October 25, 2023 • 22 mins
In this episode of Building Billions, join me as I have a compelling conversation with my business partner and long-time friend, Sean Conrad. Sean brings with him decades of invaluable experience in reshaping the landscape of the insurance industry. Together, alongside the esteemed Grant Cardone, we have recently unveiled the groundbreaking 10X Insurance, a service that is revolutionizing the entire sector.
For small to mid-sized businesses, the pursuit of affordable health insurance has often been an uphill battle, if not an impossible feat. However, the game is changing now. Our latest endeavor introduces a groundbreaking solution previously unheard of - top-of-the-line health insurance options, once exclusively accessible to corporate giants, are now within reach for everyone for the very first time.
During our discussion, we delve into the myriad benefits and opportunities that this new venture presents. 10X Insurance was meticulously crafted to cater to the specific needs of small to mid-sized business owners, 1099 independent contractors, and solo entrepreneurs. Created to level the playing field for the 31.5 million small to mid-sized businesses that are the essential backbone of the American economy, and to provide those business owners innovative and premium-grade insurance solutions, 10X Insurance provides world-class solutions for group benefits, property & casualty insurance, and delivers the insurance expertise, strategies, program design, and economics historically reserved for large enterprise organizations.
What sets us apart is the white-glove experience we offer to our clients, ensuring they receive unparalleled customer support and customization tailored to their unique requirements. It's a service that has no precedent - until now
As Open Enrollment Season (November 1st through Jan 15th) officially kicks off, NOW is the time to explore what 10X Insurance can do for you and your organization.
For more info, go to www.10xcoverage.com
Support the show: http://cardoneventures.com
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
S1 (00:00):
Everybody is planning to. Austin, welcome back to another episode
of Building Billions. Uh, I am so excited about this episode. Uh,
so if you're listening, uh, on a, on a podcast,
if you're watching it on YouTube, if you're seeing a
stream somewhere else, Instagram or Facebook. Uh, here is why
I'm so excited about this. For over ten years. I
(00:22):
wanted to bring value to the independent business owner that
that that could allow them to compete with huge firms
for benefits, for team members so they can attract the
right talent. You can keep the right talent, and they
can give that talent the opportunity to have the kind
of life they want to have, with the kind of
protection they need that big companies can afford for their
(00:46):
employees in order to recruit and keep top talent. And
we have finally cracked the code. And the person on
this show with me is my business partner. He's been
a friend for years. He's worked with me now at
Carlisle Ventures for just about two years. Sean Conrad. And
so we are going to be talking about how we
(01:07):
crack the code. With being able to provide employee benefits,
employee and owner health insurance, elite health insurance without getting
robbed or screwed over so that you can offer absolutely
the best of class and attach to our ten x
(01:29):
health and employee benefit insurance. Sean. Man, this is going
to be a fun conversation.
S2 (01:35):
It is going to be a really fun conversation, Brandon,
and it's something you and I have wanted to do
for years. And so you're really the only person that
could deliver this to the small and mid-sized business space,
in my view, because this is hard to do, and
you've always been great at doing hard things and cracking
the code. You did it with how to format small
and mid-sized businesses, and we're going to do this now
together with insurance. And when you and.
S1 (01:56):
I brought this to Grant Cardone and said, Grant, we
cracked the code. Here's what we could do. He's like,
oh man, this is juicy. I'm all in. I want
to go crazy with this thing. So, so what we
need to do is probably explain to everybody what the
hell we're talking about, and you're the best person to
do that. So bring them up to speed as to
exactly what we're talking about.
S2 (02:17):
We probably should. And I'm very excited that we have
your enthusiasm and grants behind it. And let me tell you,
this is the perfect time to be talking about this too.
So when we talk about people in business and Natalie
has a fantastic book team work, and we talk all
about the importance of growing an organization through people, and
you devoted your life to sharing that message with business owners. Well,
(02:39):
one part of that, beyond building a culture and a
company attracting great people, is aligning them to the mission
of the business and then retaining them well. Part of
how you do that is articulating the big vision of
what you're going to go do and how you're going
to conquer the world together. But then it's equally important
you take care of those people. You do it through compensation.
But providing a benefits program for them is really essential. Medical, dental, vision,
(03:06):
the foundational coverages that they need to protect themselves and
their families and employees make choices in labor markets all
the time on what's going to serve their needs. Best
compensation is part of that. Benefits play a really important role. And,
you know, my background is working 20 plus years in
the insurance space, working with really large companies, and we
(03:27):
got to do all kinds of custom design for them
because they had the population sizes and the budgets to
do it. And it always felt very unfair to me
that the small and mid-sized business owners, those that had
100 employees or fewer, were disadvantaged. They were shut out
of that part of the marketplace, shut out of the creativity,
shut out from the really good consultants that could help them,
(03:47):
and that employee that's considering a small business as a
place to work, or a large company could make the
choice based on benefits, depict the larger firm.
