The Magic of Modgic with Scott Knowles, Episode #48

In this episode of The Power Producers Podcast, David Carothers and co-host Kyle Houck interview Scott Knowles, the CEO of Modgic. Scott talks about utilizing Modgic Software as a tool in understanding the Mod, Workers’ Compensation, and the sales process.

Episode Highlights:

• David introduces Scott Knowles. (1:29)
• Scott thinks that their expectation was, they’re going to see a massive implodation of the marketplace because of COVID, and in certain different categories of business, they are seeing it as well. (2:56)
• Scott mentions that trying to find ways to expand and to get in other markets, has to be the key. (3:18)
• Scott shares that he started in the insurance industry about 23 years ago and worked as a direct writer and learned that being a direct writer is different from a regular broker. (4:48)
• Scott mentions that his background transitioned from a direct writer directly into being a commercial broker. (6:12)
• Scott mentions that the main element that pushes all decisions with everybody you meet at home and business is the financial outcome. (9:52)
• Scott shares that if you could figure out a way to reduce the financial outcome and try to show them a visual format of the value proposition is the key. (10:04)
• Scott mentions that as a producer, your job is to be an advisor who understands. (17:33)
• Scott shares that the whole point of the reports is to fit the needs of different types of individuals in different situations. Therefore, having the Mod and having the ability to verify the experience on Workers’ Compensation is part of the advisory piece. (18:08)
• Scott mentions that the purpose of their system is to look at it for a period down the road. Because they must have an incentive to make and take action. (25:49)
• Scott shares that Modgic gives you the budget and shows your potential savings which are the two driving forces that make you different as a producer. (28:39)
• Scott mentions one of the tasks that they focus on, is their customer service. (39:48)
• Scott shares that you have to be careful about the process because most of the producers make a huge mistake about offering solutions. (49:07)
• Scott mentions that knowing how to explain how the law works to give Clients advice and provide the financial impact of the claims mod information is where they start to drive. (50:47)

Tweetable Quotes:

• “When the market changes, you just don’t know what’s going to happen. So if you’re a specialist, it’s really important. But if you’re a specialist and don’t have a little bit of expanding into other marketplaces, man, you get killed when the market turns off, and you just don’t know what’s going to happen.” – Scott Knowles
• “So, when I came across this challenge, I realized that the best thing for me to do was to lean back on that, and take it to the next level and try to find a way to educate my clients. How can I bring this value to them, and show them that I’m the producer that they want and their trusted advisor?” – Scott Knowles
• “We don’t do any marketing, we don’t. Our product grows by word of mouth. We haven’t been out there pushing advertisements all over the place. So to start getting those phone calls from these other companies has always been kind of a high for us.” – Scott Knowles

Resources Mentioned:

• David Carothers LinkedIn
• Kyle Houck LinkedIn
• Florida Risk Partners
• The Extra 2 Minutes
• Scott Knowles LinkedIn
• Modgic