David McFarland on Why Speed, Simplicity & Service Win Small Business Insurance

David McFarland, founder, and CEO at Coterie Insurance joins the podcast for an all-time conversation on insurance, insurtech and what it takes to win the small business insurance market. David is one of the smartest guys in commercial insurance and things he and his team are doing at Coterie are rapidly changing the standard for ease of business.

Find your favorite way to subscribe to new episodes:

• Itunes
• Stitcher
• Spotify
• Google Play

Or you can watch every episode on YouTube.

David McFarland on Why Speed, Simplicity & Service Win Small Business Insurance

In this episode of The Ryan Hanley Show, Ryan Hanley is joined by David McFarland, founder, and CEO of Coterie Insurance, for an all-time conversation about insurance, insurtech and what it takes to win the small business insurance market. 

David is one of the smartest guys in commercial insurance and things he and his team are doing at Coterie are rapidly changing the standard for ease of business. Don’t miss this episode…

Episode Highlights:

• David explains what an actuary is. (5:20)
• What are some of the ways David worked within the business to overcome what seems to be a fairly common problem with carriers? (10:38)
• David explains first-order positive, second-order negative in Coterie. (15:15)
• David discusses how Coterie manages things in general.. (16:09)
• David mentions that the most valuable asset of any firm is its people. (19:13)
• David explains how Coterie gets people to believe in what they do. (21:55)
• David mentions that Coterie hires on four criteria: integrity, intelligence, passion, and humility. (27:37)
• David explains what makes Coterie unique. (32:17)
• David says they aim to create a tech and insurance product that will allow their distribution partners to run in ways they couldn’t before. (35:30)
• David explains third-party data and how Coterie uses it. (42:27)
• David mentions that they aim to ensure the success of their distribution partner. (49:10)
• David says they’re always seeking new data sources, evaluating its influence on customers, and verifying its accuracy. (51:58)
• What does David see happening with small company insurance in the coming years? (53:46)

Key Quotes:

• “We create cross-divisional teams to accomplish certain missions. So, if we have a particular objective or key result, we will put together a group of people who are qualified to tackle this thing. And that is their job and they have to work together.” – David McFarland
• “We hire on four things. Integrity, intelligence, passion, and humility, and humility elevates all the other three. And the one sentence way that we describe it is that we’re smart, passionate people who do the right thing, and we’re not going to brag about it.” – David McFarland
• “What we want to deliver is a product, both a tech product and insurance product that’s going to enable our distribution partners to run in ways that they just couldn’t do before.” – David McFarland

Resources Mentioned:

• David McFarland LinkedIn
• Coterie Insurance
• Reach out to Ryan Hanley

Tarmika

The premier rating platform for independent insurance agencies.

Tarmika is a single entry comparative rating platform specifically designed for independent agents. A single entry into our platform returns multiple quotes from your appointed carriers.

Visit Tarmika today.

Premier Strategy Box

PROVIDING STRATEGIES AND VIRTUAL CONSULTING FOR INSURANCE AGENTS AROUND THE COUNTRY!

Let us create your custom business blueprint to SIMPLIFY your business, GROW your agency and GAIN a competitive advantage with HANDS ON support from our experienced team of professionals!

All of the tools and resources to grow your business are right here – let us show you the way!

Visit Premier Strategy Box today.

If you enjoyed this episode, please click here to subscribe and never miss an episode of the podcast!

Yours in strength,

Hanley

v

LISTEN NEXT: Erik Garcia on How to Determine Your End Game