S1 (03:57):
So we're talking about health benefits. We're talking about vision.
We're talking about dental. We're talking about, um, hearing.
S2 (04:07):
Hearing benefits.
S1 (04:08):
Because I'm bringing it from the hearing industry. Right. And
so we're talking about best of class benefits that we
can extend to our ten x clients in our community.
They can extend to their employees. And something that I
don't think anybody's even ever thought they could do it.
(04:30):
But we pulled it off, which is those employers or
small business employers able to offer full stack benefits to
their 1099 workers. Walk us through how you pulled that off.
S2 (04:48):
That's going to be one of the best things that
we do with this brand. And it's something that was very,
very difficult to do. You know, I listened to our
customers a lot, and that's one of the benefits that
I've had working with you and all of our small
businesses and being close to Grant to and listening to
the community, the community at large. The reality is we
have a lot of businesses that touch our world that
have a combination of W-2 employees and 1099 independent contractors. Now,
(05:12):
those 1099 independents may not be employees, but to the
business owner, they're essential. They are critical to propelling the
growth of that organization. And those people have up to
this point, their choices for buying health insurance were slim.
And most, if they're doing it at all, or buying
it through a state run insurance exchange, going to a website,
(05:35):
making selections for their family. It's very impersonal, it's expensive.
And the reality is many Americans are not doing that.
S1 (05:41):
And the coverage sucks.
S2 (05:42):
And the coverage is subpar. What I wanted to do
is come up with a way where we could create
a parallel offering for those W-2 employees. It was world
class and also an offering for those 1099 independent contractors,
whether they're working for themselves, supporting some of our business owners,
maybe they're new as a startup and trying to get
(06:04):
their next big thing off the ground. Whatever the case is,
there's an essential need for. Or every American to have
high quality health insurance. And if they're part of the
tennis community, we want that to be world class. So
we leveraged relationships and built a 1099 solopreneur solution for
guaranteed issue. Major medical coverage options to buy up for vision, dental,
(06:26):
life insurance, hearing care benefits, all the things that our
plan affords the W-2 employees. We can offer that to
this 1099 independent contractor community. And for our customers who
are working with us in that small employer space and
the W-2 employees, and if they have these independent contractors
in their world, they can extend this insurance offering to
(06:49):
those 1099 independent contractors and do it without incurring any
joint employer liability. So that is a difficult puzzle to
put together. But we've been able to do that with
your vision and support and that of Grant Cardone. And
we are so excited to roll that out to the
entire community.
S1 (07:07):
You know, Grant loves. Decentralized and creating, uh, where there's
a centralized power house. He likes to decentralize it. He
loves to disrupt. He's done that in, in in crowdfunding,
he's raised more crowdfunding dollars than any human being on
(07:28):
the planet, built and amassed over $5 billion real estate
portfolio by bringing all his friends and family and ten
community members in and letting them directly invest alongside of him.
And when I talked to him about what this what
we're doing here, he was like, outside of that crowdfunding,
I think for me, watching him being his partner now
(07:49):
for four and a half years, this was one of
the most excited things I've seen him respond to. He
and Elena both. They're like, we gotta go full ham
on this because they were small business owners and they
know how hard it is and how much it costs
and how sloppy the process is and how you're always
getting sold a bill of goods, working with third party
(08:12):
administrators that are always trying to buffer in their commissions.
He's like, you mean we could literally cut the middleman
entirely out of this insurance game for benefits and offer
world class benefits to our community and allow them to
offer it to people that they're equally interdependent on their employees.
(08:33):
They're ten, 99, uh, workers, things of that nature. And
so we release this in a soft release, what, three
weeks ago, maybe. That's right. And now we're getting ready
to go full steam ahead. And talk a little bit
about if you were a business owner and you're there
with ten employees, 50 employees, maybe even 100 employees, in fact,
we have 200in this plan. Blew away our plan. So
(08:56):
I'm confident you we could say if you got 500
employees or less, you should take a hard look at
this thing. Talk about why we were able to orchestrate
something so rich and benefits to compete against the bigger companies.
What was what were the nuances that you targeted to
get us that kind of deal?
S2 (09:14):
Yeah. So there's a couple of key ingredients to this
and making this successful and being able to do it
at all. Brandon. And one of them you touched on,
there is so much profit in the health care system
for the various layers insurance companies, pharmacy benefit managers, TPUs.
Imagine being able to strip out that entire profit and
(09:37):
that apparatus and give that money back to the business owners,
the job creators. And that was really the charter that
I had in setting down this path was, can we
create something for our community by stripping out all of
these cost centers and then finding a way to bring
our community members into that, and we've been able to
(09:57):
do that. So that's one leverage point. The other is
really taking large group plan structure and strategy and bringing
that down to the small business. So when you are
working with large employer groups, a thousand plus employees, you
have different funding options. You can move clients from a
fully insured plan, which most of our small businesses experience.
