Episode 272: New Revenue Streams with Lynnette Wood

Welcome to the Unstoppable Profit Podcast. This podcast will give independent insurance agents all of the tools to grow your business and live life on your terms. Wherever you are today, if you're starting with nothing or well on your way to the success you desire, with the right people, processes and promotions in place, you will be unstoppable. And now I'd like to introduce your host, Mike Stromsol.

Greetings and welcome to the next episode of the Unstoppable Profit Podcast. Today we have an extraordinary treat for you. Our guest is not just an expert, but she's also an independent insurance agency owner, a leader, and a true trailblazer in her field. She's a leader who has incredible insights and experiences that in certain areas of agency operations, can revolutionize the way that agency owners think, operate, and more. It's my privilege and honor to introduce the unstoppable Lynette Wood. Lynette, welcome to the podcast.

Thank you, Mike. I'm so thrilled to be here. I appreciate your time and efforts in getting this off the ground. I am Lynette Wood. As Mike mentioned, I grew up in Alaska. I'm a lifelong Alaskan, grew up in Kodiak island, where all of those Kodiak bears are. So there's not a lot that scares me in this world because I already grew up with scary things that I learned how to handle. I graduated from high school, went to college in Seattle, and that's where I met my husband. We've been married for over 30 years now. We have.

And you told me, I remember when you had your 30th anniversary, you said, I'm super lucky that he hasn't killed me yet.

Right, True. Yes.

So then we since have lived in Anchorage, Alaska ever since. We've raised three kids. We have one that's currently in medical school, one that's in dental school, and one that's becoming a clinical psychologist. So the world of medicine is following me, not only my professional, but personal life as well. In 2012, I had an opportunity to purchase an agency and I went ahead and did that. The agency was benefits only, working with a lot of companies providing employee benefits. And so I really learned that rope really well. That is what I feel most comfortable selling and doing because that's how I started. I have since grown my agency, I've acquired quite a few other agencies and now we are a full service agency providing everything that an insured or a client may need. But where my heart is is in benefits. So while I'm doing lots of work on the Agency. I also love to enjoy all things Alaskan. I hike, I fish, I hunt. We sit around our cabin with a big bonfire. We drive across the ice road when it's the winter to get to our cabin. And so you can imagine, health insurance is pretty important to me because I do a lot of dangerous things, and so is the same for your clients. Talk more about that in a minute.

Yeah, I can't wait. And I can't wait to dive in. So the unique thing about Lynette is multifold. But, you know, she has the benefits and the passion and the heart for benefits, but she's rounded her agency. So most importantly, if you're an independent insurance agency owner that's primarily focused on, say, pnc, she understands your world like very few do. And she can help you, and she can help you, maybe a new revenue stream become more profitable in multiple ways. And most importantly, like we were talking about a minute ago, Lynette, covering a need.

That everyone has. And yes, we'll keep that in mind. Go ahead.

Yeah, I was gonna say not everybody needs a bond. Not everybody needs commercial auto. Not everybody even needs home insurance, but everybody needs health insurance.

That's right.

And.

And my parents, fortunately, I listened to what they told me in this aspect. They said, there's one thing that you get. You get no second chances at this. You can't. Even if you had all the money in the world, you can't buy it back. You get one shot at taking care of it, and you better protect it with all of your life. They said, do you know what that is? And I said, no, mom and dad, what is it? They said, it's your health.

Yeah, very true.

