Welcome to episode 5 of the Insurance Dudes Podcast. I'm Craig Pretsen here, and in this week's episode, Jason Feldman and I continue to talk about the ups and downs of agency ownership, what one bad staffer can do to your culture, and we start to talk a little bit about some ALR. How's that get you? Are you pretty stoked? It moves us, that's for sure. This is Insurance Dudes, and we are pumped you're here. Like it's amazing how long it can take to even catch some of the mistakes. Right. Right. And and then what that does to retention. And now, like we finally worked out of it. I mean, our my retention, and and I have a fairly good sized book. My retention went up is up 2% over last year. I mean, that's significant. I have less staff, but I have I have a solid staff. Right. I've had as many as 12. I've had I had 12 with six telemarketers. And so 18. We had six telemarketers at night and then the then the 12 LSPs. And that's like of you know, I mean that that's like that was insane, right? Trying to manage that. Um that that involved a lot of drinking to be able to manage that. But but um it was easier for people to hide, right? So somebody could produce 8,000 and eh, well, they're doing something. Like here, you know, when there's three producers, everybody's got to do their 30. Right. If they don't do their 30, everybody knows that they didn't do their 30,000. Yep. Yeah. And then there's a then there's a talk, then it's about activity, then it's you know, and so that's another thing is is introducing that accountability was significant. And there was a long time where where that for me it didn't click and I didn't like to do it because I didn't realize how effective it is. And now it's it's my favorite part of the week. So every Thursday, it's 15 minutes with each with each staff, even the CSRs, to go over their numbers. Like so Debbie's one of my is my lead CSR. Like, she doesn't have any any sales goals per se, but we go over how many, you know, what is your goal for Google reviews this week? How many did you get? What is your goal for ALR? How many apps did you get submitted? So everybody does have to get an have to have three ALR apps submitted. So whether it's you know some kind of financial that gets submitted or a um uh an IPS that gets submitted, an app taken. So it doesn't have to sell, it just has to be inked. And that's that's been a significant change in that process because we we used to we've done, and I've had the same EFS for eight years now. So we've tried everything. And and we've tried by referrals, we've tried paying for referrals, we've tried all this stuff. The thing that has be been the most effective and got us the most results has been you have to get three apps submitted or you get zero bonus.
SPEAKER_02That's awesome. What kind of bonus is it a monthly or monthly?
SPEAKER_01Monthly.
SPEAKER_02That's awesome.
SPEAKER_01So, but that's everybody. So even the producers, they're like, you know, kicking and screaming. I said, it is what it is. If if I if if the if the office doesn't get it, all state hacks off 10%. And that's the mortgage, right?
SPEAKER_02Yep.
SPEAKER_01So sorry, it is what it is.
SPEAKER_02Blame it on all state. So and and uh tell me about how that started and how you implemented it, and how did you get it to work? Because obviously it's working. How many did you submit last uh year?
SPEAKER_01Last year, how many last year we had we had a it was really weird because last year flipped from where we had a ton of IPS to a lot more production credit. We did a lot of um mutual funds and and VAs last year. Um, and and so now and and then the the the ones that I had to get rid of weren't producing ALR results, so it was a lot of um these guys that I have now were able to follow some of the processes. I know you've heard of the build-a-wall. Yeah, you've seen that. Yep. Spoiler alert, there is a secret uh automated, no, not automated, uh a web-based build-a-wall that is is basically available, but um, and we're gonna do another thing about that. But um, but that implementing that and having the requirements. So what I did was I listened to my team, right? Some some people in some offices, like saying, here's a form, use this, it has all the stuff. They may say, no way, right? Like, yeah, been at this all state forever, they may not do it. They may want paper. That's fine. Use a paper thing, but you've got to have some kind of something, like even the green sheets, right? People have used the green sheets and they've had success with the green sheets. For me, it's a little old school. Um, and I like the I like having the form because it's live. I have the data, we're able to go back to the data, we don't lose the papers. Um, right. But but so requiring that they do that and that there's a their comp is tied to if they don't get them, they get no bonus. And none of nobody that works for me can afford to not make bonus. Yeah. So we created a pay structure. I said, look, there has to be incentive for you to hit bonus, and there has to be a penalty if you don't do this thing that that we have to have as an agency. Like this agency won't be here if we don't get the ALR. Right. It's just a it's a fact, right? And that's the same for everybody. Like, I I it's remarkable how many agents are at 9% right now, and all they got to do is tweak a little tiny bit of process. I mean, I'd just be writing basic terms all day. Because that's another thing. You can write tons of basic terms. We've we've begun we like in December, that's when we s we started ramping up IPS again. December we did 10 IPS. Nice, and it was uh six of them were basic terms, but they're so simple.
