We can’t do everything: A Q&A with Justin Futrell
Justin Futrell knows that a benefits broker can't solve every problem--at least not on their own.
Justin Futrell is a benefits advisor at TrueNorth Companies.
Paul Wilson: How did you get your start in the benefits industry?
When I was in college, the career engagement center at Cornell College in Mount Vernon, Iowa connected me with three people. Two of the three got back to me and the one who didn’t was from TrueNorth. One day, I had an interview with one of the other companies but they ended up having a scheduling conflict and had to postpone the interview. I had borrowed a car and a suit for the interview, so I wasn’t very happy. I said, “I’m going to go interview somewhere else.”
I then walked into TrueNorth’s office, thinking I’d be able to hand it to the right person. That was my introduction to corporate life and the fact that you can’t just walk in and talk to anyone you’d like. That’s not how it works.
She said, “Do you have an appointment?” I said “no.”
“Are you applying for a job?” I said, “Kind of.” She asked, “What job are you applying for?” “I don’t know.” Luckily, she was nice and passed my resume along, and that’s how my journey started.
PW: It’s rare for anyone to plan to become an advisor. What about you?
No, I definitely stumbled into it. But once it was introduced to me, I was intrigued by attacking this massive health care issue. I majored in Economics and that theory based in analytical thinking really intrigues me when it comes to solving the health care problem. I started as a producer-coordinator, which was basically an account manager for all of our small business units. I then started working as a producer about three years ago or so.
PW: How has this journey so far shaped who you are and your perspectives on being a broker?
It’s that determination to solve problems and to apply the best possible theory to it. Something like 20% to 25% of our $4 trillion health care spend in 2020 is attributed to wasteful spending. That’s frustrating, but it’s also exciting. There’s a huge opportunity there. There are too many leaders out there who aren’t educated about the ways they can gain more control of their health plans. That’s what can get people past thinking the only answer is to increase the deductibles or the premiums and instead shift to thinking about ways to make changes that are good for both the business and the employees.
I love learning from brokers and consultants who are competitors and are doing the right thing. We’re not the only ones taking care of people. There are a lot of advisors out there who are doing a great job. How can we learn from each other?
A quote from Simon Sinek’s book, “The Infinite Game” has really been resonating with me lately. It says, “Infinite-minded leaders understand that ‘best’ is not a permanent state. Instead, they strive to be ‘better.’” There’s room for all the brokers and consultants out there who are doing the right things to find success.
My colleagues have helped me understand that if we can be really good at three things, we’re going to succeed in this industry. Those three things for us are to solve problems; be transparent; and have fun. We were recently having a conversation with a company and they were looking for a new broker and were interviewing six other candidates. We asked them, “Is there anything else you’re looking for?” And they said, “We want to have fun.”
PW: Can you talk about the growing impact of transparency and data?
Two things come to mind: One, the data around people’s health claims. If we don’t have access to the data, then we can’t make decisions that take control and put us in a better position. Larger employers over 100 people often have some self-funding opportunities that aren’t necessarily available yet to smaller businesses. They can get more transparent by having strategic partners. Once we start getting that data, whether through a PBM, the TPA or the insurance company, we can see the problem and identify opportunities.
It has recently become more apparent that we can’t do everything; we can’t solve every single problem. But when we’re talking with a company and we understand their demographics, what are the top three problems that we can make an impact on right away? Where can we make a small tweak that has a big impact?
The second part of transparency that comes to mind is fees. I think it’s a crime that brokers don’t have to disclose additional overrides for stop-loss and compensation they receive. It’s crazy. I just finished my self-funded specialist certification and it blows my mind that you don’t have to disclose that information. Too many times, we’ve gone in and talked to a company that says, “We love our broker, but I guess we’ll give you the opportunity to take a look.” And we have to say, “Just so you know, your broker is receiving a $50,000 compensation in addition to the other commissions and fees you’ve established.”
As legislation continues to push transparency and fees, I think that’s huge. We’ve been ahead of the curve the last three years because we’ve been offering a consulting fee in lieu of premium commissions. So now we’re sitting on the same side of the table as our client and becoming a true business partner.
PW: What are some of the other areas you’re watching when it comes to issues around cost and quality?
Incentives and systematic education for employees are two big areas I’m watching. A few weeks ago, I was talking to Adam Russo, the CEO of The Phia Group, and he said, “Justin, think about employees receiving raises. If someone is getting paid a $100,000 salary and they get a 5% raise, that’s $5,000. How much time do they spend doing self reviews, peer reviews, meeting with managers to discuss performance, quarterly goal planning, just to get that $5,000 raise? But when it comes to health care, that same employee might need a knee surgery or back surgery that could either cost $50,000 or $300,000. At that moment, a self-funded employer could be spending $25,000 to $250,000. And we don’t think twice about it.”
