Cookin up Comp Deals in America’s Heartland with Todd Thams, Episode #21

In this episode of The Power Producers Podcast, David Carothers and co-host Kyle Houck interview Todd Thams, Founder of Direct Work Comp and President at Thams Agency. Todd talks about the significance of the workers’ compensation and the benefits of applying technology as a tool in reshaping operations.

Episode Highlights:

• David introduces Todd Thams. (1:30)
• David says that Todd’s barbeque and products are legendary. (5:21)
• Todd shares his background in the insurance business. (6:12)
• Todd mentions that he’s the third-generation owner of their insurance agency. (7:41)
• Todd states that the fast-food industry is entirely overlooked. (8:41)
• How did Todd manage the agency professionally during COVID? (12:20)
• Todd explains why the packers and processors are making money right now. (13:36)
• How did Todd decide to pick workers’ comp as a new business? (15:32)
• Todd talks about the account that they picked up last year and his meeting with the CEO. (20:08)
• Todd says that most underwriters are charged with growing their book of business every year. (29:24)
• Todd says that you have to take care of the people you have to take care of the clients. (29:54)
• David talks about a phone call from someone that posted in IAOA. (31:38)
• David explains the difference between the retail and insurance industries. (39:24)
• What has Todd done to try and generate new business revenue in his downtime? (41:12)
• Todd thinks that COVID is going to be the great separator for insurance agents. (52:16)
• Todd talks about automation technology. (58:52)
• Todd says that he loves the education David brings to the industry. (1:02:50)

Tweetable Quotes:

• If we’re gonna market you, we’re gonna take you on as a new client, we’re going to go to market for you the first year. And outside of that, we don’t intend to remarket you every year, maybe three or five. But we’re going to keep you with the exact same carrier not only to build loyalty but to build longetivity.” – Todd Thams
• “I liked workers’ compensation where I could help people just simply reduce costs.” – Todd Thams
• “Life is too short to work with people you don’t want to work with.” – Todd Thams

Resources Mentioned :

• The Power Producer’s Podcast
• David Carothers LinkedIn 
• Kyle Houck LinkedIn
• Florida Risk Partners
• Todd Thams LinkedIn
• Thams Agency