(10:18):
They pay a premium to an insurance company. The insurance
company takes care of the claims, and all they know
and experience is that they get a 1,015% rate increase
every year, and they have to figure out a way
to make that work within their budget. Well, large companies
don't have that reality. They have a lot more flexibility
in terms of how their plan, their individual company population
is performing, and that can positively influence results. So imagine
(10:40):
all of our ten businesses coming together and buying like
a giant million plus member group. And that's exactly what
we are doing here. And it allows me to unlock
these strategies that have worked for decades for these really
large employers, all with the purpose of leveling the playing
field for the small and mid-sized business owner, and give
them access to the same economics that the large employers
(11:03):
have always enjoyed.
S1 (11:04):
And you're not just doing this in the in the
employee benefits, but you snuck in and you snuck in
a property casualty for the business owners because you found
that a lot of them, when you were looking at
our data, you're like a lot of em are getting
taken advantage of. They're getting shitty coverage and they're paying
more money. So basically you're like, I just want to
include that in in assessing for these business owners. So
(11:26):
someone could come and say, okay, here's, here's what everything.
You didn't just turn it over to you, here's what
I'm doing. And then we run it through our teams
and come back and tell them how much they could
save or how much more they could get for for
less price or whatever, whatever it is, better coverage. You know,
this insurance game, man, it is a racket, especially on
the health benefits side. I've been playing it for for
years and frustrated with it. And so the fact that
(11:50):
we can go out to the community, any business owner
we're working with, extend our ten plan to them, um, and,
and all they have to do literally is hit a link,
talk to our professional, give us a couple pieces of
data and that we can go back and tell them,
here's how much better it can be. Here's what it
would cost you everything. It's not a lot. It's not hard,
(12:11):
is it? It's very.
S2 (12:12):
Easy. We built ten x coverage.com is the place to
direct our population. Hit the landing page. Answer a few questions.
If you're looking for coverage for your business, it directs
you one way coverage for yourself. It directs you another way.
And it's very, very simple. I'll give you two quick
stories to. On the individual side of the 1099 solopreneur solution.
We had one of our clients who actually went through
(12:33):
our whole system and sold his business successfully. He's now
working for himself, working with us. He said, I need
insurance for myself and my kids, and we directed him
to the landing page start to finish, seven minutes. He
sent me a text. He said, you have made insurance simple.
And that was great validation from someone that is in
our inner circle and community and really matters well.
S1 (12:55):
And I think part of why you did that though, let's, let's, let's, let's,
let's be transparent. You come out of that space. It's
like when people it's like when I start talking about
private equity and things, it's because we've experienced, we know
what the hell we're talking about. And yet my belief
is the reason it seems so hard to get a
direct answer. Oh, we've got to do our quotes. We've
(13:17):
got to go look at the different plans. We've got
to formulate all that is code for. We want to
charge you a big commission when we deliver something to you,
and somehow we need to prove to you we've created
all this value. So and there has to be enough
smoke and mirrors where you feel like, oh, boy, they
did me a big favor and they're my plan administrator.
And so they must have really fought for me. And
the truth is, you're like, we're just going to eliminate
(13:39):
all the costs associated with all those people and make
it super simple. Go in, fill out your information. We'll
come back to you with a quote. And if you
love the coverage, just move on to it.
S2 (13:49):
That's exactly what we did. Let's cut out the unnecessary layers,
the unnecessary cost in that system and give direct answers
to business owners. And I'll give you another quick story
because this is relevant for this week. One of our
newest customers, who is doing everything with us, built a
business using private equity. Sadly, they picked the wrong partner
several years ago and you and I know how this
(14:09):
story goes. I ran a business up to $280 million
in revenue at its peak, 800 plus employees. Private equity
firm did what they tend to do and grabbed control.
Started running the business into the ground. Husband and wife
team spent $60 million to buy back control of it.
Business is slid backwards. We're going to work with them
to create an unbelievable comeback story. They have 45 people
(14:33):
today on their benefits plan, and they were facing a
decision they had to make on renewal coming up this week.
And the business owner said to me, I know this
is last minute, but can you look at this under
tax insurance? I said, certainly we ran this through our
rating platform branded. And because we stripped out all that
unnecessary cost, we're going to save that business owner 28%
(14:54):
or over $100,000 on their decision for January 1st, with
no disruption to the employees. We can actually improve the
plan in a couple of key ways now for a
business like that, with loyal employees who have stuck around
when it has not been the easiest place to work,
they've taken some pay cuts to stay on the team.
They believe in what they're doing. This is going to
be a game changer for that business owner to present
(15:16):
something of value. A world class plan at a cost
that to them is going to be. I mean, what
a what a time to deliver a $100,000 plus savings
to that business owner. That is several FTEs for that employee.
