Micah Salas: How Transparency Changed the Insurance Game

by | January 17, 2020

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In today’s episode of Agency Intelligence, host Jason Cass interviews Micah Salas, Advisor, Risk Management & Business Insurance at Marsh & McLennan Agency in the Houston, Texas area. Micah Salas talks about the extensive training he received in the insurance agency, premium-size accounts, target premiums, the importance to educate customers, and training producers. 

Episode Highlights: 

  • Jason Cass introduces guest Micah Salas and discusses AI Brainshare that is taking place on October 25-27th 2020 in Puerto Rico.  
  • Is Micah Salas an iPhone or an Android user? 
  • What is the last app that Micah downloaded? 
  • Does he hate to lose or love to win? 
  • What does Micah Salas attribute to his success, skill or luck? 
  • What does a typical day look like for Micah? 
  • How does he go about finding new prospects? 
  • How much revenue did Micah generate in 2019? 
  • What was involved in the training that Micah went through?   
  • So many agency owners don’t understand how insurance works. 
  • Show value and educate customers. 
  • What does Jason do when training his producers? 
  • Is there a specific person he goes after before contacting a decision maker?
  • What is Micah’s approach to where the target premium needs to be? 
  • What would Micah say his average premium-size account is?  
  • Micah talks about benchmarking
  • Micah asks people ‘what is your marketing strategy and how are you selling your risk?
  • What types of resources does Micah reach towards?
  • Micah and Jason talk about recent books they have enjoyed.

3 Key Points:

  1. Micah Salas finds prospects through Google and Linkedin, writing down business names in areas he has meetings in, and using a DMV database service to build a list by industry and zip code.  
  2. Micah has $860,000 in revenue while the average in the industry is 75% of the industry being between $300,000-$500,000 for their whole agency. 
  3. When Micah does his analysis he reviews the coverages doing a policy audit but he also does a rate analysis.

Key Quotes:

  • “I probably work with a total of maybe 10 to 12 different account managers that handle my various accounts. We kind of divide it up by niche industries.” – Micah Salas
  • “My strategy is typically calling a CFO, COO, or sometimes the owner of the business, depending on size, or sometimes controller. But, those are the people. I  get the first meeting with them. It’s usefully 20 minutes, educating them.” – Micah Salas
  • (Average Premium Size Account) “I have two accounts that are about $1,000,000 and the rest, honestly, are in the $200,000-$300,000 range.” – Micah Salas

Resources Mentioned:

 

 

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