Yeah. So we've got to take care of our health, and that's why what you do is so vitally important. So this podcast episode is a very special episode because Lynette and I are going to take a bit of a deep dive into her vast experience and benefits, giving you a sneak peek into an upcoming, powerful webinar that's coming your way. And we're going to be sharing that industry wide. I'll mention this date a couple Times. It's Tuesday, August 20, 2024. And I'll give you the full details at the end. And that's not all. Let me give. Let us give you three compelling reasons why you must absolutely, absolutely schedule this on your calendar and attend this webinar. 1. The Unstoppable Lynette Wood has unparalleled expertise. Lynette has over 13 years of experience directly delivering benefits in the industry business and more experience beyond that. She's transformed the lives and businesses of countless clients through proper benefits delivery and we're going to get into that in just a minute. And she just has a deep knowledge and unique perspective. Like I said earlier, very few have and and she will provide all of you with actionable strategies that you won't find anywhere else. So it's important Tuesday, August 20, 2024 Number two real world applications this this webinar is not just about theory. See, Lynette is actually doing it. She's in the trenches doing it every single day and she's going to again share practical real world applications that you can use in your independent insurance agency immediately to see Tang. And she will help you. In fact, she may talk a little bit about how she can just do it for you so you don't have to, which will again, a new revenue stream, boost your profits and impact others effectively. Again, this upcoming webinar offers this and so much more. And lastly, Exclusive Insights. Attendees are going to have access to exclusive insights from Lynette and her expertise, along with tips that many of them she's never shared publicly before. So this is a rare opportunity to gain insider knowledge and elevate your agency and your entire agency game to the next level. So Lynette, shall we, through an enlightening conversation, not only prepare everybody for the webinar, but help them further understand and get ready to take action. Because we want to share today three things. Three things that are at the forefront. And so if you hear something today that piques your interest again, Tuesday, August 20th, 2024 let me drop the times. It's 10:00am Pacific, 12:00pm Central, 10:00am pacific, 12:00pm Central, 1:00pm Eastern, and most importantly 9:00am Alaska time.

So.

So anyway, that's Tuesday, August 20th, 24th. So Lynette, we talked about three things that we're going to share them with people today about group benefits. And if so, if you've been thinking about maybe including group benefits in your portfolio, maybe the PNC market right now, specifically property, is a little bit tough and you're looking for a new revenue stream or a way to round out and diversify your book of business. Let's help them with three things to start. Lynette, we'll build on that again on Tuesday, August 20th. So one is the affordable Care Act. Go ahead and take that away.

Yeah, if you are going to go into this space on your own, you really do have to pay attention and understand all that went into Place in 2014. With the affordable Care act, there are mandates depending upon the size of a company, there's forms the IRS requires, and there's nuances to our healthcare system since 2014. So affordable care act knowledge and how to administer that in this day and age is crucial. I would say that's number one. You can't go against what we need to be doing in order to make sure that they're compliant with all the rules now.

And I'm not going to go into, deep into this today because this is a deeper subject, literally. But the single payer initiatives and all that kind of stuff I'm going to pull out of you on the webinar. So make sure you join us and we'll talk more about that. So. So the Affordable Care act and that mandate which changed everything, Right?

Yeah. It really did some things for the better. Some things not so much for the better, but.

And you completely understand that. That's why you have the expertise. So next, what do people need to at least be aware of or understand if they're going to consider bringing this newfound opportunity into their agency business? Products.

Right, Products. You really do need to know what you're selling. You need to understand what you're pedaling, because there might be 25 different plans that are offered to a client, or there might. And you just think, oh, they're all the same. They're not all the same. Sometimes the two deductibles have to be met, sometimes only one has to be met. Sometimes there's only 12, you know, counseling sessions, and other times there's unlimited. You have to know what's behind each of those products and you have to tailor it to the needs of your clients. Everybody needs health insurance, but not everybody necessarily has the same ongoing issues. And I often ask my clients, do you have any ongoing health concerns that we can focus on so we can make sure we're getting you in the right plan. You also want to know your products so you know, if a certain medication is covered or not. You know, some carriers cover injectable medications, some don't. That's a big gig when it comes to someone who needs an injectable medication. And if you sell them something to their employer group and now they can't get their medication, that's not good.

In some cases, that could be a life or death decision and situation. Right.

Yeah. And especially financially, you know, it's a big deal.

True that. And again, we're going to take a deeper dive on the webinar into that. And you know, how medical bills can you know, impact financially in a big, big way. So, yeah, these are all details. And again, even if you're going to partner with somebody to help you with all this, you need to be aware of it from a leadership standpoint. Super, super important. And I just had a thought and I wanted to throw this out for everybody. Even though Lynette is based in Alaska, I mean, you help people in many, many different states, correct?

Yeah, Yep. Very much. Yep.

