from Start Up to Success
• Jeremy Streten on LinkedIn

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

Apple Podcasts Rate and Review for SpotOn

John Warrillow is an entrepreneur, best-selling author, and President of The Value Builder System, a solutions platform that helps small business owners boost their company's value. Their platform incorporates various tools to measure, analyze, and interpret data to help improve business value by as much as 71%. He is the man behind the bestselling books Built to Sell: Creating a Business That Can Thrive Without You and The Art of Selling Your Business: Winning Strategies & Secret Hacks for Exiting on Top. John is also the host of the Built to Sell Radio, a weekly podcast for entrepreneurs who want to sell their business.

John joins us to share how his entrepreneurial drive started as a kid selling drinks in school. He discusses some of the motivators that ultimately led him down the path of entrepreneurship. He explains why he wrote books focused heavily on selling businesses and why they both virtually revolved around the concept of recurring revenue. He describes some of the reasons why this year is the best time to sell a business, especially if that business was running throughout 2020 and discusses why he believes new entrepreneurs should chase partnerships over sole ownership. John also explains why trying to sell your business at the very top is a double-edged sword and shares a real-life story of what happens when it goes wrong.

"The best time to sell is when somebody’s buying.” - John Warrillow

Today on Spot On Insurance:

• How John's entrepreneurial spirit started when he was young.
• What recurring revenue is and how it affects company value.
• What inspired John to write his books around recurring revenue.
• How entrepreneurs can sell their businesses like the big players.
• When should business owners consider selling their business?
• Why businesses that operated during the pandemic should consider selling now.
• What is pre-diligence in entrepreneurship?
• Why it's not advisable to always ride the company over the top before you sell.
• Partnerships and why John thinks entrepreneurs should do them.
• Why we need to be very cautious of when an acquirer can talk to our employees.
• What is Majority Recapitalization and what happens when it goes wrong for the owner? 

Key Takeaways:

• Exiting a business can both be a fairytale story and a story of enduring hardships.
• Most owners are going to have to stay on after selling to reach their earn-out.
• There's no effort without error and shortcomings.
• When your competitors find out your employees are looking elsewhere, it undermines your leverage.

Resources Mentioned:

• Care.com

Connect with John Warrillow:

• Built To Sell
• The Value Builder System
• Built to Sell Radio
• Twitter
• The Art of Selling Your Business: Winning Strategies & Secret Hacks for Exiting on Top
• Built to Sell: Creating a Business That Can Thrive Without You

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

Apple Podcasts Rate and Review for SpotOn

Ryan Stewman is the CEO of Hardcore Closer, a company that helps elite salespeople to elevate their sales game through new technologies and automated sales processes. He is the Founder of the Break Free Academy, a network of entrepreneurs and business owners who want to become elite salespeople in their respective industries. He is a contributing author to media outlets such as Forbes, Entrepreneur, and Huffington Post and the bestselling author of multiple books, including GCode: How to Stay Super Focused in a World Full of Distractions and Hardcore Closer, a book that describes the many setbacks Ryan experienced before finally stumbling on the path that led to his success. Ryan is also the host of The Hardcore Closer Podcast, one of the world’s longest-running sales podcasts.

Ryan joins us today to share his story of growing up in an abusive home and serving time in prison to becoming a motivational speaker, business owner, and 4-time bestselling author. He highlights the lessons he has learned about business while working at a carwash in his youth, how his career pivoted from washing cars to working in the banking industry, and how serving jail time has affected his personal and professional life. We discuss why many salespeople have the wrong mindset about cold-calling and what they should do to become more efficient and effective. We also discuss Ryan’s inspiration to become a motivational speaker, his Hardcore Closer Program, and how his company helps sales professionals become the best-of-the-best in their industry.

