Millang Financial Group, LLC
It began on June 1st, 2008 when my wife was 6 months pregnant with our
first child. I invested 10 years building a retail agency with my name on
the door. We marketed specifically to pre and recent retirees and grew the
business by recruiting/ training/ developing neophyte producers into the
industry. We generated 1/3 of our revenue from Medicare products, 1/3 from
Life Insurance and 1/3 from Indexed Annuities and Fee-Based business (and
about 5% from P&C.)
The MFGProducers.com Suite
Along the way I had some technology developed to manage the operation. It
handled lead vendor integration and CRM, sales cycle processes and
reporting from prospecting activities to commission accounting management-
as our producers we're all License-Only Agents. It really worked for us to
create efficiencies when we were limited with staff.
Retirement Protectors, INC
Around the company's 11th anniversary, I finally had reached a point
where I had hired and developed enough staff to delegate all of my day
to day activities. I refreshed our branding and was excited about the
future- so naturally, that's when each of my producers decided to either
move out of town or quit. I was able to buy out the vested recurring
revenue from everyone and half the equity from two commercial properties
I bought with my top rep.
I was left with $1MM in office buildings, a business that had 5,000
clients (I thought) generating $500k in recurring revenue, a great
staff, and zero new business revenue. Although the brain damage I
received from managing green pea commission-based insurance salespeople
for a decade had begun reversing- I needed to figure out a new way to
grow the business.
To manage all of the existing clients that I now had 100% ownership
for servicing- I knew we needed an innovative strategy. I hired and
developed specialists to manage the Fee-Based/ P&C clients, Life &
Annuity blocks of business and our Medicare PDP/ MAPD/ Med Supp books.
We subscribed to technology platforms to aggregate and manage the
specific product lines, audited data from our internal platform against
the carrier’s information and set course to deliver a Proactive Service
Model experience for our clients.
After the initial audits of each line, we realized a couple glaring
truths about our recurring revenue streams- our tiny P&C Agency and
modest Fee-Based Practice had 95%+ year over year persistency and our
10X LARGER Medicare business had a 50% four year retention rate. Turns
out the 4k health insurance clients we thought we had in this space was
only 2k. Wait. What?! I dug deeper to identity the following trends:
TECH: P&C/ Fee-Based had existing software
platforms to aggregate the data from all carriers for existing
accounts AND generate new quotes across strategies.
SERVICE: Rather than customer service being
managed by an inexperienced new producer (and dozens of inactive
former producers) in the case of our Medicare business- P&C/ Fee-Based
was managed by an exclusive, experienced, professional who had
ownership in each client relationship and account. This allowed for
the Proactive Service (scheduled, regular reviews and recommendations
for changes when needed) and Reactive Service (typical servicing,
changes, etc) processes to operate at a high level.
I knew that if I had these challenges with my agency and personal
practice- everyone else must have them as well. I reached out to
relationships I had with Producers, Agency Owners and large national
Independent Marketing Organizations (IMOs) to discuss the issues – my
concepts were quickly validated.
The time was now to change direction and become a B2B firm.
The Producer Dashboard Suite
Our market is IMOs/ Agencies/ Producers across the US. The entire
platform is fully customizable down to the module level and/or
White-Labeled for strategic partnership opportunities. We have pioneered a
lucrative revenue share model that is ideal for generating new recurring
revenue streams for participating IMOs and ambassadors.
ProDash is a cloud-based solution for servicing existing client
accounts across all senior market products- Med Supp/ MAPD/ PDP/ Final
Expense/ Hospital Indemnity/ Dental/ Vision/ Hearing. It features
integrations of data sources from your existing CRM for client
information and Carriers to tie in account information. It allows for
quoting and eApp capabilities and provides monthly future rate change
notices for all Med Supp Carriers in each of the 50 states- in one
ProDash+Service is a White-Labeled customer service solution
that allows you to enjoy instant scale in your practice or agency.
Proactively and Reactively providing customer service for your clients,
on your behalf, using your existing branding. With a dedicated team,
toll-free number, e-mail and communication system to keep you informed
and provide analytics- your clients will experience another level of
value due to your relationship with them. Allowing you the time to
aggressively grow your business, or just golf more.
ProDash+Partners is a Life/ Annuity/ Medicare IMO, licensed in
all 50 states. Providing enhanced comp levels and service for
independent producers and agencies as well as "bolt-on" capabilities for
IMOs to safely and efficiently enter the market in a non-core product
ProDash+Market is a marketplace for all IMOs, Agencies and
Producers nationally, who are affiliated with the Producer Dashboard
Companies, to receive an annual valuation, written succession plan and
market for buying or selling businesses. As a seller, using the data and
analytics available via ProDash- we can provide a confidential,
executive summary of your business for buyers to expedite the due
diligence process and expand your market of potential suitors.
Our all-star team is ready to serve you, your producers and retail
clients. Please contact us for more information about how we can help you
level up today!