So anyway, she has spread her wings and again, we'll get into that in a deeper way on August 20th. So great job, Lynette. Thank you for all you're doing. But number three, and, and you told me that this is probably of the three, maybe the most important show, a little bit about network and. Networks.

Yeah, network. So a lot of the time, as you're getting into the group benefit space, someone will come along, knock on your door and email and they'll have the latest and greatest program. And, oh, it's so much, you know, such a better price than anything else. And so you're. You hook, line and sinker, fall for it. And then you start selling it. And then you learn the reason it's 30% cheaper than everybody else is they can go to this many doctors in their area, the network stinks. And so you do not want to be on the other side of that. When you're offering group benefits to a client, you need to be aware that it is their second highest cost outside of payroll. Hear me again. Employee benefits is an employer's second highest cost that they have outside of. Outside of payroll. So you're talking. This is expensive for them to put in place. They want to often because they want to help their employees or they're mandated to because they have more than 50 employees. But can you imagine if then you sell them something that is a big investment to them and all they get is their employees complaining and complaining and complaining at them because they can't use the product that they have in front of them to use for health care. So network is very important. And networks fluctuate from year to year. Sometimes what one carrier is doing for the last five years, all of a sudden they switch and now they're on this other network. So you have to be mindful of checking into that prior to selling a product. And these fly by night companies, which, trust me, there's a lot of them, they come in because they've bought cheap networks. Did you know that carriers purchase networks? That's how it works. So if they haven't purchased the bigger network, they're going to be cheaper. You don't necessarily want that.

Yeah. So I can't wait to learn more. And, and we're going to again expand on all of this on August 2024. And I'm excited in Lynette's heart because Lynette, at the core of who Lynette Wood is, is a giver. She wants to give back and help other people. That's why she was a teacher and everything else she did before that. And getting to know her well over the last couple years, that's where her heart is. She's a giver and a helper of other people. And I'm privileged to do business with her and know her and excited for the future. So again, this is a prelude to an upcoming complimentary webinar for the entire insurance industry. Again, it's August 20, 2024, 10:00am Pacific, 12:00pm Central, 1:00pm Eastern, and of course 9:00am Alaska time. So around this podcast is a link to that event. Please make sure that you lock it, lock it down on your calendar because there are a limited number of seats. So please make sure that you click on the link and get it onto your calendar. Now, you're not going to want to miss it because everything we talked about and more is going to be available and we're going to talk about that and take a deeper dive. Lynette, I'm excited about Tuesday, August 20th. What about you?

I am too. And I don't want anybody that's listening to this to feel overwhelmed that you have to learn something new. Keep in mind, we'll probably go into it during this webinar, but there are ways that you can do this without you having to learn all of this. You'll help yourself with another revenue stream. You'll help cover your clients for a need that they all have, and you'll block out any competitors that are selling group benefits and selling pnc.

Right, Right. And Lynette came up with all of this to help people guard their books of business.

Yes.

And this is just something that we support and we want to support her on this endeavor again, just to help people and help you with your business. And, you know, if we want things to change, we've got to change because if we're willing to change, everything will change for us. And sometimes to, you know, make it and continue down the path in today's changing, forever changing PNC world, we've got to have an open mind about thinking differently. And we just want to share with everybody what's out there and Lynette has put something together and we can't cover it in enough detail to make sense, but we're going to again, that's August 20, 2024, 10:00am Pacific, 12:00pm Central, 1:00pm Eastern, and of course 9:00am Alaska time. Lynette, I'm excited. I can't wait. And thank you. Thank you for sharing just an introductory thought process for the upcoming webinar. And keep doing the awesome things you're doing. We're thankful and grateful that everything for everything that you're doing to help agents everywhere and to help the Alaskans be better protected.

Absolutely. Thank you, Mike. I'm excited.

You're welcome, Lynette. All right, have a great rest of the week. Be safe and good luck with your trained dog and the bears and the moose and everything else you got going on up there.

Good. All right, take care. Thank you.

You too.

All right, everybody, we will see you on the next episode. Until then, remember, you got this. We believe in you. I'll see you in the next episode.

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