Episode Summary
The Broker Link podcast recently welcomed guest Jeremy Cutlip, a successful insurance agent who made the transition from the hospitality industry after 20 years of owning and managing bars. Jeremy shares his story of how he built his insurance business with the help of The Broker Link after being introduced to the industry by a friend who worked for a life insurance company. His background in hospitality and sales helped him transition into insurance, and he overcame the fear of cross-selling to achieve success in his new career.
Jeremy's Journey in the Insurance Industry
Jeremy initially joined Primerica, a life insurance company, after being drawn to their claim that anyone could succeed with minimal effort. He worked as an agent for a few years before deciding to become a broker, which allowed him to work with multiple insurance companies. However, he eventually left the company to start his own business, bringing his book of clients with him. During his time with Primerica, Jeremy had around 250 clients, but he found that life insurance was more transactional and didn't involve ongoing relationships like other types of insurance. He struggled to understand why people didn't want to work with a package of insurance products, as he believed it was a more comprehensive approach.
Turning Point and Growth
After leaving Primerica, Jeremy joined a new company, starting from scratch with no clients. However, he was able to leverage his existing knowledge and skills to build a new business. He now works with multiple lines of insurance and has a more analytical approach, focusing on determining clients' needs through a fact-finding process.
Cross-Selling and Overcoming Fears
The podcast aims to explore the importance of cross-selling and how agents can overcome their fears to achieve more success in their business. Jeremy's experience highlights the importance of understanding clients' needs and providing a comprehensive approach to insurance services. By focusing on building ongoing relationships and offering a package of insurance products, agents can achieve greater success and growth in their business.
Key Takeaways
* The importance of having a background in sales and hospitality in transitioning into the insurance industry
* The need to overcome the fear of cross-selling to build a successful insurance business
* The value of a fact-finding process in determining clients' needs and providing a comprehensive approach to insurance services
* The ability to leverage existing knowledge and skills to build a new business and achieve growth
* The importance of building ongoing relationships with clients and providing a package of insurance products
Actionable Insights
* For insurance agents looking to transition into the industry, consider leveraging their existing skills and knowledge from other fields.
* Focus on building ongoing relationships with clients and providing a comprehensive approach to insurance services.
* Use a fact-finding process to determine clients' needs and provide tailored insurance solutions.
* Overcome the fear of cross-selling by understanding the client's needs and providing a package of insurance products.
* Consider building a business with multiple lines of insurance to achieve greater growth and success
Be on the lookout for Part 2 of this interview!
Timestamps
(00:10) - Unlocking the Power of Insurance Brokers
(01:06) - The Art of Cross-Selling: Boosting Revenue Streams
(02:55) - Navigating the Insurance Industry in a Post-Covid World
(03:07) - Cultivating a Cross-Sell Mindset for Success
(05:01) - Savoring Success: Exploring Restaurant Options
(06:03) - Uncovering Hidden Employment Opportunities
(06:54) - Mapping Your Career Path to Success
(07:36) - Cracking the Code: Effective Hiring Methods
(09:15) - Demystifying Insurance Policies: What You Need to Know
(09:32) - Making Informed Choices: A Marketer's Guide
(10:13) - Raising the Bar: Building a Successful Bar Business
(10:39) - The Secret to Career Success: Insider Tips
(12:02) - Building a Thriving Brokerage from the Ground Up
(12:11) - Capturing the Essence of Agency Success
(12:25) - Certification: The Key to Unlocking Your Potential
(13:11) - The Truth About Life Insurance: Debunking Common Myths
(14:18) - Unraveling the Mysteries of Fact Finder Needs Analysis
(14:33) - Motivating Clients: The Key to Long-Term Success
(16:17) - Building Strong Relationships with Middle-Class Families
(17:10) - The Importance of Personalized Life Insurance Coverage
(17:39) - Empowering Middle-Class Families with Insurance Solutions
(18:10) - Fine-Tuning Your Craft: Elevating Your Insurance Game
(18:36) - Navigating Property and Casualty Company Meetings
(19:05) - Capturing the Pulse of the Market: Attitudes and Trends
(19:46) - The Role of Brokerage in the Insurance Industry
(19:49) - Leveraging Life Marketing Support for Success
(20:20) - The Power of Structured Training in Insurance
(20:37) - Networking Like a Pro: Building Valuable Connections
(20:58) - Mastering the Craft of Healthcare Insurance
(22:17) - Understanding the Complexities of Insurance Needs
(23:07) - Health Insurance Insights: What You Need to Know
(25:04) - Breaking Comfort Habits: Embracing Change in Insurance
(25:32) - The Entrepreneurial Spirit: Thriving in the Insurance Industry
(26:57) - Captive Agencies Training: Unlocking Your Potential
(27:17) - Building a Strong Foundation: Working Knowledge in Insurance
(27:33) - Choosing the Right Products for Your Clients
(28:47) - Budgeting for Success: Insurance Strategies
(29:04) - Protecting Families: The Importance of Family Protection
(29:25) - Navigating Health Plans: What You Need to Know
(31:37) - The Quest for Affordable Healthcare: Industry Insights
(32:17) - Finding the Perfect Balance: Affordable Insurance Plans
(33:51) - Delivering Exceptional Customer Service in Insurance
(35:40) - Navigating the Complex World of Insurance Plans
(36:19) - Staying Ahead of the Curve: Industry Trends and Insights
(37:15) - The Power of Social Connections in Insurance
(37:24) - Referrals: The Key to Unlocking New Business Opportunities
(37:31) - Crafting the Perfect Health Plan
(38:49) - Elevating Sales with Help from Software
(39:05) - Streamlining CRM Integration for Success
(39:32) - The Art of Delegation: Freeing Up Time for Growth
(40:31) - The Importance of Accessibility in Insurance
(40:43) - Help Centers: Your One-Stop Shop for Insurance Solutions
(41:12) - Direct Marketing Campaigns: Reaching Your Target Audience
(41:29) - Overcoming the Challenges of Independent Marketing
(42:31) - Policy Recommendations: Providing Personalized Solutions
(43:05) - Affordable Coverage Options: Breaking Down Barriers
(43:16) - Value-Based Coverage: The Future of Insurance
(44:54) - Data Points: Unlocking Insights in the Insurance Industry
(45:19) - The Evolution of Insurance Usage: Trends and Insights
(45:20) - Demystifying Insurance Coverage: What You Need to Know
