Podcast Summary: Living The Red Life – "The Smartest Insurance Strategy No One Talks About"

Episode Details:

• Title: The Smartest Insurance Strategy No One Talks About
• Host: Rudy Mawer (“The Man in Red”)
• Guest: Philippe Lunstadt
• Release Date: March 6, 2025

Introduction

In this insightful episode of Living The Red Life, host Rudy Mawer engages in a profound discussion with his long-time friend and insurance strategist, Philippe Lunstadt. The episode delves deep into advanced insurance strategies tailored for entrepreneurs and business owners, emphasizing how these strategies can not only provide robust benefits to employees but also generate profit and enhance business growth.

Guest Background and Journey into Insurance

Philippe shares his entrepreneurial journey, highlighting his transition from military service to the insurance industry. Starting with a part-time job at Sam's Club and facing financial struggles, Philippe was inspired by persuasive bankers to pursue a career in insurance sales, projecting substantial earnings without the need for a college education.

[02:34] Philippe: “I found my passion by serving other people. Before, I was serving my country, and this was another way to have a purpose and drive.”

His dedication led him to establish ProCare Consulting during the COVID-19 pandemic, aiming to equip other brokers with the tools and strategies he developed to thrive even in challenging times.

Building a Unique Insurance Business Model

Philippe contrasts traditional, aggressive sales models often seen in the insurance industry with his bespoke, client-centric approach. He emphasizes the importance of personalized service, likening his strategy to the luxury and attention to detail of a Louis Vuitton experience.

[05:23] Philippe: “I really wanted to give people a Ritz Carlton experience on a Motel 6 budget.”

By asking comprehensive questions (over 22), Philippe breaks down barriers of mistrust typically associated with insurance sales. This tailored approach not only builds trust but also ensures clients receive unbiased advice, free from the constraints of promoting specific insurance companies for higher commissions.

Key Strategies for Entrepreneurs: Enhancing Sales and Client Relations

Philippe and Rudy discuss actionable strategies that entrepreneurs can implement to improve their sales processes and client satisfaction:

1. Automation of Systems:

   • Automate follow-up and client touchpoints to maintain consistent communication.
   • Example: Philippe uses a system with 67 touchpoints per year per client, including letters, emails, texts, seminars, and luncheons.

   [09:30] Philippe: “If you're not automating your systems, like if you're using Google sheets and Excel spreadsheets, you're missing the boat.”

2. Personalized Proposals:

   • Create customized proposals before sales calls to provide clear, visual representations of services.

   [11:25] Rudy: “We just hired like a whole separate design team division. Now they actually design the funnel for the client before a sales call.”

3. Unique Client Engagement:

   • Implement unique gestures such as handwritten thank-you cards and hosting free lunches to strengthen client relationships.

   [10:52] Rudy: “Like you send in handwritten thank you cards and hosting free lunches. It works because no one else is doing it.”

4. Education and Nurture Programs:

   • Develop educational content, such as a 52-week video nurture series, to keep clients informed and engaged.

   [11:00] Philippe: “I have a 52 week video nurture series where they're getting a video, two, three minute video that's highly produced...”

Advanced Insurance Strategies: Indemnity Policies and Profit Generation

A significant portion of the discussion centers around Philippe’s innovative use of indemnity policies and Health Savings Accounts (HSAs) to create insurance strategies that not only protect but also generate profit for entrepreneurs.

• Indemnity Policies:

  • These policies reimburse individuals for out-of-pocket medical expenses, effectively creating a profit stream when medical costs are incurred.

    [15:47] Philippe: “If I go to a doctor or I go to a hospital, have a surgery, I'm going to make a profit.”

• Health Share Ministries and Mega Indemnity:

  • For those with a clean lifestyle, low-cost health share programs combined with mega indemnity policies offer extensive coverage with minimal expenses.

    [16:09] Philippe: “If you go to the doctor and you have a $40 copay, this other insurance company is sending you $125 bucks.”

Philippe explains how these strategies allow entrepreneurs to minimize out-of-pocket expenses while simultaneously creating a profitable insurance model. By structuring insurance plans correctly, entrepreneurs can turn potential medical expenses into revenue-generating opportunities.

Employee Benefits and Business Growth

The conversation shifts to the importance of providing comprehensive insurance benefits to employees as a means of retention and attraction. Philippe emphasizes that offering robust benefits systems can be more cost-effective in the long run through tax advantages and increased employee satisfaction.

[20:08] Philippe: “The employee then has an indemnity product...cutting their taxes in half... free health insurance, free life insurance, free HSAs.”

These benefits not only enhance employee satisfaction but also contribute to the overall growth and stability of the business. Philippe highlights how tax write-offs and wellness programs can significantly reduce the cost of providing these benefits.

Overcoming Business Failures and Lessons Learned

Philippe candidly shares his past business failures, including mistakes made while working as a captive agent. He emphasizes the importance of retaining clients and leveraging existing relationships to build a robust client base.

[24:07] Philippe: “My biggest failure in business was when I was working for Humana as a captive agent... I didn't take my book of business. It was over 800 clients... I could have copied all those people and taken it.”

These experiences fueled his determination to become a successful broker and build ProCare Consulting into a thriving enterprise.

Advice for Aspiring Entrepreneurs: Investing in Personal Development

Reflecting on his journey, Philippe advises entrepreneurs to prioritize personal growth and education over superficial expenses. Investing in masterminds, reading, and continuous learning are pivotal for long-term success.

[25:36] Philippe: “Invest in yourself, invest in the education. Don't buy the glittery glamorous things... focus on personal growth.”

He underscores the significance of changing one’s mindset and following proven roadmaps to achieve remarkable results.

Conclusion and Final Thoughts

The episode wraps up with Rudy and Philippe reiterating the importance of innovative insurance strategies and personal development in building a successful business. They encourage listeners to explore advanced insurance options and implement unique sales strategies to stand out in their respective industries.

[27:43] Rudy: “Great episode. Talking about all the insurance for entrepreneurs, for their teams, building a unique sales system too. That was awesome conversation.”

Key Takeaways:

• Personalized Service: Tailored insurance strategies foster trust and client loyalty.
• Automation: Utilize automated systems to maintain consistent client engagement.
• Advanced Strategies: Indemnity policies and HSAs can turn insurance into a profit-generating tool.
• Employee Benefits: Comprehensive benefits systems enhance employee retention and attract top talent.
• Personal Development: Continuous learning and investment in personal growth are essential for entrepreneurial success.

Notable Quotes:

• Philippe [02:34]: “I found my passion by serving other people.”
• Philippe [05:23]: “I really wanted to give people a Ritz Carlton experience on a Motel 6 budget.”
• Philippe [09:30]: “If you're not automating your systems, like if you're using Google sheets and Excel spreadsheets, you're missing the boat.”
• Rudy [10:52]: “Like you send in handwritten thank you cards and hosting free lunches. It works because no one else is doing it.”
• Philippe [25:36]: “Invest in yourself, invest in the education. Don't buy the glittery glamorous things... focus on personal growth.”

Resources:

• Philippe Lunstadt’s Contact:
  • Facebook/Instagram: ProCare Consulting or Philippe Lunstadt
  • LinkedIn: Philippe Lunstadt

For entrepreneurs and business owners looking to elevate their insurance strategies and build a stronger, more profitable team, this episode offers invaluable insights and actionable advice. Tune in to discover how innovative insurance solutions can transform your business and create a lasting legacy.

Stay Connected: For more episodes and insights on scaling your business and building an unstoppable team, subscribe to Living The Red Life on your preferred podcast platform. Keep living the red life!