SPEAKER_02Right.
SPEAKER_01You know, you're just on the phone with them. Hey.
SPEAKER_02Would you say they're basic? I'd say they're pretty basic.
SPEAKER_01Definitely. We're gonna stop here, have a quick 30-second break. We will be right back.
SPEAKER_00Hi, my name is Myra. I'm an agency owner here in San Antonio, Texas. I opened up a scratch agency in 2018. So we were falling behind, and I just knew something had to change. So I hired Agency Vault for a private coaching session with my team. The biggest takeaway was having a specific framework for selling. We've been able to increase our sales by 40%. So I highly recommend Agency Vault and working with them to incorporate this framework into your agency.
SPEAKER_01Thank you, Myra. And now back to the show.
SPEAKER_02That's awesome, man. That's good to hear because I think a lot of people don't believe that that can happen. So I mean, if how many, how many staff do you have? Five. Five. And all five of them are pretty much hitting their three apps a month.
SPEAKER_01We introduced this in December, and I did a kind of a slow rollout because I knew that I'd get pushback. And I'm and in my old age, I'm becoming more patient and realizing you can't just jump in the speedboat and go at 200 miles an hour. Like you have to slowly ramp up, right? And so, so it's December. Hey, we're gonna test this, and you guys have to do it, but I'm not gonna pull your bonus away. Just keep in mind in in January, it's gonna be go time. And then in January, I I I knew that I was gonna let it go in January, but in February, it was there was no option. So in January, mid-January, we had our kickoff dinner, and that's where we talked it over again. But again, usually it seems to me resentment and and anger and all these different emotions that come up when when stuff doesn't go the way they want, it's a lack of communication.
unknownRight.
SPEAKER_01And so if if if we don't over-communicate what our expectations are, then then that's on us, right? Like I want them to do this, but but then you tell them once, they don't remember they're doing a million things out there, right? We're hitting them constantly with a million different things, and the clients are too. So that was why where this was much more effective in doing it this way. And now this last so February, everybody got three apps submitted.
SPEAKER_02That's awesome, man. You can't imagine.
SPEAKER_01It was because it was, you know, yeah, I was on them every week, and and I mean, you know, I was I was in gym, I was in Japan for a week, um, I was out somewhere else. So I'm not even there, but I'm using Slack, um, which is a way that we communicate. I'm in there and just like, hey, we're all meeting on Zoom, everybody's doing their one-on-ones. It doesn't matter where I am. I I I will meet with them regardless of 15 minutes. What was what's working, what's not, what can we do better, and what are your numbers? Boom, next one. And they love it. Like they they really, unless they're lying to me, and I don't think they are, they they like those meetings. Like they're like, oh, like if I'm if that's awesome, man.
SPEAKER_02I think you're repeat uh as an agency owner, I think you get kind of in a routine, and you know, you expect everybody that everybody's kind of doing their own thing, and then you kind of let that meeting go, and then you let the next one go and it's right. Spiral way out of control.
