Diversifying the Revenue Stream 💰🌍

Insurance Journal Podcast

Seven years ago, Rodney Johnson approached Pat Gallagher with a new strategy for organic growth: crafting insurance coverage for diverse and underserved business segments. The diversity angle was “never about politics or philanthropy,” says Rodney; it simply meant more revenue for the broker. 🎯💼 Mission accomplished. Today the practice generates $1.3 billion in premium for 7,000 commercial clients, such as women or Black-owned firms. Rodney says “the business case is rooted in diversity of thought,” which is critical for new ideas. “How can you innovate with a group of people with the same background, same life experience, same social identity? If you’re a sales organization, and you’re looking to sell to a broader range of buyers, diversity of thought allows you to increase sales.” The strategy is not “lifting one group over another,” he adds. “When more revenue comes in…people get raises and bonuses. It creates opportunities for everybody in the organization, and those opportunities don’t discriminate. This is not about ‘us versus them.’” Listen as Rodney also shares a piece of advice for younger workers looking to supercharge their careers. 🚀

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