"Most people have mentally tricked themselves into sticking to what works. It’s effective… but it’s not efficient." - Ryan Stewman

Today on Spot On Insurance:

• Ryan's work ethic and how it all started in a carwash.
• What Ryan learned during his time in prison.
• How Ryan’s career shifted from washing cars to working in the banking industry.
• Ryan's mindset after serving time in prison.
• How Ryan found the inspiration to become a motivational speaker.
• Ryan's opinions on cold calls and their efficacy and efficiency.
• The struggle between power and force regarding cold-call sales
• What professionals can learn from Ryan's Hardcore Closer Program.
• The goal of Ryan’s company and how they empower their clients to be better leaders.
• Exercises you can do to envision an elite version of yourself.
• Ryan's daily routine and how it can help you to be more focused.
• What their slogan "Do the work despite” means.

Key Takeaways:

• Do the work every day that can bring you success long-term.
• Don’t focus on how fast you can win big, but how you can win every day.

Resources Mentioned:

• The Law of Success In Sixteen Lessons by Napoleon Hill

Connect with Ryan Stewman:

• Hardcore Closer
• Break Free Academy
• GCode
• Hardcore Closer book
• Podcast

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

Apple Podcasts Rate and Review for SpotOn

Nate Reznicek is the Head of US Distribution at International Re Ltd, an insurance and reinsurance underwriting agency based in London. The company specializes in captive insurance, what Nate describes as a niche inside of a niche. As Head of US Distribution, Nate’s responsibility is spearheading the company’s US marketing strategies and developing sustainable enterprise risk management strategies. He is also part of the Captive Insurance Companies Association Programming Committee. 

Nate joins us to discuss what captive insurance is, the risks they cover, and the market they’re after. He shares how he joined the captive insurance industry and what I-Re does for its clients. He describes the different types of captive insurance and the positions you have to fill if you want to start your own captive insurance company. Nate also shares what kept him going despite the economic downturn of 2020.

"The captive insurance space is a very small one. It's a niche inside of a niche." - Nate Reznicek

Today on Spot On Insurance:

• How Nate found himself working for a captives practice.
• Why captive insurance is a niche inside of a niche.
• What is a captive insurance company?
• The different types of captive insurance.
• The roles you need to fill if you want to start a captive insurance company.
• What does captive insurance cover? 
• What I-RE does and how they are different from other captive insurance companies.

Key Takeaways:

• Insurance is not regulated at a federal level, but at a state level.
• The most common use of Captive insurance outside of your common P&C policies is going to be in your employer-sponsored healthcare plan.
• Most carriers don't make money on their underwriting profit.

Connect with Nate Reznicek:

• International Re
• LinkedIn
• Email: [email protected]

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

Apple Podcasts Rate and Review for SpotOn

SOI203 - Healing American Healthcare

Edward Eichhorn is the President of Medilink Consulting Group, a company that provides sales, strategic planning, and marketing advice for medical service and imaging businesses all over the country. Their company spearheaded the Healing American Healthcare Coalition to make sure healthcare professionals are always informed with the business and research side of the COVID Pandemic. Edward is also an author and the man behind the book, Healing American Healthcare, where he talks about how the country can transition to a universal healthcare system while also reducing national healthcare costs.

Edward joins us to discuss the current healthcare crisis in the US and his universal healthcare proposal that has virtually no drawbacks. He shares stats and facts regarding healthcare in other countries and how the US compares. He explains why Bernie Sanders’ Medicare For All Bill could be bad for healthcare professionals and shares when he thinks the world will go back to a pre-COVID state. Edward also describes what readers can expect from reading his book and how it can help their healthcare finances.

"We have to rebalance healthcare once we get past this terrible pandemic.” - Edward Eichhorn

Today on Spot On Insurance:

• Edward's career path and why he joined the healthcare industry.
• How the US compares to other countries in terms of its healthcare systems.
• The ramifications of not having a universal healthcare system.
• Medical expenses and how it affects the number of people who declare bankruptcy.
• What it means to win the healthcare lottery.
• Healthcare options for the United States.
• Why Medicare For All would be detrimental to healthcare workers.
• How Americans truly feel about changing health insurance models.
• Why the current system is difficult to fix.
• How the pandemic affected the healthcare industry.
• What readers can expect from his book and how it can help their healthcare finances.
• What the country can do to prepare against another pandemic.
• When Edward believes the world will go back to a pre-COVID normal.
• Which of the COVID vaccines currently available should people take?

