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How Insurance Agencies Leverage Alternative Risk with Eric Stein
Manage episode 478626403 series 2922251
In this episode of Power Producers Podcast, David Carothers is
joined by Eric Stein,
the president of Insured Solutions
and author of the newly published book The
Blueprint. Eric brings a wealth of experience in the insurance
industry, especially in alternative workers' compensation and risk management.
Throughout the episode, he shares insights into the complexities of captives
and alternative risk transfer, breaking down the steps agencies should take to
prepare for these advanced insurance structures. From understanding high-deductible
programs to managing collateral and underwriting, Eric emphasizes the
importance of laying a solid foundation before transitioning into self-insured
or captive models. He also delves into the practicalities of running a business
with virtual assistants, outsourcing, and the technological tools that have helped
him with scale operations.
Key Points:
Captives and Alternative Risk Transfer
explains the transition process from guaranteed cost programs to alternative
risk solutions like captives. He highlights the importance of proper
preparation, risk management strategies, and collateral requirements that
agents need to consider before taking the plunge into captives.
Building Risk Management Programs
Eric discusses how he built a successful alternative risk workers' comp
program, including the creation of custom risk management packages for clients.
He stresses the significance of managing risk effectively before committing to
high deductible or self-insured programs.
Leveraging Offshore Virtual Professionals
Drawing from his experience, Eric shares how he successfully utilized offshore
virtual assistants to scale his business. He talks about the process of
outsourcing back-office work, from telemarketing to CSR tasks, and the
importance of developing solid processes to ensure smooth operations.
Documenting Processes for Virtual Assistants
Eric emphasizes
the necessity of having documented workflows before outsourcing tasks to
virtual professionals. He provides valuable advice on how agencies can
streamline their processes and integrate offshore support effectively, ensuring
they get the most out of their virtual team.
The Power of Automation and Marketing
Eric also touches on how marketing automation has helped him grow his business.
From email marketing to using systems like Salesforce and Pardot, he explains
how automation frees up time for high-value activities, such as client
relationship building and business development.
Exclusive Offer
For the first 10 listeners who email Eric at [email protected], he’s
offering a free digital copy of his book The
Blueprint, where he dives deeper into his unconventional journey and
the strategies that led him to success in the insurance industry.
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