Power Producers Podcast

In this Power Producers Podcast episode, David Carothers [https://www.linkedin.com/in/davidrcarothers/] is joined again by Kevin Ring [https://www.linkedin.com/in/iwcpkevin/], lead analyst at the Institute of Work Comp Professionals [https://www.workcompprofessionals.com/]. The two dive into a critical yet often overlooked aspect of workers' compensation—understanding common majority ownership and how it affects the experience modification factor (mod). This discussion is vital for agents who deal with businesses that own multiple entities or engage in mergers and acquisitions. Kevin explains why agents need to be proactive in gathering ownership details and completing the ERM-14 form accurately to avoid costly errors and ensure proper coverage. David [https://www.linkedin.com/in/davidrcarothers/] and Kevin [https://www.linkedin.com/in/iwcpkevin/] explore the challenges agents face when dealing with businesses that have ownership stakes in multiple companies, and the importance of combining those companies on the same experience mod. They also touch on how M&A activity and asset purchases can complicate the mod process and why it's crucial for agents to educate clients on these risks before they make business decisions. KEY HIGHLIGHTS: UNDERSTANDING COMMON MAJORITY OWNERSHIP Kevin [https://www.linkedin.com/in/iwcpkevin/] explains how the common majority ownership rule affects the experience mod, and why it’s crucial for agents to ensure all companies under shared ownership are combined on the same mod. THE IMPORTANCE OF OWNERSHIP QUESTIONS Agents often skip asking clients about ownership in multiple businesses. Kevin emphasizes that these questions are critical not just for workers’ comp but also as a sales tool to deepen the client relationship. NAVIGATING MERGERS AND ACQUISITIONS David [https://www.linkedin.com/in/davidrcarothers/] and Kevin discuss the complexities of mergers and acquisitions and how acquiring a company impacts the buyer’s experience mod. They explain why agents must ensure clients understand the financial implications of combining experience mods post-acquisition. FILLING OUT THE ERM-14 FORM Kevin [https://www.linkedin.com/in/iwcpkevin/] breaks down how to properly fill out the ERM-14 form, highlighting the importance of providing a narrative and accurate details to the Rating Bureau. This process helps agents avoid confusion and ensure proper risk management. AVOIDING THE MOD EVASION TRAP David [https://www.linkedin.com/in/davidrcarothers/] and Kevin [https://www.linkedin.com/in/iwcpkevin/] talk about how some businesses attempt to evade mod increases by creating new entities or joining PEOs. Kevin stresses that while this may seem like a short-term solution, it doesn’t address the root causes of high experience mods. PLANNING FOR FUTURE BUSINESS TRANSACTIONS Kevin advises agents to proactively discuss business transactions, such as buying or selling a company, with their clients to avoid unexpected complications in workers’ comp premiums and ensure proper coverage adjustments. CONNECT WITH: * David Carothers LinkedIn [https://www.linkedin.com/in/davidrcarothers/] * Kevin Ring LinkedIn [https://www.linkedin.com/in/iwcpkevin/] * Kyle Houck LinkedIn [https://www.linkedin.com/in/kyle-houck/] VISIT WEBSITES: * Power Producer Base Camp [https://killingcommercial.com/power-producer-base-camp/] * Institute of WorkComp Professionals [https://www.workcompprofessionals.com/] * Killing Commercial [https://killingcommercial.com/] * Crushing Content [https://www.crushing-content.com/] * Power Producers Podcast [https://killingcommercial.com/podcast/] * Policytee [https://policytee.com/] * The Dirty 130 [https://dirty-130.com/] * The Extra 2 Minutes [https://extra2minutes.com/]

