Mike Monaghan on Building a Successful Insurance Agency: Proven Strategies

73% of agency owners say hiring is their biggest challenge. Most solve it the same broken way — generic job posts and hoping for magic.

Craig and Jason sat down with Mike Monaghan to dig into this — no theory, just what works, what failed, and what you can steal for your own book.

Stop Hiring When Drowning

Start recruiting before you need someone. Keep a list of impressive people — the waiter who handled chaos gracefully, the salesperson who didn't push. Best hires come from relationships, not desperate Indeed posts at 11pm.

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Comp That Works

Commission-only eliminates your talent pool. Modest draw — $3-4K/mo for 120 days, repayable from future commissions — expands candidates dramatically. $12K investment producing $200K new premium at 15% = $30K revenue. Good math.

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Train Sales First

Traditional training starts with coverages and ISO forms. By the time they understand endorsements, they've forgotten they're here to sell. Teach calling, discovery, presentation, objection handling first. Product knowledge follows activity.

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When to Cut Bait

Not at 50% of benchmarks by day 60? Have the conversation. Specific numbers. 30-day deadline. Keeping non-performers past 90 days costs more every day you wait. Sometimes performance plan. Sometimes clean break. Never 'wait and hope.'

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🎙️ Listen to the full episode: Mike Monaghan Insurance Man… If He Can’t Do It No One Can! PART 1 Apple Podcasts | Spotify | YouTube

The Insurance Dudes — Separating the real from the BS in insurance sales since 2019.-e