The Wood Sessions 3 | Shoptalk Series, Episode #104

In this episode of The Power Producers Podcast, David Carothers and co-host Kyle Houck sit down with Clayton Wood, Managing Partner at C.B. Wood Financial. They discuss pharmacy benefits and how they work in the P&C world and why P&C agencies should have a conversation with their clients about benefits.

Episode Highlights:

• Clayton explains that the purpose of this series of episodes is to help P&C brokers and listeners understand that cross-selling may add an extra revenue stream to their business. (3:42)
• Clayton defines a pharmacy benefit manager in the industry. (4:22)
• Clayton discusses the importance of having a transparent pharmacy benefit manager. (7:30)
• Clayton mentions that some health care plans have a brilliant marketing strategy, but it is only to make employees pay more. (14:28)
• David explains to the listeners why service fees are valuable. (19:13)
• Clayton explains that in the P&C world, prescriptions are a problem for small businesses with 50 to 150 employees, and it will be one of their largest percentages of claims. (21:37)
• David believes that any P&C agency that does not even discuss benefits with its clients, whether they sell them or not, is allowing someone else to come in and have that conversation. (23:33)

Tweetable Quotes:

• “What we’re doing here on this four-episode series or more, if we decide to do more is just to help the P&C brokers, the audience of this podcast, just understand, that there is a way to add an extra revenue stream to their business by cross-selling.” – Clayton Wood
• “Putting a pharmacy benefit manager that’s transparent in is really important. Nowadays, there’s a special term for them, they’re called pass through PBM’s, which means they don’t add any spread to the drugs, and they pass on 100% of the rebates.” – Clayton Wood
• “Any P&C agency out there right now, that is not even having a conversation with their clients about benefits, whether they sell them or not, is opening up an opportunity for somebody else to come in and have that conversation.” – David Carothers

Resources Mentioned:

• Clayton Wood LinkedIn
• C.B. Wood Financial.
• David Carothers
• Kyle Houck
• Florida Risk Partners
• The Extra 2 Minutes
• The Chronic Cost e-Book