Last Updated on: January 20, 2022
shoptalk
Facebook
Twitter
LinkedIn

In this episode of The Power Producers Podcast, David Carothers and co-host Kyle Houck together with Kevin Ring discuss ownership changes and how they affect the Workers’ Compensation program for a company. 

Episode Highlights:

  • Kevin explains that the rules he is about to discuss are National Council on Compensation Insurance (NCCI) specific. (2:52)
  • A flower shop is very different from an explosive shop, as Kyle points out. Why are they identical? (5:17)
  • Kevin discusses the most common misperception he hears about ownership changes. (17:52)
  • David believes that one of the most frustrating aspects for agents is the time it takes to receive information from NCCI. (20:10)
  • Kevin discusses the NCCI experience rating plan regulation 3-F, which is titled evasion of experience rating modification. (24:27)
  • David believes that it will be intriguing to see what machine learning does in this sector over the next five or six years. (28:32)

Tweetable Quotes:

  • “I tell people all the time, this is not a gray area. It is required by the rules that if entities share common majority ownership that they be combined. And NCCI has rules about what happens if they aren’t appropriately combined.” – Kevin Ring
  • “If I own a flower shop, and I own a dynamite manufacturing facility, and both of those are based in NCCI states, they are going to share an experience mod. It does not matter that they’re on two different policies. And it doesn’t have to be just a single person. It can be, you know, a collection of people.” – Kevin Ring
  • “You’ve got a business, their experience mods are a dumpster fire. And so they ask, ‘Well, can I just start another company and move everything over there and start over with 1.0?’ And the answer is no.” – Kevin Ring

Resources Mentioned:

The Power Producers Podcast where we are refining and redefining the sales game.

Kyle Houck

Producers

Coaching, Competition, and Consolidation: Inside the Protege Mindset That’s Reshaping the Future of Insurance Producers

The commercial insurance industry is changing faster than ever—and not always for the better. Consolidation is accelerating. Service levels are declining. Private equity is pushing agencies to scale in ways that strip out the personal touch that once defined the independent channel. But for the producers willing to do the work, lean into mentorship, and sharpen their craft, this isn’t a challenge—it’s an opportunity.

Read More »
Insurance

From Submission Bottlenecks to Scalable Growth: How AI is Empowering Independent Insurance Agencies

The commercial insurance industry is in the midst of a major evolution. The traditional workflows that once drove agency productivity are now dragging down growth, overloading staff, and frustrating owners who are trying to scale efficiently. For independent insurance agencies—especially those in the middle market—adapting to these challenges without increasing overhead is a tightrope walk.

Read More »
Market

The Power of Patient Prospecting: How Education, Niching, and Mindset Drive Middle-Market Success

Few industries reward consistency, discipline, and patience quite like middle-market commercial insurance. Initially, every producer starts with a different story, background, and path into the business. However, the ones who rise are the ones who learn to embrace the long game. Moreover, while success may take time, those who persevere ultimately reap the benefits. Furthermore, this industry values resilience, and those who remain committed often find themselves achieving great success in the end.

Read More »
Work

Reclaiming Purpose in a Distracted World: Empowerment, Emotional Intelligence, and the Future of Work-Life Balance

In today’s performance-obsessed culture, achieving elite status in your profession can often come with a hidden price. Tania Khazaal, known to many as Tanya the Herbalist, knows this truth firsthand. After climbing the ranks in the insurance industry and landing in the top 1% of sales professionals, she found herself at a crossroads. Despite the accolades, international travel perks, and consistent recognition, she was suffering from a quiet crisis: burnout.

Read More »
Insurance

From Confusion to Clarity: How Insurance Agencies Can Unlock Growth Through Strategic Leadership and Culture

In the fast-paced world of commercial insurance, the grind of daily operations often blinds agency leaders to the foundational cracks forming beneath them. Producers are focused on closing deals. Account managers are buried in servicing. Agency principals are juggling leadership, sales, operations, and finance. Yet in the midst of this hustle, many agencies lack the one thing that can unlock the next level of growth: organizational clarity.

Read More »

Test Message

Killing Commercial Login