That's crazy. That employer. Well, I mean.
S1 (15:32):
You went you did ours for Carter Ventures, right? And
you came back to me and showed me how much
you were improving our benefits for our employees, which thrilled me.
And then on top of it after, I was all thrilled.
You said, by the way, I did it at a 28%
decrease in our annual cost, which for 200 employees or
(15:54):
160 places. That's a huge decrease. And so I'm just
I was just like, man, I'm so excited about this.
And and now we're doing it through all of our organizations.
In the Grant Cardone organizations, we've extended it to 100
of our clients as kind of a beta. I'm looking
every day at how many are just moving on to
the plan. And, um, and so, look, if you're watching
(16:17):
this right now or listening to it and you're like, what?
What else are these guys innovating? We have a lot
of we have a lot of other data points coming out.
But in my mind, nothing as simple as this, because
the impact that this can have on you and your
team and covering your families, because really what we're talking
about is protecting families and making sure they get elite
(16:41):
health care coverage and that they get the best of
class at a price point that's commensurate with if you
were a massively huge organization.
S2 (16:52):
That's exactly what we're talking about. And why I love
doing this with you is because look what you and
Grant have done. You have democratized access to information, access
to investment platforms like Cardone Capital, which had been shut
away from people for so many years until you and
Grant come along and decided to offer this. This is
(17:12):
the same thing in concept. It's how do we create
world class benefits, make this available to everyone in our community,
and the work we do is so important because there
are a lot of ways to engineer financial success, and
Wall Street does that very, very well. But our clients
are making real products in real communities, creating real jobs.
And what we can do here is protect those employees
(17:35):
and the families that are attached to these businesses that
are attached to our tennis community. That, to me, is
incredibly satisfying, rewarding. It's also imperative that we do it
because the industry is stacked against them, and we are
the only ones that can really break that apart and
change that.
S1 (17:51):
And we're committed to it, like every day. What can
we do to add value to our community? What can
we do in Grant? Every, every week when I'm talking
to him, he goes, what are we doing to add
value to our community? What else can we do for
our community? And building out multiple decentralized platforms so people
can have the leverage of being part of something huge,
but at an individual or collective level without giving anything
(18:13):
up to get something. And so, you know, to me,
this is like, uh, this is like the, the fun
part of what we get to do because we're taking
already spent money that's being spent on things that are
not giving you much value. We're reducing the spend in
most cases and were significantly increasing the benefit. And so
(18:37):
people are going to appreciate us and they're going to
be thankful for us. And this is that. John Maxwell,
give a hand before you ask for ones like, what
can we do for you before we get you to
try to do anything with us? Let's build a relationship.
Let's pick a starting point. And this gives us a
starting point with new businesses that have never got to
work with us, never experienced us. It gives us an
opportunity to show them, hey, we're going to invest in
(18:57):
you so that we can have a relationship with you
and we can all build this next community together. And
I think this, for me is what I'm most excited
about is it's like it's like our ability to give
back before we ask anybody to do business with us.
S2 (19:10):
I couldn't agree with you more. And I want to
touch on your mission, Grant's mission to drive value back
to the community. What are we doing to drive value?
The other thing that we did with this brand is
we are personalizing the health care experience in this country, again,
for our community. And what I mean by that is,
aside from just the economics, the other thing I wanted
to layer in with this entire strategy was a member
(19:32):
experience for the tennis community. We've all had the experience, sadly,
of calling insurance companies to deal with issues of accessing
care at physicians offices, problems with bills. It's impersonal. It's ineffective.
I don't want our community having that experience. So we
actually built out a member experience team at ten insurance
(19:53):
so that if a member has an issue accessing care
at a doctor issue with the bill, whatever it is,
they have someone they can talk to. They finally have
an advocate helping them with health care and personalizing this again.
And that's what's been missing in this entire health care
system in the United States for a number of years.
And we're going to change that for our members.
S1 (20:12):
Because here's the thing if we have millions of lives covered,
we have a lot of leverage. If somebody wants any
of our premium money, they better take care of the
people that come in with their ten health benefits card.
And and so look, if if you're listening to this,
you're like, wow, man, how do I take advantage of this?
Tell them where to go again.
S2 (20:31):
Yeah ten x coverage.com is the website 10.com. Hit that link.
It's a short questionnaire. Our teams will field any questions
that you have. Make sure you're in the right product
for your business or for yourself. If you're a 1099
independent contractor. And we'd love to have you on the.
S1 (20:46):
To the next coverage.com ten. Next coverage.com ten x coverage.com.
