Russ Carpel, CEO of CompFiduciary and a serial entrepreneur within the insurance vertical and has started (3) InsureTech platforms within the past decade, all of which have disrupted incumbent insurance carriers within their respective product categories. Over the past 6 years, Russ and his team at LevelFunded Health have grown LevelFunded Health from the idea phase to multiple millions in sales. They have saved their roster of clients collectively over $ 50,000,000, on commercial health insurance costs. Prior to founding LFH, Russ founded and ran ForeverCar.com, a national direct-to-consumer retailer of property and casualty insurance auto insurance, vehicle service, and auto warranty contracts.
How Did You Get Started in the Workman’s Comp Industry?
I had a range of experiences in the insurance industry, but I actually got started on my current path during one of my earliest interview processes. At that time, I was talking with insurance giant Marsh & McClennan about a potential job as a commercial health insurance broker/producer. As they were talking about what they did, I realized that while they were looking to participate in insurance in a typical way, there was a different opportunity they weren’t aware of. The opportunity I saw was based on technology which would be better for both the employers and their staff. During those interviews, I wondered why brokers couldn’t use technology in the same way that a lot of other e-commerce platforms, like Kayak or Priceline, do to reduce costs through competitive bidding. Those kinds of sites offer customers a range of options and they can choose what they need at the best price.
Tell Us About Your Pivot?
I started out focusing on small and micro business. But then, I found mid-sized businesses are the places that can make the most out of what we have to offer. So pivoted right into serving companies ranging from 100 to 1,000 employees, our business exploded. That’s because we can save this sized employer between $100,000 and $2 million almost overnight, while improving medical benefits for all employees of companies of that size.
Why did you become an entrepreneur?
I became an Entrepreneur because I was determined from a very young to build and grow something I believe in and have passion around. I don’t believe in being held back by the status quo. Furthermore, Entrepreneurship gives you a whiteboard to do something truly incredible, something creative, and something that can actually change the way people live. It can create jobs for others and it can help old systems improve & become more efficient overall. All of which is good for society as a whole, not just the Entrepreneur themselves.
Rejection is part of success, how do you deal with rejection?
You can not take rejection personal , however, you do need to learn from rejection and find out what could have been done differently so to not make the same mistakes again.
Business can be scary, how do you deal with fear?
I think you have to get to a point in business where you have very little fear of failure. For without failures, success will never come. You can only learn from failure, which over the long term helps one succeed.
What’s your take on work/life balance?
Extremely important! I have gone through years of WAY too much work and NOT ENOUGH ” LIFE ” . It’s no way to live. Don’t ever forget what is most important. Work to live, don’t live to work. People who care about you will agree!
What were the biggest lessons you’re taking away from 2020?
Lots of power-hungry people hurting the masses. We need more entrepreneurs now more than ever, fighting for freedom & capitalism. Spreading the gospel of liberty. Without liberty, there’s no capitalism or entrepreneurship!