In this Power Producers Podcast episode, David Carothers [https://www.linkedin.com/in/davidrcarothers/] sits down with Dylan Jordan [https://www.linkedin.com/in/dylankjordan/] from Amwins [https://www.amwins.com/] to discuss specialized niches within the insurance world, particularly focusing on the human services, healthcare, and life sciences markets. With only two months until Producers in Paradise 2025, the conversation covers a variety of challenges and opportunities in the current hard market, from navigating supplemental applications to understanding the unique risks of sectors like MediSpas and behavioral health. Dylan [https://www.linkedin.com/in/dylankjordan/] shares insights into Amwins’ [https://www.amwins.com/] approach, the importance of micro-niches, and how they continue to provide solutions in challenging markets. They also dive into the latest trends in tort reform, staffing shortages in healthcare, and how producers can effectively position themselves in a competitive market. This episode is packed with practical advice for producers looking to specialize and stay ahead in the evolving insurance landscape. KEY HIGHLIGHTS: SPECIALIZING IN NICHE MARKETS Dylan [https://www.linkedin.com/in/dylankjordan/] talks about Amwins’ [https://www.amwins.com/] focus on the human services, healthcare, and life sciences sectors, explaining how their expertise in these areas helps them close deals faster and more effectively than general wholesalers. NAVIGATING THE HARD MARKET The discussion touches on the challenges of the current hard market, particularly in healthcare and human services, and how tort reform and statute of limitations changes are influencing the market dynamics. UNDERSTANDING SUPPLEMENTAL APPLICATIONS Dylan [https://www.linkedin.com/in/dylankjordan/] emphasizes the importance of supplemental applications and how data gathering from clients is critical to ensuring comprehensive coverage in niche areas. Finding Opportunities in Emerging Sectors David [https://www.linkedin.com/in/davidrcarothers/] and Dylan explore growing sectors like MediSpas and home healthcare, and how producers can capitalize on these opportunities by identifying gaps in coverage and leveraging specialized markets. THE ROLE OF TECHNOLOGY IN INSURANCE They discuss the impact of new technologies, such as Assembly, that help agents streamline data collection and improve efficiency, particularly for complex policies. STRATEGIC RISK MANAGEMENT Dylan [https://www.linkedin.com/in/dylankjordan/] highlights how risk management in sectors like MediSpas and behavioral health requires in-depth knowledge of both underwriting and the nuances of each industry to avoid potential pitfalls and claims. CONNECT WITH: * David Carothers LinkedIn [https://www.linkedin.com/in/davidrcarothers/] * Dylan Jordan LinkedIn [https://www.linkedin.com/in/dylankjordan/] * Kyle Houck LinkedIn [https://www.linkedin.com/in/kyle-houck/] VISIT WEBSITES: * Power Producer Base Camp [https://killingcommercial.com/power-producer-base-camp/] * Amwins [https://www.amwins.com/] * Killing Commercial [https://killingcommercial.com/] * Crushing Content [https://www.crushing-content.com/] * Power Producers Podcast [https://killingcommercial.com/podcast/] * Policytee [https://policytee.com/] * The Dirty 130 [https://dirty-130.com/] * The Extra 2 Minutes [https://extra2minutes.com/]

In this Power Producers Podcast episode, David Carothers [https://www.linkedin.com/in/davidrcarothers/] is joined again by Kevin Ring [https://www.linkedin.com/in/iwcpkevin/], lead analyst at the Institute of Work Comp Professionals [https://www.workcompprofessionals.com/]. In this Shop Talk session, they take a deep dive into the crucial topic of the valuation date and its significance in workers’ compensation policies. While last week’s discussion highlighted the importance of leading with workers’ compensation, this episode shifts gears to discuss why understanding the valuation date is vital for businesses. David [https://www.linkedin.com/in/davidrcarothers/] and Kevin [https://www.linkedin.com/in/iwcpkevin/] unpack the complexities of the valuation date—what it means, why it matters, and how it can impact a company's experience mod. Kevin shares expert insights into how this date plays a central role in determining a company’s future workers' compensation premiums and why it’s essential to monitor open