David Carothers: Be A Professional, Be A Protégé

by | January 5, 2021

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In this episode of the Agency Intelligence podcast, host Jason Cass interviews David Carothers, Principal at Florida Risk Partners. David talks about the culture of control and culture of collaboration and how he came up with The Protege.

Episode Highlights:

  • Jason introduces David Carothers. (1:02)
  • David mentions that he currently has five hot buttons. (4:09)
  • David shares that the one that he’s been stressing about is the agency principals that are trying to figure out what they’re going to do, as they retire. (4:12)
  • David mentions that people must understand that there’s more to life than being an income statement rich. (7:24)
  • David mentions that there are two things the insurance industry can do but only a few agencies do it. (9:18)
  • David shares that the first is a track to partnership, you must have a backfill in your organization, if you want to perpetuate the asset that you’ve built to move forward. (9:26)
  • David shares that the current problem they have in the middle market agencies is they’re tying their paycheck to the sale of a product, not the solving of a problem. But they can charge a service fee for their work, netting commissions. (10:44)
  • David shares a story about the chicken farm that he used to work. (11:35)
  • David mentions that every day, he sees agents in internet forums and all over social media, complaining when they lose an account. (21:58)
  • David mentions that you have to learn how to be uncommon in a common industry. (22:54)
  • David shares how he came up with The Protege. (24:31)
  • David shares that some producers are not getting the proper training they need. Therefore, there’s a significant gap in their industry, when it comes to having a proven and replicable sales process. (25:20)
  • David mentions that there’s nothing that gets him fired up more, that validates his existence, and feels better about himself than when he hears how his work is helping other agents to be successful. (36:57)

Key Quotes:

  • “I think it’s a huge place where agencies are missing the boat right now because they’re missing fresh ideas. They’re missing platforms on which they can communicate and create brand awareness, and they’re missing building the culture of their agency because it’s a culture of control instead of a culture of collaboration.” – David Carothers
  • “If you grow a successful agency or any successful private business as an entrepreneur, if you’re doing things right, you’re going to get a better return on your money than any other place that you’re going to find it.” – David Carothers
  • “If you’re going in on that trucking account, and you’re competing against two or three other people. Guess what, all three or four of you have in common, every one of you can place insurance, every single one of you. What are you going to do to differentiate yourself from the people that are going in to place a product? That’s how you win in the middle market.” – David Carothers
  • “There are some people who do a good job at training producers and salespeople. But there’s a big gap and it’s not something that agencies are equipped for, you have to find that on the outside.” – David Carothers
  • “That’s the gasoline that goes in my engine. That’s why I work the number of hours a day, and do the things that I do because I get self-validation by helping other people more than any money is ever going to give me.” – David Carothers

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