Ryan Spalding
@RySpalding
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Following
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Consultant, Retired Insurance Broker, Knowledge Seeker, and Connector of Good People. I eat my Pop-Tarts raw.
USA
Joined August 2023
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"Mavens are people who have a strong compulsion to help other consumers by helping them make informed decisions." - Malcolm Gladwell
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My insurance journey
My family started in insurance in 1905. My dad and grandpa both were National President of the PIA, and I got the opportunity to meet a lot of successful owners/producers as a kid.
While in college, I worked for the family agency. I still remember entering
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About to launch a big initiative with select insurance brokers throughout the US to provide them with a new revenue stream and I wish someone had brought this to me while I was in the game.
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I retired from insurance, and not a single company called to put me in a commercial. Jason Kelce retires from football and he is the only human being allowed in a commercial.
The moral of the story is don't go into insurance, play in the NFL.
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I didn't turn away accounts that were "too small" of revenue for me to handle. I didn't solicit them, but when referred to me, I never passed them over.
I hate that insurance brokerages will have a revenue threshold you must meet for them to service and place your business.
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I didn't invent the wheel. I studied the biggest producers/brokers in my niche. I knew their markets, their talking points, and I would ask their clients what they loved/hated about them.
I copied what they loved and tried to do better at what people hated. Too many people act
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When I interviewed, they asked me if I would be interested in being the CEO. I laughed at the idea. I was only 26, and the company had a handful of people.
Why on earth would they think I was qualified? Why did the company need one?
I spent 6 years working in the family
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Most insurance buyers at a company were assigned the task of dealing with insurance. They don't love it, they deal with it.
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The Laser tag business I'm launching has been one of the coolest experiences. I think the most enjoyable part is listening to people question if it's even a real thing I'm doing. The equipment has been ordered and the website to book should be live by 5/1.
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If your team consists of less than 20 people, you should know everyone's significant other's name and what they do, their kid's name, and any pet's name.
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I buy my cyber insurance from
@ChubbNA
. As a business owner, they have incredible value-added services that I'm taking advantage of that would cost me over $20k if I implemented them on my own.
Was Chubb the most affordable premium? No.
Are they the most affordable when I
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I tried to niche in manufacturing.
I had a few meetings and every meeting involved a tour of the facility showing me how the products were made.
I am not mechanical and never had any interest in how things got made, it wasn't a good niche for me in insurance.
I enjoyed
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I didn't sell health insurance or employee benefits. I'm licensed in it but it wasn't my thing.
I placed 45m of premium a year in P&C, I did this for about 700 healthcare facilities in the US. A lot of clients asked me for recommendations on health brokers. I had asked my other
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If you hire C players from an A firm, don't be shocked when your A players leave for the A firm.
A friend just left her job because she gained a ton of confidence when her firm hired some C players away from a large and highly respected firm. She realized if those C players
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I was the CEO of a firm that won Best Places to Work a few years in a row, it's the thing I will always be most proud of.
There was no culture when I started.
During my second month there, I suggested we host pumpkin carving and have the team invite their families in. A lot
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Don't send key employees that don't have equity to industry conference. If you do, don't be shocked when they meet some new friends and leave for greener pastures.
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Lucky to meet a ton of great people creating amazing things because of what
@trentjhughes
is building with TRIBE.
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MMA has acquired some of the best regional brokers over the past 5 years. Graham, Assurance, Bouchard, Horton, McGriff.
It's rather impressive.
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A great insurance pro stays on top of what is going on in their industry and their clients.
Every night, I used to read Insurance Journal, Business Insurers, and Insurance Business Magazine.
This helped me keep the pulse on what was going on with rates, products, new carrier
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It's your job to educate your team and make them a top candidate of your competitors and even your clients.
Early in my career, an executive at a competitor told me how he encouraged his team to interview somewhere new each year. It was advice he received early on in his career,
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When the insurance industry learns it is a trade, the talent shortage could go away.
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A senior care operator once asked me what separated me from the competition.
The answer was simple, the team I was a part of and the relationships we had with the marketplace.