So why are we not meeting with employees and telling them, “If you need a knee surgery, here are three places that you can go which are proven to be high quality and affordable. If you’re willing to be a wise consumer and go to one of these places, then we’ll waive your deductible.” And that’s also going to save the employee thousands of dollars. They can go wherever they want, but if they go to one of these approved providers, then they’ll get it for free. Just like that, we create a win-win, because then the employee tells their friend how great it is to work at ABC Company because they took care of them and paid for their knee surgery.
PW: What are the unique challenges or opportunities in working with employers in your part of the country?
Maximizing the productivity of frontline workers is something that’s come up this year during the pandemic that was rarely talked about before. We have a partner that’s a non-profit organization and they are working with companies that are struggling to retain and attract these frontline workers. Their focus is to truly understand what problems these workers are facing. Is their paycheck running out before the end of the month? Are they struggling with transportation? Why are they not showing up?
It’s important for me to have a conversation with a CFO about getting more control of the health plan, but if they don’t have people showing up to work, there’s no conversation to be had. So we try to put ourselves in the leadership’s shoes. Beyond insurance, how can we help solve problems for our clients? So often, it’s just introducing them to another partner who specializes in their problem.
PW: As you look back at the pandemic, what changes will have long-term or permanent implications and what will likely fade away?
Telemedicine is one thing that comes to mind. I’m conflicted, because I personally used it more during the pandemic and I’m being told it will be used more by doctors in the future. But I was recently talking with a friend of mine who’s a nurse practitioner. She said that they’re shifting back from telemedicine first to telemedicine as a backup option. I’ve interviewed a doctor who says telemedicine is here to stay, but this nurse practitioner says they’re already cutting back because the reimbursement rates aren’t as high. So, I’m wondering if it will be here to stay once enough doctors and facilities can push legislation through to get a reimbursement rate that’s closer to what they’re hoping for.
What I think will definitely stay is technology that helps with benefits education and open enrollment. Companies really want to get ahead when it comes to educating their employees. For example, we’re hiring doctors to do monthly videos for our clients. It’s more meaningful when an employee hears something directly out of a doctor’s mouth rather than from the broker or the company leaders.
Videos have made a huge impact for us this year. They’ve allowed me as a consultant to let people learn on their own time. I can send a one-minute branded message that you can watch on your own time and then I won’t need to bother you by calling you out of the blue. And on a platform like LinkedIn, people can learn on their own time about topics that are relevant to them right now.
PW: The pandemic was the most recent example of disruption in our industry, but there have been many other examples. Can you talk about the effects of change and disruption?
When you think about disruption, there’s RBP, there are captives, there are kidney transplant carve-outs. There are all these different levers that self-funded employers can pull and there is never a cookie-cutter approach; it’s going to depend on each company’s unique situation.
I’m curious what we’ll see as legislation is passed around having more transparency in compensation for advisors. Those who are being progressive right now aren’t even worried about this. Many forward-thinking advisors are already switching to an a la carte solution approach.
One other thing is that when I’m attacking this monster health care problem we’re all experiencing, it becomes less about what I know and more about who I can bring in as an extension of my team to solve your problem. And I think that takes some humility to say, “Hey, this actually isn’t my area of expertise but I’m confident that my network can help provide you with the solution you need.”
PW: What are your favorite things about your job?
With my job, I have the opportunity to help people personally and professionally. Our leader at TrueNorth, Jason Smith, has challenged me to bring in the passion I have in my personal life into my career. For the last three years, I’ve done a fundraiser for clean water initiatives in Tanzania. He told me, “Justin, be authentic. Be who you are. If this is something you’re passionate about, bring it into your conversations.”
So now I often introduce myself by saying, “Hey, I’m Justin Futrell. Personally and professionally, my goal is to impact millions of lives. Personally, I do that through clean water initiatives and professionally, I get to do that as a benefits advisor.”
I coordinated 50,000 pull-ups in three days with more than 1,000 people across the country and we raised $50,000 to create water projects for those who have no access to clean water today. The tally is now up to 20,000 people who now have clear water through our four projects. It’s all about impacting people.
PW: How can the industry do a better job of attracting new talent, while becoming more diverse and bringing in young people to keep its momentum going?
I think it starts with everyone who is in the industry surrounding themselves with people who are forward-thinking. As I started doing a weekly interview series with people in our industry, my girlfriend said, “You know, you only interview white men.” And I thought, “Dang, you’re right.” I put a list of all of our strategic partners and all of these leaders in our industry and the majority of them are white males. So on an individual level, I’m now always looking for opportunities to highlight more diverse conversations, whether that be through what people look like or what’s being talked about.
PW: What is one thing you know now that you wish you’d known when you started your career?
The importance of adding value. I think it’s as simple as that. I started out similar to most in this cold-calling mindset and just focused on getting time to meet with someone on the leadership team. Now I’ve had the opportunity to learn from other growth-minded people and I truly believe that if we consistently add value to leadership teams, when the time is right, they’ll want to have a conversation with us.
PW: Finish this sentence: The key to success in this industry going forward is…
Sound, unwavering direction.
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