Micah Salas: How Transparency Changed the Insurance Game
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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.
- 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