Our team cared, and we cared about building safety cultures in organizations. Our market relations
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If you sell anything, you should have 4 to 6 close connections of other providers to your ideal client that you can introduce your clients to that will bring value.
In insurance, I had a list of third-party advocates that our team knew well. If a client ever had an issue, we
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I spent 9 months taking a cyber liability course through a partnership between Carnegie Mellon and Chubb.
One of the biggest takeaways is how important claims resilience is. Every business I worked with had a data breach response plan, and very few of them practiced it.
I
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I once won an account because I was the only broker that picked up the phone to call them when they sent an email asking about insurance for their first nursing home they were buying.
One broker just emailed applications over. The other one never even got back.
Don't shy away
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Most companies don't have safety meetings because they think they are too small or don't have any risks.
If you have any personally identifiable information, PII, that you use in the course of business, you should be talking about data breaches in your safety meeting.
Be
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The best insurance question I heard a broker ask of a prospect was straightforward "What are your current liability limits?"
If the prospect knew the answer, he had some good follow-up questions. If the prospect had no idea, it was now known that their current broker had poorly
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The insurance sales game is changing. I think the weak agents will be left in the dust.
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I love working with law firms. Most of them don't worry about expenses and only their billing hours. It leaves some low hanging fruit.
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Sloppy Joe's are at least a once-a-month dinner in this household. Manwich only. Bold!
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An old healthcare client is about to launch a game-changing business in the wound care segment of the business. I'm looking for some wound physicians throughout the US who'd be interested in learning more.
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My inbox was flooded this week about the National Public Data breach from providers like Chubb and McAfee providing me with awareness and things I should consider doing.
Did your insurance agency do the same thing for its clients?
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Former nightly reads were Insurance Journal, Business Insurance America, Mcknights, and Skilled Nursing News.
I've replaced the insurance ones with procurement iq and supply chain dive.
I've always said reading about your trade helped me, I am trying to practice what I preach.
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@trentjhughes
I'm Ryan, I am a retired insurance broker.
I now belong to a network of former executives who reduce expenses across various cost categories for businesses and nonprofits. My niche in the network is within P&C insurance.
I also provide consulting services to insurance
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Problem-solving for insureds is a lot easier if you know their business and solve problems outside of insurance.
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An old friend's kid is constantly in trouble at school. They blame the school. It's the 3rd school that's had an issue with the kid. At some point in time, it's your kid and your parenting, not the school.
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I had a consultant, he ended every meeting with the same thing "It's just advice, you don't have to take it".
Sometimes it was "Hey asshole, remember, it's just advice, you don't take it".
I always preferred the second one.
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Every insurance brokerage should be speaking more and more about the experience mod. With the amazing platforms out there like
@ModAdvisor
, you are missing out on an easy chance to better educate your clients.
In a soft market, people ignore the experience mod. The mod
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I was fortunate to spend yesterday with friends & family walking Valhalla. It's an incredible track, and I hope to get the chance to play there soon.
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It is amazing how many sales organizations don't have a process for asking for referrals.
Every business is a sales organization.
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There was an agency in Schaumburg that I hated, I applied there when I moved to Chicago and never sniffed an interview.
I did everything to learn about what they did and didn't do. I knew their markets, who they leaned on, and their clients.
It was my mission to take all of
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Lots of news about Legionnaires’ disease in senior care facilities as of late.
Environmental liability insurance is the biggest coverage gap for operators in that space. It was something we recommended for all of our clients, a small % took it.
If you own/operate a skilled
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I think a lot of people will go 2 to 3 days out on their availability to seem more important/busy.
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I sold people on Marianne. Marianne was in risk management. Marianne built safety programs and cultures because she cared about keeping people, residents, and employees safe.
Once people met Marianne and saw her caring, we didn't lose business. It is hard to replace people who
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Get your first 10 clients, that's the hardest part. Once you have those 10, treat them like gold. When you do that, the next 100 will be much easier to get, you just have to ask those first 10 for their help.
