Category: Press / News

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.

Follow Jim on LinkedIn | Download vCard | Learn More about FNIC

_____________________

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!

Follow Jeff on LinkedIn | Download vCard | Learn More About The Insurance Center

_____________________

Kent Bermingham II (aka Kent Jr.) joined Milestone Benefits Agency in 1999 and on January 1, 2009 was named the new President.

Milestone Benefits Agency provides “Value Beyond Benefits”, and is built from the bottom up to support everything employers do for their employees’ benefits program. Shopping plans and negotiating the best cost for the right benefits is just the beginning. They dive deeper to support organizations with compliance, communications, reporting, benefit administration, strategic planning, open enrollment, employee service, employee education and more.

What is your background, and how did you get in the EB business?
After graduating with a Bachelor’s degree in Accounting from a small university in Michigan, I accepted a position in Materials Management at a 300-bed acute care hospital in Maryland. While there, I passed the CPA exam and earned an MBA in Marketing at The Johns Hopkins University. Along the way I was promoted to be the Manager of Decision Support Services and then the Comptroller of the hospital. After working really long days for months on end, I needed a change and accepted a position in the Medical Economics Department at Aetna. In the fall of 1998, my dad started Milestone Benefits Agency and then in February of 1999, he convinced me to move to Ohio and join him. The rest is history.

What are your leadership principles?
Follow the Golden Rule. Be honest and transparent. Have empathy and be compassionate. Recognize we’re human and we all make mistakes. Make sure everyone knows they’re valued, appreciated and essential to the success of the agency. Hire people to fill careers, not jobs. Treat everyone as a colleague, not an employee. Lead by example and be open to change.

What are you looking forward to achieving as a BAN member?
Over the years, BAN has evolved, as has our agency and the people working in it. I’m looking forward to BAN continuing to assist us with that evolution by bringing collaboration, support, new ideas, and new partners to work with.

How are you advising your clients regarding ongoing inflation, higher interest rates and a shaky economy? Are you concerned about a recession?
Medical inflation (aka “Trend”) has always been part of the medical insurance landscape. That said, it’s accelerating again as seen through exploding drug costs, higher fee schedules and higher utilization. For our 100+ groups, we send monthly plan performance tracking reports so we’re proactively talking about costs and preparing them for the upcoming renewals all year long. We are concerned about the economy in terms of how it impacts our groups, their ability to pay for benefits, and the number of people they employ which translates to lower revenues to the agency. However, the beauty of this industry is that even during a recession, people and businesses still need the products we represent.

What is your outlook for your agency in 2024?
One of our biggest strengths has been our ability to retain clients through high levels of service and products (e.g., Employee Navigator) we provide to benefit managers and their employees. We have no reason to believe that will change. Building on that strength, we aim always to target manageable growth and bring the right kinds of clients into the agency.

What is this industry’s most significant challenge?
Helping employers manage rising costs has always been and will continue to be the greatest challenge. For many groups, the runway of increasing deductibles, out-of-pocket costs, and employee’s share of premium contributions is running out.

What are two lessons you learned during your career that you can pass along to future leaders in the insurance industry?
First, always do what’s in the best interest of your clients. Be honest and transparent with them. You’ll sleep well at night knowing you’ve always done right by them. The money and success will follow. Second, support and empower everyone in the agency. Make sure they know they’re valued and you appreciate them. The agency can only ever be as successful as they are in their roles.

Follow Kent on LinkedIn | Download Kent’s vCard | More About Milestone

As CEO of TIG Advisors in Missouri, Jason is focused on positioning TIG to accomplish our mission to help our clients manage risk and achieve greater success. He is primarily focused on the agency’s strategic leadership and growth, creating a positive impact culture, and expanding our product lines and service offerings.

Status quo health plans have handcuffed employers. Jason passionately helps them chart a new path toward savings, sustainability, and success by engaging transparent partners, ensuring protection through contractual risk management, leveraging actionable health intelligence, and implementing relevant cost-containment solutions. Jason helps employers balance their employee needs with their bottom line by crafting, deploying, and optimizing benefits programs—utilizing the Health Rosetta principles as a guide.

What is your background, and how did you get in the EB business?
I made the leap to EB (from pharmaceutical industry) in 2001. Like most everyone, I never planned to get into this business, but it found me. Or rather, I met my wife and married into our agency. I was (and still am) attracted to the entrepreneurial element of our business, and the never-ending opportunity to solve complex problems for clients.

What are your leadership principles?
Leadership vs Management: Leadership is doing the RIGHT thing and management is doing things right.
My eagle scout days taught me to be prepared–to have a plan. I like to think that my leadership is reflected in our TIG values (Make It Better, Care Deeply, Deliver Meaningful Solutions).

What are you looking forward to achieving as a BAN member?
Collaboration with brightest minds. Sharing of best practices. Building out our laser light show for larger cases (via the resources/solutions BAN has vetted).

How are you advising your clients regarding ongoing inflation, higher interest rates and a shaky economy? Are you concerned about a recession?
We are clients to have a sense of urgency. Health insurance costs are high because health CARE costs are higher. We must aggressively address UNIT costs of care in the coming years. The inflationary impact is real and is rearing its ugly head (example: hospital labor costs soared over the last few years due to the reliance on travel nurses, etc.). Mildly concerned about a recession, but the reality is, whether we are officially labeling our economic state as a recession or not, it doesn’t really matter. Tough sledding ahead.

What is your outlook for your agency in 2024?
We anticipate growth of 12-15% in 2024.

What is this industry’s largest challenge?
Amongst the many challenges—new talent: in this hypercompetitive climate for talent, we must create pathways for success with prospective talent.

What are two lessons that you learned during your career that you can pass along to future leaders in the insurance industry?
1) Meaningful = Hard. If I’ve done something that looks easy–it’s because I got lucky. Very few things that are meaningful are easy. Don’t settle for easy.
2) Refine your communication skills. People buy what is clearer, not necessarily what is best (this applies to YOU too). If you confuse, you’ll lose.

Follow Jason on LinkedIn | Download vCard

____________________________________________

TIG Advisors is an independent insurance agency with offices in Columbia, Jefferson City, and St. Louis, Missouri. Established in 1898 as Rollins & Rollins, today they are a diverse advisory firm anchored by expertise in Business Insurance, Benefits and Employer Services, and Personal Solutions.

Learn more about TIG Advisors at https://tigadvisors.com.