Micah Salas: How Transparency Changed the Insurance Game
Share this episode on:
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.
- 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:
- 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.
- 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.
- When Micah does his analysis he reviews the coverages doing a policy audit but he also does a rate analysis.
- “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
- Agency Intelligence
- Reach out to Jason Cass
- Books: The Courage to Be Disliked by Ichiro Kishimi
- Book: Adrift: Seventy-six Days Lost at Sea by Steven Callahan
Jason Cass is a thought leader, speaker, agency owner and champion for the independent insurance industry. He is the founder of Agency Intelligence (AI), a place where insurance agents and agency owners can connect, share knowledge and work together to improve their agencies and move the industry forward.
Jason hosts two major insurance podcast series, Agent’s Influence and Agency Intelligence where he talks with those that influence the insurance industry and connects with independent insurance agents all over the country. He is also the author of the Amazon Bestselling book, Customer Service is Just Foreplay, and is working on his second book titled, The Great Separator.