Episode Summary
Mike Papuc and John Ross Hopkin recently hosted an insightful episode of the Broker Link podcast focused on strategies for insurance agencies to better serve clients. They covered a range of topics, including becoming one-stop shops, preparing for healthcare changes, training agents, recognizing top producers, and expanding nationally.
Mike has 16 years of insurance experience and was excited to join Brokerage Inc. to share his knowledge and help others. John's family started the brokerage 47 years ago. They first discussed recruiting opportunities in the Carolinas and the over 23 million enrollments through the Affordable Care Act marketplace last period.
A key theme was the importance of teamwork over relying on just one leader. Working collaboratively allows agencies to expand. The hosts talked about supplementing major medical and Medicare Advantage plans with additional coverage like dental, vision, accident, cancer, heart attack, and stroke. This helps cover deductibles and out-of-pocket costs.
Mike emphasized becoming a one-stop shop to increase client retention and satisfaction. John agreed and wants to learn cross-selling strategies from successful property and casualty agencies. Supplemental products are underutilized but provide immense value, especially as healthcare costs rise.
Mike shared a story of how supplemental insurance helped him cover expenses when he broke his arm playing soccer. He stressed the need to educate clients on additional solutions available. The hosts plan to provide training and roleplay to boost agents' confidence in discussing supplemental offerings.
John looks forward to national sales calls to recognize top-producing agents and share industry knowledge company-wide. Mike aims to take Brokerage Inc.'s success in Texas nationally to help more agents and agencies. He sees potential for major expansion.
In summary, the main takeaways included becoming one-stop shops through strategic cross-selling, preparing for healthcare changes, training agents on supplemental products, leveraging top talent, and expanding nationally. The hosts provided valuable insights for agencies looking to grow and deliver greater value to both agents and clients. Combining supplemental offerings with major medical plans can provide financial protection.
Timestamps
(0:00:00) - Broker Link podcast features interviews with insurance agents about the ACA
(0:00:32) - Mike Papuc joined TBI in January after 16 years in insurance
(0:01:52) - Jr Hopkin: We're expanding beyond Texas into other key states
(0:04:06) - Mike Papuk's background is in supplemental health sales
(0:07:27) - Mike Papuk: Often brokers focus on Medicare health insurance or life insurance
(0:14:15) - You come from a call center background. You built up a very powerful agency
(0:21:08) - You bring so much expertise in that field that I think this is a lot
(0:24:53) - The one thing I love is just like stories, talking to people
(0:28:01) - Mike and Jr. thank you for listening to their first podcast
(0:28:56) - The broker link helps insurance agents grow their business and earn more