Go to ten x coverage.com com. All right. So now
everybody knows where to go. So listen thank you for
joining me on another episode of Building Billions with Brandon
Dawson and Sean Conrad, where we're talking about how we're
bringing massive value to the ten community business owners in
(21:08):
order to provide them an elite level of health benefits
for them, their teams and their 1099 relationships that they're
equally interdependent on to help them build, scale and grow
their business and create massive value. If you're watching this,
thank you for watching. If you're listening to it, thank
you for listening. And remember what inspires us, what motivates us,
what continues to get us to make these videos, to
(21:31):
make these podcasts is your likes. Your, uh, when you
leave comments and when you share this, what we love
to see. So thank you for joining me on another episode, Sean.
Thank you for your dedication of putting this all together.
And we'll give them an update in about six months.
If you're a business owner out there or you're an
individual and you're like, man, I need a world class
(21:53):
health plan.
S3 (21:55):
I need it.
S1 (21:57):
Go to ten x coverage.com. Thanks for listening.
Everybody is planning to. Austin, welcome back to another episode
of Building Billions. Uh, I am so excited about this episode. Uh,
so if you're listening, uh, on a, on a podcast,
if you're watching it on YouTube, if you're seeing a
stream somewhere else, Instagram or Facebook. Uh, here is why
I'm so excited about this. For over ten years. I
(00:22):
wanted to bring value to the independent business owner that
that that could allow them to compete with huge firms
for benefits, for team members so they can attract the
right talent. You can keep the right talent, and they
can give that talent the opportunity to have the kind
of life they want to have, with the kind of
protection they need that big companies can afford for their
(00:46):
employees in order to recruit and keep top talent. And
we have finally cracked the code. And the person on
this show with me is my business partner. He's been
a friend for years. He's worked with me now at
Carlisle Ventures for just about two years. Sean Conrad. And
so we are going to be talking about how we
(01:07):
crack the code. With being able to provide employee benefits,
employee and owner health insurance, elite health insurance without getting
robbed or screwed over so that you can offer absolutely
the best of class and attach to our ten x
(01:29):
health and employee benefit insurance. Sean. Man, this is going
to be a fun conversation.
S2 (01:35):
It is going to be a really fun conversation, Brandon,
and it's something you and I have wanted to do
for years. And so you're really the only person that
could deliver this to the small and mid-sized business space,
in my view, because this is hard to do, and
you've always been great at doing hard things and cracking
the code. You did it with how to format small
and mid-sized businesses, and we're going to do this now
together with insurance. And when you and.
S1 (01:56):
I brought this to Grant Cardone and said, Grant, we
cracked the code. Here's what we could do. He's like,
oh man, this is juicy. I'm all in. I want
to go crazy with this thing. So, so what we
need to do is probably explain to everybody what the
hell we're talking about, and you're the best person to
do that. So bring them up to speed as to
exactly what we're talking about.
S2 (02:17):
We probably should. And I'm very excited that we have
your enthusiasm and grants behind it. And let me tell you,
this is the perfect time to be talking about this too.
So when we talk about people in business and Natalie
has a fantastic book team work, and we talk all
about the importance of growing an organization through people, and
you devoted your life to sharing that message with business owners. Well,
(02:39):
one part of that, beyond building a culture and a
company attracting great people, is aligning them to the mission
of the business and then retaining them well. Part of
how you do that is articulating the big vision of
what you're going to go do and how you're going
to conquer the world together. But then it's equally important
you take care of those people. You do it through compensation.
But providing a benefits program for them is really essential. Medical, dental, vision,
(03:06):
the foundational coverages that they need to protect themselves and
their families and employees make choices in labor markets all
the time on what's going to serve their needs. Best
compensation is part of that. Benefits play a really important role. And,
you know, my background is working 20 plus years in
the insurance space, working with really large companies, and we
(03:27):
got to do all kinds of custom design for them
because they had the population sizes and the budgets to
do it. And it always felt very unfair to me
that the small and mid-sized business owners, those that had
100 employees or fewer, were disadvantaged. They were shut out
of that part of the marketplace, shut out of the creativity,
shut out from the really good consultants that could help them,
(03:47):
and that employee that's considering a small business as a
place to work, or a large company could make the
choice based on benefits, depict the larger firm.
S1 (03:57):
So we're talking about health benefits. We're talking about vision.
We're talking about dental. We're talking about, um, hearing.
S2 (04:07):
Hearing benefits.
S1 (04:08):
Because I'm bringing it from the hearing industry. Right. And
so we're talking about best of class benefits that we
can extend to our ten x clients in our community.
They can extend to their employees. And something that I
don't think anybody's even ever thought they could do it.
(04:30):
But we pulled it off, which is those employers or
small business employers able to offer full stack benefits to
their 1099 workers. Walk us through how you pulled that off.