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Talking about near misses in a safety meeting is one of the most important topics to discuss. Getting down to the root cause of why someone almost got hurt can help prevent a similar occurrence with a different result in the future.
Safety is out of sight, out of mind.
As a
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I was lucky to have great mentors.
My dad taught me how to run operations for an insurance agency, outside of accounting.
My uncle taught me how to care for the people who bust their asses for you.
A great wholesale broker taught me everything about putting together a great
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I love getting paid purely on results. I enjoyed waiting tables in college because I think you get paid on performance.
Insurance sales is mainly commission based. You gamble on your skills to close a deal. You put a lot of work in and may not win. A very small % of folks make
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My mentor taught me that good things naturally come back to you when you focus on giving and staying positive.
Someone who knows me well asked me how I went into expense consulting when I tried to live in abundance. It seems a little backward from living with an abundance
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Just listened to the old man talk about his condo associations insurance issues.
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Who are the cannabis insurance brokers? I have a lead for you in CA.
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My new favorite hobby is driving 5 hours each way for meetings in random cities in the Midwest.
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A good bun can make a bad 🌭 taste better. But a good 🌭 can't make a bad bun taste better.
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One thing I never see gurus post is how their "coaching tree" is doing after working with them.
I would think people selling their mastermind workshops would want to share how their proteges are doing.
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Have a team? Are they amazing?
Tell them how proud of them you are this morning!
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"I think a good mentor lays out all the facts from his sage position, then never intrudes into the conversation or decision after that: it must be individual who decides, for they are his consequences, his life." - Mike Harmon
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My favorite insurance product to sell was employment practices liability. It is often a coverage most SMBs don't purchase because they don't know it is available and often the one they most likely will need.
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This is an insurance tweet if you want it to be. I think that's how you do it, right
@hedgequote
?
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If you are in the insurance industry, it's crucial to be active or support the associations like
@PIANational
and the advocate work they provide.
Today we are taking The Hill with
@PIANational
to advocate for every independent insurance agent in the country.
Join us. Together we will make a difference.
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It's member/guest weekend. Things I'm most looking forward to
1) Taking my team in the Calcutta and adding pressure to the experience
2) Slamming beers
3) Competitive golf
4) Great food
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My most memorable client, outside of my first, was an account I lost money on. I was scrolling TikTok back in 2021, since deleted from my life, and came across a viral video of a start-up product that was targeting gyms and cross-fit places. It was a pretty fun video and I had no
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This weekend a group of 16 of us will all play in the Memorial Cup, a Ryder Cup-style golf trip we have been taking for the past 6 years.
I think the thing that makes this trip special is we are all childhood friends. We all grew up in a small town together and this is our
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@stockNinsurance
@someinsurance
@BrokerSteve412
@Ins_Brkr
@themaxrevenue
@skylarromines
@TheRiskResource
@peter_brecht
@robjacomen
@cjhuts
@Bradleyflowers7
@matthewqueen84
@cantshutupsam
CPCU is a big one to tackle. I only took it to finish my MBA. No client cared about my designations, but it helped me with trading partners.
I would take the RPLU or CAWC if I were in it just for the content.
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I turned insurance into a sport. Business owners have to, at a minimum, buy workers' compensation. They either bought it from me or they bought it from someone else. I used the competition of the industry to train my mind that it was fun.
Once I had the connection, I turned
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@Johnubacon
The reward of fighting tooth and nail makes it taste that much better. I also believe that the 100% cracked and bagged ones should not be allowed to be sold, make the people work for it.
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Same with business. I think this is why a lot of successful organizations will recruit former college athletes
"I don't think that athletes fully understand what it means to be elite.
It's practice before practice.
It's early mornings week after week - month after month.
It's sacrificing time with family and friends.
It's relentless.
And most people aren't willing to do it."
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1K
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What client should you get a letter of recommendation from?
Anyone willing to write you one.
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I'm trying to work with more law firms, anyone have success in this area?
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Reading about the best 🍕 franchise to buy is a lot more fun than worrying about 10/1 proposals.