claims carefully. KEY HIGHLIGHTS: WHAT IS THE VALUATION DATE? Kevin explains that the valuation date is when insurers submit crucial data to the Rating Bureau, affecting a company's experience mod and future premiums. IMPACT OF OPEN CLAIMS Kevin [https://www.linkedin.com/in/iwcpkevin/] discusses how open claims, even with high reserves, impact the experience mod just as much as settled claims. TIMING OF THE VALUATION DATE The valuation date occurs 18 months after policy inception. Kevin highlights how policy changes affect this timing. MANAGING CLAIMS FOR THE VALUATION DATE Kevin [https://www.linkedin.com/in/iwcpkevin/] emphasizes the importance of tracking open claims early and working with adjusters to ensure accurate reserve updates. DIVIDENDS AND PROFIT SHARING Understanding the valuation date can impact eligibility for dividend programs and profit sharing, boosting business benefits. AGENT’S ROLE IN CLAIMS David [https://www.linkedin.com/in/davidrcarothers/] advises agents to be proactive in managing claims, educate clients, and collaborate with adjusters for better outcomes. CONNECT WITH: * David Carothers LinkedIn [https://www.linkedin.com/in/davidrcarothers/] * Kevin Ring LinkedIn [https://www.linkedin.com/in/iwcpkevin/] * Kyle Houck LinkedIn [https://www.linkedin.com/in/kyle-houck/] VISIT WEBSITES: * Power Producer Base Camp [https://killingcommercial.com/power-producer-base-camp/] * Institute of WorkComp Professionals [https://www.workcompprofessionals.com/] * Killing Commercial [https://killingcommercial.com/] * Crushing Content [https://www.crushing-content.com/] * Power Producers Podcast [https://killingcommercial.com/podcast/] * Policytee [https://policytee.com/] * The Dirty 130 [https://dirty-130.com/] * The Extra 2 Minutes [https://extra2minutes.com/]

In this episode of the Power Producers Podcast, David Carothers [https://www.linkedin.com/in/davidrcarothers/] welcomes Brett Fulmer [https://www.linkedin.com/in/brokerbrett/], principal of Newport Beach Insurance Center [https://www.npbic.com/], for a dynamic conversation packed with insights on insurance, career growth, and community building. Brett shares his unique journey in insurance, his passion for innovation, and how he balances multiple roles with energy and focus. David [https://www.linkedin.com/in/davidrcarothers/] and Brett [https://www.linkedin.com/in/brokerbrett/] discuss everything from navigating the evolving insurance market, the importance of value-added service, to the role of technology and AI in transforming agency workflows. They also dive into the power of the community within the industry, sharing stories of mentorship, peer support, and how brokers can thrive in a competitive environment. KEY HIGHLIGHTS: BRETT’S INSURANCE JOURNEY Brett [https://www.linkedin.com/in/brokerbrett/] reflects on how a background in office relocation sales unexpectedly led him to insurance, highlighting the transferable skills and the unique “happy accident” that shaped his career path. THE VALUE OF SALES AND SERVICE The conversation covers the delicate balance between sales, relationship building, and genuine value addition, emphasizing why insurance is more than just a commodity. BUILDING COMMUNITY AND PEER SUPPORT Brett [https://www.linkedin.com/in/brokerbrett/] shares how his group, Broker Brews, fosters connection and collaboration among agents, turning networking into meaningful relationships that extend beyond business. TECH AND INNOVATION IN INSURANCE Both David [https://www.linkedin.com/in/davidrcarothers/] and Brett explore the impact of AI and insuretech, discussing practical tools that streamline policy review and compliance while freeing up account managers to focus on client relationships. MARKET TRENDS AND CHALLENGES Insights into Florida’s market conditions, the hard and soft markets, and how producers can position themselves strategically in a shifting landscape. WORK-LIFE BALANCE AND FAMILY Brett opens up about balancing his busy career with family life, including preparing for a new addition and working alongside his children in the