S2 (04:48):
That's going to be one of the best things that
we do with this brand. And it's something that was very,
very difficult to do. You know, I listened to our
customers a lot, and that's one of the benefits that
I've had working with you and all of our small
businesses and being close to Grant to and listening to
the community, the community at large. The reality is we
have a lot of businesses that touch our world that
have a combination of W-2 employees and 1099 independent contractors. Now,
(05:12):
those 1099 independents may not be employees, but to the
business owner, they're essential. They are critical to propelling the
growth of that organization. And those people have up to
this point, their choices for buying health insurance were slim.
And most, if they're doing it at all, or buying
it through a state run insurance exchange, going to a website,
(05:35):
making selections for their family. It's very impersonal, it's expensive.
And the reality is many Americans are not doing that.
S1 (05:41):
And the coverage sucks.
S2 (05:42):
And the coverage is subpar. What I wanted to do
is come up with a way where we could create
a parallel offering for those W-2 employees. It was world
class and also an offering for those 1099 independent contractors,
whether they're working for themselves, supporting some of our business owners,
maybe they're new as a startup and trying to get
(06:04):
their next big thing off the ground. Whatever the case is,
there's an essential need for. Or every American to have
high quality health insurance. And if they're part of the
tennis community, we want that to be world class. So
we leveraged relationships and built a 1099 solopreneur solution for
guaranteed issue. Major medical coverage options to buy up for vision, dental,
(06:26):
life insurance, hearing care benefits, all the things that our
plan affords the W-2 employees. We can offer that to
this 1099 independent contractor community. And for our customers who
are working with us in that small employer space and
the W-2 employees, and if they have these independent contractors
in their world, they can extend this insurance offering to
(06:49):
those 1099 independent contractors and do it without incurring any
joint employer liability. So that is a difficult puzzle to
put together. But we've been able to do that with
your vision and support and that of Grant Cardone. And
we are so excited to roll that out to the
entire community.
S1 (07:07):
You know, Grant loves. Decentralized and creating, uh, where there's
a centralized power house. He likes to decentralize it. He
loves to disrupt. He's done that in, in in crowdfunding,
he's raised more crowdfunding dollars than any human being on
(07:28):
the planet, built and amassed over $5 billion real estate
portfolio by bringing all his friends and family and ten
community members in and letting them directly invest alongside of him.
And when I talked to him about what this what
we're doing here, he was like, outside of that crowdfunding,
I think for me, watching him being his partner now
(07:49):
for four and a half years, this was one of
the most excited things I've seen him respond to. He
and Elena both. They're like, we gotta go full ham
on this because they were small business owners and they
know how hard it is and how much it costs
and how sloppy the process is and how you're always
getting sold a bill of goods, working with third party
(08:12):
administrators that are always trying to buffer in their commissions.
He's like, you mean we could literally cut the middleman
entirely out of this insurance game for benefits and offer
world class benefits to our community and allow them to
offer it to people that they're equally interdependent on their employees.
(08:33):
They're ten, 99, uh, workers, things of that nature. And
so we release this in a soft release, what, three
weeks ago, maybe. That's right. And now we're getting ready
to go full steam ahead. And talk a little bit
about if you were a business owner and you're there
with ten employees, 50 employees, maybe even 100 employees, in fact,
we have 200in this plan. Blew away our plan. So
(08:56):
I'm confident you we could say if you got 500
employees or less, you should take a hard look at
this thing. Talk about why we were able to orchestrate
something so rich and benefits to compete against the bigger companies.
What was what were the nuances that you targeted to
get us that kind of deal?
S2 (09:14):
Yeah. So there's a couple of key ingredients to this
and making this successful and being able to do it
at all. Brandon. And one of them you touched on,
there is so much profit in the health care system
for the various layers insurance companies, pharmacy benefit managers, TPUs.
Imagine being able to strip out that entire profit and
(09:37):
that apparatus and give that money back to the business owners,
the job creators. And that was really the charter that
I had in setting down this path was, can we
create something for our community by stripping out all of
these cost centers and then finding a way to bring
our community members into that, and we've been able to
(09:57):
do that. So that's one leverage point. The other is
really taking large group plan structure and strategy and bringing
that down to the small business. So when you are
working with large employer groups, a thousand plus employees, you
have different funding options. You can move clients from a
fully insured plan, which most of our small businesses experience.
(10:18):
They pay a premium to an insurance company. The insurance
company takes care of the claims, and all they know
and experience is that they get a 1,015% rate increase
every year, and they have to figure out a way
to make that work within their budget. Well, large companies
don't have that reality. They have a lot more flexibility
in terms of how their plan, their individual company population
is performing, and that can positively influence results. So imagine
(10:40):
all of our ten businesses coming together and buying like
a giant million plus member group. And that's exactly what
we are doing here. And it allows me to unlock
these strategies that have worked for decades for these really
large employers, all with the purpose of leveling the playing
field for the small and mid-sized business owner, and give
them access to the same economics that the large employers
(11:03):
have always enjoyed.
