The Bermuda Triangle of Insurance Explained

In this episode of The Comp Effect podcast, host Todd Thams interviews Don Phin, Certified eSpeaker, Strategist, and Coach. Don stops by to explain how work comp, FMLA, and ADA interact. He also explains how focusing on work comp claims actually increases revenue.

 

Episode Highlights:

  • Don shares his professional background. (1:49)
  • Don explains what most business owners and brokers don’t really know. (5:31)
  • Don chats about margin replacement revenue ratio. (12:45)
  • Don gives examples of customer experience and customer value. (18:44)
  • Don explains why one of the biggest mistakes that people make is not starting the clock on the FMLA. (21:23)
  • Don talks more in depth about ADA. (27:42)
  • Don mentions the website, Job Accommodation Network. (30:45)
  • Don shares one of the mistakes that people don’t often talk about. (41:04)
  • Don mentions he’s currently reading the book entitled, BE 2.0 by Jim Collins. (48:39)
  • Don mentions that he’s been spending more money on liquor. (49:55)

Key Quotes:

  • “What I learned dealing with those CEOs is they get the logical aspect of cost, but, they’re not emotionally engaged by cost. They’re emotionally engaged by revenue. I do not want to work for a CEO who is more emotionally engaged about costs, than they are about revenue… That’s the wrong CEO to work for.” – Don Phin
  • “So many people come in and really try to magnify the pain of that modifier, and I get all that. But, after a while, people are tired of that drumbeat. Everybody tries to put them into pain.” – Don Phin
  • “The first thing you want to make sure is that we have a good process in place for people to ask for leave… any kind of leave. So, the handbooks will have FMLA, ADA, workers comp, pregnancy, whatever else it is. But, there should be an umbrella policy that says no matter what the leave is, here’s how you begin this process.” – Don Phin

Resources Mentioned:

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