Sometimes You Gotta be a Renegade with Mike McDonough, Episode #14

In this episode of The Power Producers Podcast, David Carothers, and co-host Kyle Houck interview Mike McDonough, the leader of Worker’s Comp Renegade and director of McDonough Insurance Services. Mike talks about how he shifted his career from being in the food industry into the insurance services, the Worker’s Comp Renegade being a strategic partner, and the impact that the Worker’s Comp creates in an employer’s life.  

Episode Highlights:

• Mike shares his background story and the key to his success. (5:52)
• Mike explains how he handles different personalities when management changes. (7:57)
• Mike attributes his success with Farmers to his training at State Farm. (10:29)
• Mike shares how they evolved through the insurance business and industry. (11:32)
• Mike realized that controlling Worker’s Comp makes an impact on an employer’s life. (12:07)
• Mike explains how they help employers, primarily by setting up a proactive program and working with them throughout the claims procedure. (18:46)
• What’s the biggest obstacle Mike faces when trying to engage with an employer that has an issue? (19:15)
• Mike shares that there are employers that will consider a deductible, and there are employers that will look at a self-insured program. (25:34)
• Mike states that when you’re self-insured, you’re involved in the whole claims process, and you’re hiring a TPA that’s in alignment with your company. (26:23)
• Mike explains why their litigation rate is below 15% because of the triage. (40:57)
• Mike shares the advantage of having a bilingual on his team. (42:51)
• Mike believes that brokers can really do a good job and help employers to improve their bottom line. (1:02:18)
• Mike says if you don’t understand worker’s comp, contact people that do know workers comp, and are willing to mentor you. (1:02:54)
• Mike states that if you’re going to write a worker’s comp, do yourself and your clients a favor, and learn as much as you can about it because that’s the only way you’re going to benefit them. (1:04:10)

Tweetable Quotes:

• “I’m just a firm believer that if you do the right thing, the money will come.” – Mike McDonough
• “They make mistakes. We all make mistakes, but the bottom line is that you need to have accountability.” – Mike McDonough
• “The worker’s comp is a huge profit center for these PEOs.” – Mike McDonough

Resources Mentioned :

• David Carothers LinkedIn
•  Kyle Houck LinkedIn
• Mike McDonough LinkedIn
• Workers Comp Renegade
• McDonough Insurance Services