In this episode of The Power Producers Podcast, David Carothers and co-host Kyle Houck interview Richard Stein Jr, the Founder and COO of Wellhouse Company. Richard talks about the history of their agency and understanding investment banking.
- Richard shares his background. (4:57)
- Richard mentions his knowledge about investment banking. (11:44)
- Richard shares his opinion on compensations. (23:18)
- Richard mentions the great factor about Mod. (25:22)
- Richard mentions the biggest lesson he learned from working with David. (29:46)
- Richard mentions what most people usually complain about. (48:54)
- Richard shares an anecdote that he heard. (58:02)
- Richard shares the biggest challenge when it comes to prospecting. (1:07:05)
- “As I’ve gotten more adept at using Mod Master and thinking about using VA to insert some of that data, I can see value in saving the time to do that. If you take a company’s loss runs, put them into Excel and upload them into Mod Master, the time that it took you to do those is valuable. Now you totally understand that clients claims.” – Richard Stein Jr.
- “I think the type of clients that you target, the type of clients I target, are the type of clients that most people want. If you explain it to them and show them the math of why they want skin in the game, that’s gonna resonate.” – Richard Stein Jr.
- “Trying to show them that you can be proactive where everybody else in the industry is typically retroactive. People have a hard time conceptualizing how insurance is going to respond unless they’ve seen it respond in a particular way. Find areas that they’ve had problems with where you would align a solution.” – Richard Stein Jr.