Millang Financial Group, LLC
Started June 1st, 2008 when my wife was 6 months pregnant with our first child. I invested 10 years building a retail agency with my name on the door. We marketed specifically to pre and recent retirees and grew the business by recruiting/ training/ developing neophyte producers into the industry. We generated 1/3 of our revenue from Medicare products, 1/3 from Life Insurance and 1/3 from Indexed Annuities and Fee-Based business (and about 5% from P&C.)

The Suite
Along the way I had some technology developed to manage the operation. It handled lead vendor integration and CRM, sales cycle processes and reporting from prospecting activities to commission accounting management- as our producers we're all License-Only Agents. It really worked for us to create efficiencies when we were limited with staff.

Retirement Protectors, INC
Around the company's 11th anniversary, I finally had reached a point where I had hired and developed enough staff to delegate all of my day-to-day activities. I refreshed our branding and was excited about the future- so naturally, that's when each of my producers decided to either move out of town or quit. I was able to buy out the vested recurring revenue from everyone and half the equity from two commercial properties I bought with my top rep.

I was left with $1MM in office buildings, a business that had 5,000 clients (I thought) generating $500k in recurring revenue, a great staff, and zero new business revenue. Although the brain damage I received from managing green pea commission-based insurance salespeople for a decade had begun reversing- I needed to figure out a new way to grow the business.

To manage all the existing clients that I now had 100% ownership for servicing- I knew we needed an innovative strategy. I hired and developed specialists to manage the Fee-Based/ P&C clients, Life & Annuity blocks of business and our Medicare PDP/ MAPD/ Med Supp books. We subscribed to technology platforms to aggregate and manage the specific product lines, audited data from our internal platform against the carrier’s information and set course to deliver a Proactive Service Model experience for our clients.

After the initial audits of each line, we realized a couple glaring truths about our recurring revenue streams- our tiny P&C Agency and modest Fee-Based Practice had 95%+ year over year persistency and our 10X LARGER Medicare business had a 50% four-year retention rate. Turns out the 4k health insurance clients we thought we had in this space was only 2k. Wait. What?! I dug deeper to identity the following trends:

  • TECH: P&C/ Fee-Based had existing software platforms to aggregate the data from all carriers for existing accounts AND generate new quotes across strategies.
  • SERVICE: Rather than customer service being managed by an inexperienced new producer (and dozens of inactive former producers) in the case of our Medicare business- P&C/ Fee-Based was managed by an exclusive, experienced, professional who had ownership in each client relationship and account. This allowed for the Proactive Service scheduled, regular reviews and recommendations for changes when needed) and Reactive Service (typical servicing, changes, etc) processes to operate at a high level.

I knew that if I had these challenges with my agency and personal practice- everyone else must have them as well. I reached out to relationships I had with Producers, Agency Owners and large national Independent Marketing Organizations (IMOs) to discuss the issues – my concepts were quickly validated. The time was now to change direction and become a B2B firm. ProDash was born.