Key Takeaways:

• The United States is the only one among developed nations that doesn't have a universal healthcare system.
• If we could harness healthcare and make it a right instead of a privilege, it would also improve our nation's economic activity.
• When competition gets to a point of oligopoly, then the opportunity to compete on price goes away.

Connect with Ed Eichhorn:

• Medilink Consulting Group
• Email 1: [email protected]
• Email 2: [email protected]
• Healing American Healthcare: A Plan to Provide Quality Care for All, While Saving $1 Trillion a Year 
• LinkedIn

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

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Troy Korsgaden is a sought-after financial services and insurance consultant. His company, Korsgaden International, specializes in agency building, global marketing, technology strategies, and distribution for some of the world’s largest financial services companies and insurance carriers. Troy is also the author of many books, with the most recent one titled Inflection Point, where he guides business owners on how to adapt their insurance or financial services agencies in an ever-changing market and technological economy.

Troy joins us to discuss how the pandemic has exposed old business models and how creating new business models let small, forward-thinking businesses thrive. He discusses how the industry has been moving away from the customer-centric approach, and how 2020 brought them all back to this core principle.  He explains how companies can flaunt their value over those who offer the cheapest prices. Troy also shares why the best companies are trying to innovate on a daily basis and why it’s important for businesses to frequently re-tool the services they offer.

"You need to meet customers where they want to connect - not where you want them to connect.” - Troy Korsgaden

Today on Spot On Insurance:

• The big changes that happened in the industry since 2020.
• Why businesses need to ditch the "old" business model to move forward.
• How companies determine where they can get in touch with their clients.
• New technologies and knowing what and how to upgrade.
• Making clients see that your company offers more value than your competition.
• How frequently should we re-tool our services?
• Deep diving into Open Platform Solutions.
• Why customers aren't always looking for the cheapest price.
• What it means to offer unrivaled service.
• Why you don't want ‘generalist’ employees.
• Constant re-tooling and how it will boost your market value.

Key Takeaways:

• You have to give great service, great advice, and then you earn the right to offer solutions.
• Customer-First is only true if you go to where the customers go, and not be a company that tells them what to do and how to best communicate with you.
• Any company can have great first impressions, but only few will make it last.

Resources Mentioned:

• Spot On Insurance 159: Get The Right Customers In Your Chair

Connect with Troy Korsgaden:

• Korsgaden International
• LinkedIn
• Email:[email protected]
• Book: Inflection Point: Redefining Your Role In The Insurance And Financial Services Industry When The Existing Model No Longer Works

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

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Manuel San Miguel is the Co-Founder and CEO of Ignatica, a core insurance platform that aims to help insurers grow their markets, boost profits, and digitally serve consumers. Their goal is to help their clients penetrate new markets in a more seamless manner - despite different or heavy regulatory systems. As CEO, Manuel is skilled in software development, digital strategy, and risk management. Before founding Ignatica in January 2019, he worked with Manulife for over nine years as Chief of Technology, Architecture, and Digital Engineering.

Manuel joins us to share how Ignatica seeks to address the problem of digital transition in the industry. He discusses how their company makes use of AI and Blockchain to create a fully digitized insurance platform. He describes how his passion for martial arts influenced the path he took professionally and explains what digital transformation really means for a consumer. Manuel also shares why legacy thinking should be obsoleted in an ever-changing market and his insight on what insurance professionals should learn from the 2020 coronavirus pandemic. 

"Life has a way of happening and doors have a way of opening." - Manuel San Miguel

Today on Spot On Insurance:

• The goal of Ignatica and the gaps it seeks to fill in the financial industry.
• How they incorporate AI and Blockchain technology.
• Why Manuel set his sights on the Asian market.
• How martial arts influenced Manuel's professional career.
• What Manuel noticed with distribution platforms and digitization.
• The definition of digital transformation from a consumer perspective.
• What 2020 has taught the insurance industry.
• Why legacy thinking is no longer applicable today.
• The difference between the way the Asian and US markets are handling digitization.

Key Takeaways:

• ‘Digital’ is not just “I was able to do something online.”
• Many startups in developing countries have great ideas, but are hampered by overhead cost.
• Relying on legacy systems should no longer be a focus in a world where disruptions can happen at any moment.