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In high school I was turned onto Malcolm Gladwell’s The Tipping Point, and it is still a book I revisit often. Two concepts in particular that always resonated with me were the value that connectors and mavens played within society.
We all have mavens and connectors in our
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@SuccessWithJake
My brother-in-law owns a brewery and cidery. The cider is by far his bigger profit center and he buys a lot of his equipped from failed breweries. He's lucky to be diversified because beer sales are really hurting.
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Friday night golf in the fall is the best time to play golf.
I know it's Tuesday, I'm giving you time to find that tee time.
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For my insurance broker friends, I had an amazing outside flood service I had all of my clients use. If you sell a lot of flood and want to look like a hero to your insured, assuming the service works for them, shoot me a note, and I'll connect you with their team.
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Playing golf tomorrow with some former insurance clients and now prospects. Its always a guessing game what type of game they are showing up with.
#takelessons
#4hoursorless
#fore
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I started hiring consultants when I realized I didn't need to spend 6 months to learn something that someone with 30 years of experience could help me do 6 weeks.
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Spent the majority of the weekend learning and networking with people in the FQHC space. It is a great niche for ERA Group and what these providers do for communities isn't appreciated nearly enough.
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What I love most about ERA Group is the random programs I discover and ease of use.
We have an office supplies purchasing program that has great savings for businesses and non-profit.
It's a simple one page agreement and free for businesses to join. They reap the benefits of
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ERA Group was the perfect fit for me and I am excited to formally work with insurance brokers to offer them a new revenue stream or just the ability for them to help their clients with things outside of insurance.
I have been piloting this offering with a few former insurance
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As much as I love golf, I wouldn't ever recommend anyone pick it up.
Expensive, frustrating, and time consuming to get/keep your game at a high level.
If you do pick up the game, take lessons, hit the range, and work on what they teach you. It's a game you'll play forever,
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More industries should be ran like sports leagues.
Being a GM trying to trade 3 Rockstar Account Managers for one average producer and a future loss control rep would be awesome.
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There is no better place in the summer months than Northern Michigan. As a kid, going up north was always the best.
To me, it meant getting to play golf at some really great courses. My favorite course was High Pointe in the Traverse City area.
I can vividly remember hitting a
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I have a table table stacked with a lot of business books. I try to tackle one once a week. I've recently started reading more books that are for real pleasure and don't know the next time I'll pick something educational up.
Enjoying Paper Tiger by
@coynewriter
. Excited to read
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A round of golf should take 4 hours. I'm trying to squeeze in 36, tough when people take forever.
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My favorite part thus far about TRIBE is all of the cool businesses people are growing.
I'm learning a ton about things I knew little about just by following along in threads and then Googling things I don't understand to learn more about these cool offerings.
@trentjhughes
is
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If it's going to go according to plans, make sure the plans are good.
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@trentjhughes
14 to 15- Golf Course Bag Boy
16 to 17- Golf Course Bag Boy and Basketball Ref
18 to 20- Server at Red Losbter
20 to 26- Insurance Agent
27 to 34- CEO of Insurance Agency
35- Insurance Cost Consultant
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I spent 15 years doing insurance placement and safety advisory. By the time I was finishing up, I could ballpark your insurance rates within 5% of what it was going to be for any acquisition you were making.
I've spent 3 days getting my feet wet in consulting. It's fun learning
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I love clicking delete when I get email notifications on renewing my insurance license in various states.
My life used to be consumed by expiration dates, I had no idea it was 9/1 on Sunday, I hope it was a great success for all the buyers and sellers of insurance.
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Gore-Tex isn't mentioned enough as one of the best ways to run a company.
The rule of 150 is so very true.
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@TheRiskResource
@CaptainINS_ano
Yes, I produced it all. No, I didn't do it by myself. There are so many hidden guys out there that are 70m+, I was chasing them.
I will note that 2 of my accounts made up roughly 14m of the premium. Every year was a competitive process and very stressful. There was always a new
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Your Mac & Cheese intake goes up with kids. Even if you don't think it will, it does.
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