Category: Miscellaneous

Mike grew up in Texas and graduated from the University of Texas in 1986 with a major in Economics and a minor in Accounting. While at Texas, Mike served in multiple positions in the Alpha Nu chapter of Sigma Chi. With over 25 years of experience in the insurance industry, Mike has had management responsibilities in underwriting, marketing, and sales with both carriers and agencies. He joined Bolton & Company in 2001 where his focus is on the growth of the firm’s recognition as one of the leading privately held insurance brokerages in Southern California, as well as overseeing the day to day operations. Mike’s involvement extends beyond his own firm where he sits on the Advisory Board for multiple National Property Casualty and Health Insurance Carriers. On the personal side, Mike lives in Spicewood, Texas with his wife, Sharon and has three children and two grandchildren.  

What is your background, and how did you get in the EB business?
I was the COO for Bolton & Co in LA for over 20 years. Our firm was 85% P&C with just over $2 million in Benefits revenue. During my time as the COO, we grew our Benefits revenue to north of $35 million and 40% of our firm’s revenue with a focus on hiring and developing producers along with several acquisitions.

What are your leadership principles?
Transparency with the team. We also spend a lot of time developing communication and problem-solving skills. Before someone can supervise others, it is an expectation that they will have gone through a portion of our education. I also always start with answering a question with yes and then talk through what yes looks like.

What are you looking forward to achieving with your involvement with BAN?
We are all always learning and my past experiences with BAN and its members has made a contributed to my own success as well as our firm.

How are you advising your clients regarding ongoing inflation, higher interest rates and a shaky economy? Are you concerned about a recession?
Margins are tight for many employers and their most valuable asset and cost are their employees. What tools do they need and can we assist in their strategy to increase productivity within their workforce.

What is your outlook for your agency in 2024?
With new business, exposure and rate, we are targeting 15% growth in Benefits.

What is this industry’s largest challenge?
Talent. We as an industry continue to undersell the opportunity within the brokerage community.

What are two lessons that you learned during your career that you can pass along to future leaders in the insurance industry?
When your employees go home at night, you and the brokerage are a topic at the dinner table. What are they saying about you? Never burn a bridge. As large as this industry is, it’s a small community.

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James S. Garbina is a graduate of the University of Nebraska at Omaha, obtaining his Bachelor of Science degree in business finance. He joined the Employee Benefits Department of The Koch Co. in 1987 as an Account Executive and was named Vice President in 1992 and Senior Vice President in 1999. He currently manages this division for The Koch Co., now FNIC.

Jim is a part of FNIC’s strategic planning committee, and a director. He is a current member and previous board member of NAIFA (National Association of Insurance and Financial Advisors), earning his Fellowship designation (LUTCF) in 1994. He is a current member of NAHU (National Association of Health Underwriters). In 2011, The Koch Co. joined the Benefit Advisors Network; and in 2013, Jim was chosen to lead the strategic planning team for the national organization made up of international agencies, managing benefits for 10,000 employers and 8.5 million employees.

Jim also donates time to a number of nonprofit organizations, serving as the Board President for Midwest Child Care, past Board member for the UNO Alumni Association, Finance Chairman for his local parish and board member for the Papillion LaVista School Foundation.

 

What is your background, and how did you get in the EB business?
I was a Finance Major and Graduated from the University of Nebraska. I was referred to the Harry A Koch Agency by the University Career Placement Director. He made me keep the interview, even after I found out it was for insurance! I still thank him!

What are your leadership principles?
I believe in leadership by example and that success is not easy but rather you become lucky when you work hard. Be honest and ethical in the hard times and be ready to step back and rework your strategy.

What are you looking forward to achieving as a BAN member?
I look forward to the professional exchange of ideas and thoughts, as well as market knowledge. I am also looking for partners that can help see the market changes and develop strategies for tomorrows needs in the market.

How are you advising your clients regarding ongoing inflation, higher interest rates and a shaky economy? Are you concerned about a recession?
I am concerned about recession and think it will affect industries differently. Head count drives our revenue, so when markets are in retreat we have to drive new sales. Inflation and interest rates affect our clients overhead, and this also drives head count decisions, which drives us to find efficiencies within the products we manage. We try to lead the discussion, so they rely on us as a solution and not a vendor.

What is your outlook for your agency in 2024?
I think growth on existing books will be more tough to come by, expecting 3% growth (net after head count losses). We need to win on new business to achieve overall growth of 8%.

What is this industry’s largest challenge?
Utilization trends, High Cost Claim inflation trends, along with the continued concern for Rx inflation and new therapy cost. These are driving up the year over year (PMPM) cost at a faster pace than solutions can be implemented.

What are two lessons that you learned during your career that you can pass along to future leaders in the insurance industry?
First, advising and consulting is a long game. Developing and creating as many centers of influence within business circles and carrier partners will pay dividends. Don’t be afraid to donate time to boards and key organizations, as these are the future decision makers and a great investment for the future (but remember you need to bring value)! Number two is be a true student of the business.

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As Senior Vice President of The Insurance Center in Onalaska, WI, Jeff directs his team forward to achieve the agency’s purpose of fighting for the highest possible good of their clients, co-workers, and community. He focuses on the overall operations and business development for the life, health, and commercial benefits side of the business.

What is your background and how did you get into this line of work?
During college, I worked the summers for a local agency selling Medicare and final expense. After graduation, I ended up starting a new office for an agency in Colorado and worked the entire state, mainly focusing on life insurance and Medicare. I then moved back to Wisconsin and started my own agency for several years before being recruited by Federated Insurance. Worked for Federated for eight years as a sales leader in Minneapolis and Indianapolis before moving back to my hometown and partnering with The Insurance Center, Inc. (TIC) and headed up their L&H operation. Now I am a 25% partner and lead business development for the organization.

What are your leadership principles?
Serve others over all else. If you lead with the mind of being a servant, others will follow. Fight for the highest possible good of those you serve and you will build trust and influence. “Belongships Values” include: Be Ethical, Be Authentic, Be Intentional, Be Empowered, and Be Dynamic.

Why are you passionate about BAN? What value has it brought you/your business?
Collaboration with high-quality people is powerful. The main value it has brought our business is the “phone-a-friend” mentality. We don’t know everything but the answer is usually there. BAN helps with this as great members have great ideas and are able to execute them successfully.

With ongoing inflation, higher interest rates, and a shaky economy, are you worried about the economy? If so, are you taking steps to prepare for a recession?
Yes, this is a concern. In benefits and workers comp especially, revenue is driven by employment. If layoffs happen, our revenue goes down. We are strengthening our position by being debt free as much as possible and looking for ways to grow organically.

Where do you see the industry headed for the balance of 2023 and in 2024?
I see a continued focus on proactive services, risk management, and other value-added solutions being the focus of driving growth and retention. I see continued rate pressure in benefits driving more to consider alternative ways to benefit employees and creating disruption in the industry. And, a strong move toward self-funding for smaller to mid-sized organizations.

What are the industry’s biggest challenges?
Being stuck in the old way of business. We need a hyper-focus on what the agency of the future will look like and how we can harness AI and other tech to achieve efficiencies. I also see Payroll/HR players continuing to come into the benefits space to achieve a one-stop shop mentality.

For the younger generation, what are one or two lessons you’ve learned that you can share with them?
I can think of a million cliches like “it’s a marathon, not a sprint” but I think one thing that is of utmost importance is to continue to focus on overall health. Focus on your mental and spiritual health as much as your physical and financial health and good things will happen. Also, swim against the norm. Think outside the box and disrupt in any way possible!

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