S1 (11:04):
And you're not just doing this in the in the
employee benefits, but you snuck in and you snuck in
a property casualty for the business owners because you found
that a lot of them, when you were looking at
our data, you're like a lot of em are getting
taken advantage of. They're getting shitty coverage and they're paying
more money. So basically you're like, I just want to
include that in in assessing for these business owners. So
(11:26):
someone could come and say, okay, here's, here's what everything.
You didn't just turn it over to you, here's what
I'm doing. And then we run it through our teams
and come back and tell them how much they could
save or how much more they could get for for
less price or whatever, whatever it is, better coverage. You know,
this insurance game, man, it is a racket, especially on
the health benefits side. I've been playing it for for
years and frustrated with it. And so the fact that
(11:50):
we can go out to the community, any business owner
we're working with, extend our ten plan to them, um, and,
and all they have to do literally is hit a link,
talk to our professional, give us a couple pieces of
data and that we can go back and tell them,
here's how much better it can be. Here's what it
would cost you everything. It's not a lot. It's not hard,
(12:11):
is it? It's very.
S2 (12:12):
Easy. We built ten x coverage.com is the place to
direct our population. Hit the landing page. Answer a few questions.
If you're looking for coverage for your business, it directs
you one way coverage for yourself. It directs you another way.
And it's very, very simple. I'll give you two quick
stories to. On the individual side of the 1099 solopreneur solution.
We had one of our clients who actually went through
(12:33):
our whole system and sold his business successfully. He's now
working for himself, working with us. He said, I need
insurance for myself and my kids, and we directed him
to the landing page start to finish, seven minutes. He
sent me a text. He said, you have made insurance simple.
And that was great validation from someone that is in
our inner circle and community and really matters well.
S1 (12:55):
And I think part of why you did that though, let's, let's, let's, let's,
let's be transparent. You come out of that space. It's
like when people it's like when I start talking about
private equity and things, it's because we've experienced, we know
what the hell we're talking about. And yet my belief
is the reason it seems so hard to get a
direct answer. Oh, we've got to do our quotes. We've
(13:17):
got to go look at the different plans. We've got
to formulate all that is code for. We want to
charge you a big commission when we deliver something to you,
and somehow we need to prove to you we've created
all this value. So and there has to be enough
smoke and mirrors where you feel like, oh, boy, they
did me a big favor and they're my plan administrator.
And so they must have really fought for me. And
the truth is, you're like, we're just going to eliminate
(13:39):
all the costs associated with all those people and make
it super simple. Go in, fill out your information. We'll
come back to you with a quote. And if you
love the coverage, just move on to it.
S2 (13:49):
That's exactly what we did. Let's cut out the unnecessary layers,
the unnecessary cost in that system and give direct answers
to business owners. And I'll give you another quick story
because this is relevant for this week. One of our
newest customers, who is doing everything with us, built a
business using private equity. Sadly, they picked the wrong partner
several years ago and you and I know how this
(14:09):
story goes. I ran a business up to $280 million
in revenue at its peak, 800 plus employees. Private equity
firm did what they tend to do and grabbed control.
Started running the business into the ground. Husband and wife
team spent $60 million to buy back control of it.
Business is slid backwards. We're going to work with them
to create an unbelievable comeback story. They have 45 people
(14:33):
today on their benefits plan, and they were facing a
decision they had to make on renewal coming up this week.
And the business owner said to me, I know this
is last minute, but can you look at this under
tax insurance? I said, certainly we ran this through our
rating platform branded. And because we stripped out all that
unnecessary cost, we're going to save that business owner 28%
(14:54):
or over $100,000 on their decision for January 1st, with
no disruption to the employees. We can actually improve the
plan in a couple of key ways now for a
business like that, with loyal employees who have stuck around
when it has not been the easiest place to work,
they've taken some pay cuts to stay on the team.
They believe in what they're doing. This is going to
be a game changer for that business owner to present
(15:16):
something of value. A world class plan at a cost
that to them is going to be. I mean, what
a what a time to deliver a $100,000 plus savings
to that business owner. That is several FTEs for that employee.
That's crazy. That employer. Well, I mean.
S1 (15:32):
You went you did ours for Carter Ventures, right? And
you came back to me and showed me how much
you were improving our benefits for our employees, which thrilled me.
And then on top of it after, I was all thrilled.
You said, by the way, I did it at a 28%
decrease in our annual cost, which for 200 employees or
(15:54):
160 places. That's a huge decrease. And so I'm just
I was just like, man, I'm so excited about this.
And and now we're doing it through all of our organizations.
In the Grant Cardone organizations, we've extended it to 100
of our clients as kind of a beta. I'm looking
every day at how many are just moving on to
the plan. And, um, and so, look, if you're watching
(16:17):
this right now or listening to it and you're like, what?