Connect with Manuel San Miguel:

• Ignatica
• LinkedIn
• Email: [email protected]

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

Apple Podcasts Rate and Review for SpotOn

Tim Christ is the Vice President of Growth at Claimatic, a SaaS insurance claims app that streamlines claims distribution in real-time through proprietary algorithms. Claimatic provides claim assignment services, end-user empowered rules optimization, advanced mapping, and workforce management among other services. He has over 20 years of experience in executive leadership, management consulting, and business development roles. Tim is also the author of Outgrowing QuickBooks, where he discusses how business owners can redesign and re-engineer their small business into a medium-sized business.

Tim joins us to discuss the problems Claimatic intends to solve with their advanced algorithms and data-driven streamlining platform. He describes how a small business can scale without losing efficiency or money. He explains the difference in management between a small and medium-sized company. Tim also shares how the pandemic of 2020 has altered the way claims are processed and discusses the risks of relying on spreadsheets to track your finances.

"Your business is part of the reflection of what you feel is your self-worth." - Tim Christ

Today on Spot On Insurance:

• Tim's opinions on the average American's financial status.
• The problems Claimatic wants to solve and how they plan to solve them.
• When you should let your team manage your business for you.
• Why we should learn how to manage our pennies.
• How to avoid business inefficiency as you scale.
• What can happen to your business if you don't have a strategic plan.
• Internal controls and why small businesses don't have them.
• How hiring a CFO can benefit a growing business.
• Why Tim doesn't believe the claims industry has a talent gap.
• How the pandemic has changed the process for claims.
• Solving the reassignments problem and its immediate effects on a business' finances.
• Why businesses should stop relying on spreadsheets.

Key Takeaways:

• 2%-7% of a business's money is often wasted on process inefficiencies annually.
• 90% of small businesses don't have a strategic plan annually that's written on paper.

Resources Mentioned:

• The Great Game of Business, Expanded and Updated: The Only Sensible Way to Run a Company

Connect with Tim Christ:

• Claimatic
• LinkedIn
• Email: [email protected]
• Phone: (210) 632-4571
• Outgrowing QuickBooks: Engineering Real Profit (ERP) in Companies with $10 Million-$50 Million Annual Revenue

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

Apple Podcasts Rate and Review for SpotOn

Will Marzolf is the Founder of Grafico Analytics, an insurtech company that aims to innovate the way insurance companies visualize, communicate, and compare their various insurance and reinsurance programs. They created a restructuring platform that allows clients to visualize what their insurance product looks like to understand them better. Will’s entrepreneurial spirit also led him to complete more than 30 different courses such as behavioral finance, business statistics, algorithm development, and corporate finance. 

Will joins us to share why the industry needs to revamp the way it presents insurance products to clients and how Grafico can help them do it seamlessly and instantly. He describes what it was like starting this company amidst the pandemic and the tools he used to get his company going. He explains why he pursued a career in reinsurance despite it being such a niche market, how clients can use their platform, and what they can expect to find. Will also shares what keeps him motivated despite the tumultuous time we’re currently experiencing.

"We can use financial products to save our society or protect it in the event that Mother Nature is causing a catastrophic event to occur." - Will Marzolf

Today on Spot On Insurance:

• Who Will Marzolf is and why he chose a career in reinsurance.
• How the pandemic may alter the way insurance covers financial risk.
• The terms and lingo used in reinsurance compared to other industries.
• Why Will created Grafico and the problems they want to address.
• How Grafico helps visualize data and insurance products.
• Future projects to watch for.
• Why they suggest taking their training services to use their platform.
• Languages and computer languages - and how to be good in both.
• What it was like starting a company in the middle of a pandemic.
• What keeps Will motivated during these hard times?

Key Takeaways:

• Ease of use is one of the most important factors when it comes to online platforms.
• Insurance companies are now looking into coverage for events like a pandemic.

Connect with Will Marzolf:

• Grafico Analytics
• LinkedIn
• Company Email: [email protected]
• Personal Email: [email protected]

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!