SPEAKER_01It's a slippery slope. It's definitely slippery. So that's where where we have to be true to ourselves and hold ourselves accountable. Like I get I've become very, very calendar focused, and it's all on the calendar. Like if it's on a if it's on the calendar, I don't typically miss it. Which is why we push this back. It wasn't on a it's like I gotta put it on the calendar, right? Yeah. And so it's it's just because there's too many cool man. There I know from from where I sit that I get interrupted all day long. I I'm certain that you know, a new agent or somebody that has a couple million dollar book that has one or two staff, like they're just getting blown up.
SPEAKER_02Yeah.
SPEAKER_01And so if they don't have if you don't have tight processes, you don't understand how to prioritize, because you know, that that was me. I didn't I couldn't prioritize. I was like trying to answer every text, email, and call all at the same time as they're coming in. And that's just that's a recipe for insanity.
SPEAKER_02Yeah, process is king. Processes and it's funny because a lot of times when you're developing a process or thinking about implement implementing something like you're talking about, sitting down with your staff or whatever, whatever it takes, it seems like that'll take a lot of time, but it's almost the opposite. Like putting that time in creates less time of having to worry, having to do reconnaissance on whatever.
SPEAKER_01Right. Like we ran out of the um the bank slips, the little deposit slips.
SPEAKER_02Yeah.
SPEAKER_01And so somebody said, Hey, how do I order more of these? I mean, I have no idea, right? And so I think the last person that ordered those is no longer here. And we didn't have anything written down anywhere, and nobody knows how to do it. So all of a sudden, you have four people trying to figure out how to do something that generates zero revenue for the agency, yeah, which is like the ultimate distraction, right? So I said, okay, everybody, time out, stop working on this, I'll handle it. And and I thought, okay, I'm gonna go to the one person who who will be doing this going forward. We're gonna sit down and we're gonna we're gonna talk about what you need to do because we don't know, we'll find out, and then we're gonna write it down, we're gonna put it on our save on our shared drive, or I'll probably upload it in the agency vault, and then it's it's there. Like, here's the process, right? And it's like, but there's a million of these. Yeah, but if you can tackle them and record them, write them down, turn it into digital, and maybe even record a video of it while you're talking about doing it, then it's done. So instead of saying, hey, this is how we do it, now let's what you know down the road, let's make this process. It's like, no, no, no, no. Now make it now, and then file it away and it's done.
SPEAKER_02Yep. That makes sense. I don't know why I'm yelling at you. Procrastination is the worst the worst, the enemy of any business owner.
SPEAKER_01It is, and it's easy to do because there's too many things coming in. Yep. I think there's a difference between there, there's a difference that gets missed between procrastination and prioritization.
SPEAKER_02Yeah.
SPEAKER_01Right? Like you can't answer every email, it just isn't gonna happen. And you can't stress about not answering every email. You have to look at which ones are high priority and which ones aren't, and and then work through them or you know, delegate them out or whatever. Yeah. But yeah, it's true. But not say I I'm not gonna look at my email. Right, right.
SPEAKER_02Well, cool, man. Uh, thanks for sharing about uh everything. It's uh it's it's good, it's comforting to hear, especially that I mean everybody has problems and stuff that goes on in an agency, and it's like everybody, you know, you see a lot of people posting the good or talking about the good, but there's a lot of uh rough stuff that if we talked about a little bit more often, probably help each other out with, and it would definitely 100%.
SPEAKER_01And that's what you know, that's what the point of this podcast is is we bring on more people um and and different guests. And I I know that we have a couple ringers set up for the next couple weeks, and so um far, far more interesting than me. And you know, what we're gonna bring them in, they're gonna they're gonna provide some insight. You can take it, you can leave it, but hopefully you leave that conversation uh in a better position. So we're gonna stop it here. Um, this is Craig Pretzinger, uh back with you. Uh we're gonna stop it here. We did get through about another hour and a half of of chatting. Uh the the roles flipped. We ended up doing actually interviewing Jason a little bit, and we're gonna get to that in the next couple weeks. Um, but we hope you enjoyed this episode. If you did, please comment, uh, hit us with a subscribe on iTunes or on Google Play, and we will see you next time.