What else are these guys innovating? We have a lot
of we have a lot of other data points coming out.
But in my mind, nothing as simple as this, because
the impact that this can have on you and your
team and covering your families, because really what we're talking
about is protecting families and making sure they get elite
(16:41):
health care coverage and that they get the best of
class at a price point that's commensurate with if you
were a massively huge organization.
S2 (16:52):
That's exactly what we're talking about. And why I love
doing this with you is because look what you and
Grant have done. You have democratized access to information, access
to investment platforms like Cardone Capital, which had been shut
away from people for so many years until you and
Grant come along and decided to offer this. This is
(17:12):
the same thing in concept. It's how do we create
world class benefits, make this available to everyone in our community,
and the work we do is so important because there
are a lot of ways to engineer financial success, and
Wall Street does that very, very well. But our clients
are making real products in real communities, creating real jobs.
And what we can do here is protect those employees
(17:35):
and the families that are attached to these businesses that
are attached to our tennis community. That, to me, is
incredibly satisfying, rewarding. It's also imperative that we do it
because the industry is stacked against them, and we are
the only ones that can really break that apart and
change that.
S1 (17:51):
And we're committed to it, like every day. What can
we do to add value to our community? What can
we do in Grant? Every, every week when I'm talking
to him, he goes, what are we doing to add
value to our community? What else can we do for
our community? And building out multiple decentralized platforms so people
can have the leverage of being part of something huge,
but at an individual or collective level without giving anything
(18:13):
up to get something. And so, you know, to me,
this is like, uh, this is like the, the fun
part of what we get to do because we're taking
already spent money that's being spent on things that are
not giving you much value. We're reducing the spend in
most cases and were significantly increasing the benefit. And so
(18:37):
people are going to appreciate us and they're going to
be thankful for us. And this is that. John Maxwell,
give a hand before you ask for ones like, what
can we do for you before we get you to
try to do anything with us? Let's build a relationship.
Let's pick a starting point. And this gives us a
starting point with new businesses that have never got to
work with us, never experienced us. It gives us an
opportunity to show them, hey, we're going to invest in
(18:57):
you so that we can have a relationship with you
and we can all build this next community together. And
I think this, for me is what I'm most excited
about is it's like it's like our ability to give
back before we ask anybody to do business with us.
S2 (19:10):
I couldn't agree with you more. And I want to
touch on your mission, Grant's mission to drive value back
to the community. What are we doing to drive value?
The other thing that we did with this brand is
we are personalizing the health care experience in this country, again,
for our community. And what I mean by that is,
aside from just the economics, the other thing I wanted
to layer in with this entire strategy was a member
(19:32):
experience for the tennis community. We've all had the experience, sadly,
of calling insurance companies to deal with issues of accessing
care at physicians offices, problems with bills. It's impersonal. It's ineffective.
I don't want our community having that experience. So we
actually built out a member experience team at ten insurance
(19:53):
so that if a member has an issue accessing care
at a doctor issue with the bill, whatever it is,
they have someone they can talk to. They finally have
an advocate helping them with health care and personalizing this again.
And that's what's been missing in this entire health care
system in the United States for a number of years.
And we're going to change that for our members.
S1 (20:12):
Because here's the thing if we have millions of lives covered,
we have a lot of leverage. If somebody wants any
of our premium money, they better take care of the
people that come in with their ten health benefits card.
And and so look, if if you're listening to this,
you're like, wow, man, how do I take advantage of this?
Tell them where to go again.
S2 (20:31):
Yeah ten x coverage.com is the website 10.com. Hit that link.
It's a short questionnaire. Our teams will field any questions
that you have. Make sure you're in the right product
for your business or for yourself. If you're a 1099
independent contractor. And we'd love to have you on the.
S1 (20:46):
To the next coverage.com ten. Next coverage.com ten x coverage.com.
Go to ten x coverage.com com. All right. So now
everybody knows where to go. So listen thank you for
joining me on another episode of Building Billions with Brandon
Dawson and Sean Conrad, where we're talking about how we're
bringing massive value to the ten community business owners in
(21:08):
order to provide them an elite level of health benefits
for them, their teams and their 1099 relationships that they're
equally interdependent on to help them build, scale and grow
their business and create massive value. If you're watching this,
thank you for watching. If you're listening to it, thank
you for listening. And remember what inspires us, what motivates us,
what continues to get us to make these videos, to
(21:31):
make these podcasts is your likes. Your, uh, when you
leave comments and when you share this, what we love
to see. So thank you for joining me on another episode, Sean.
Thank you for your dedication of putting this all together.
And we'll give them an update in about six months.
If you're a business owner out there or you're an
individual and you're like, man, I need a world class
(21:53):
health plan.
S3 (21:55):
I need it.
S1 (21:57):
Go to ten x coverage.com. Thanks for listening.
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!