insurance business. CONNECT WITH: * David Carothers LinkedIn [https://www.linkedin.com/in/davidrcarothers/] * Brett Fulmer LinkedIn [https://www.linkedin.com/in/brokerbrett/] * Kyle Houck LinkedIn [https://www.linkedin.com/in/kyle-houck/] VISIT WEBSITES: * Power Producer Base Camp [https://killingcommercial.com/power-producer-base-camp/] * Newport Beach Insurance Center LLC [https://www.npbic.com/] * Killing Commercial [https://killingcommercial.com/] * Crushing Content [https://www.crushing-content.com/] * Power Producers Podcast [https://killingcommercial.com/podcast/] * Policytee [https://policytee.com/] * The Dirty 130 [https://dirty-130.com/] * The Extra 2 Minutes [https://extra2minutes.com/]

In this episode of Power Producers Shoptalk, David Carothers [https://www.linkedin.com/in/davidrcarothers/] welcomes back Kevin Ring [https://www.linkedin.com/in/iwcpkevin/], lead analyst at the Institute of WorkComp Professionals [https://www.workcompprofessionals.com/] and one of the nation’s foremost experts on workers’ compensation. Kevin shares valuable insights into why leading with workers’ comp is a smart strategy for insurance agents, offering practical tips that agents can apply immediately to improve their game and better serve clients. David [https://www.linkedin.com/in/davidrcarothers/] and Kevin [https://www.linkedin.com/in/iwcpkevin/] break down complex workers’ compensation topics into digestible, actionable advice — perfect for both new and seasoned producers looking to boost their understanding and results.   KEY HIGHLIGHTS: WHY LEAD WITH WORKERS’ COMP? Kevin [https://www.linkedin.com/in/iwcpkevin/] explains how workers’ compensation policies are simpler than most insurance lines, with consistent policy forms across carriers, making it easier for new producers to learn and sell effectively. He emphasizes the ability to clearly demonstrate the impact agents can have by lowering clients’ experience modification factors (mods). MONETIZING WORKERS’ COMP SUCCESS The pair discuss how agents can show tangible ROI by improving clients’ workers’ comp programs, which can reduce premiums and directly enhance business profitability. COMMON MISCONCEPTIONS ABOUT INSURANCE David [https://www.linkedin.com/in/davidrcarothers/] and Kevin address the frustrations clients have when paying premiums without claims, clarifying how insurance works as a risk management tool rather than a savings account or investment. THE ROLE OF COMPANY CULTURE Kevin highlights how a positive workplace culture reduces litigation and claims abuse, improving workers’ comp outcomes and client satisfaction. DATA-DRIVEN PROSPECTING Leading with workers’ comp allows agents to access valuable public data, such as experience mods, helping them target high-opportunity accounts and personalize outreach. TAKEOVER OPPORTUNITIES Kevin [https://www.linkedin.com/in/iwcpkevin/] shares how focusing on workers’ comp can open doors to take over accounts incrementally, reducing client resistance to changing agents. LEARNING AND SKILL DEVELOPMENT Agents can develop consultative selling skills in workers’ comp that transfer to other lines of business, moving beyond price-driven sales. MARKET TRENDS AND RATE CHANGES Kevin notes potential upcoming rate increases, such as in California, signaling a shift after a decade of rate declines and emphasizing the importance of staying informed.   CONNECT WITH: * David Carothers LinkedIn [https://www.linkedin.com/in/davidrcarothers/] * Kevin Ring LinkedIn [https://www.linkedin.com/in/iwcpkevin/] * Kyle Houck LinkedIn [https://www.linkedin.com/in/kyle-houck/] VISIT WEBSITES: * Power Producer Base Camp [https://killingcommercial.com/power-producer-base-camp/] * Institute of WorkComp Professionals [https://www.workcompprofessionals.com/] * Killing Commercial [https://killingcommercial.com/] * Crushing Content [https://www.crushing-content.com/] * Power Producers Podcast [https://killingcommercial.com/podcast/] * Policytee [https://policytee.com/] * The Dirty 130 [https://dirty-130.com/] * The Extra 2 Minutes [https://extra2minutes.com/]