In this episode of Power Producers Podcast, David Carothers dives deep with Noelle McCall from Contract Risk Academy to explore the crucial topic of contract review and how insurance agents can add value by properly reviewing contracts for their clients. Noelle, with her impressive background in commercial insurance and contract management, breaks down how producers can avoid common pitfalls in contract review and offer true consulting to their clients.
Noelle shares her journey from starting in personal lines to becoming an expert in contract review, eventually leading the creation of Contract Risk Academy. She explains how agents can navigate contract language, identify gaps in insurance coverage, and become the trusted advisor clients need. This episode highlights the importance of understanding additional insured endorsements, contractual liability, and the critical nature of reviewing contracts before clients sign them.
Key Points:
The Role of Contract Review in Risk Management
Noelle discusses how contract review can be a game changer for insurance agents, helping them go beyond policy placement and providing true consulting services. This can lead to better client retention and differentiation in a crowded market.
Common Contract Pitfalls
Noelle identifies some of the most common mistakes agents make in contract review, especially when dealing with additional insured endorsements. She provides invaluable insights on how to properly manage these endorsements to avoid uninsured losses and potential E&O risks.
The Importance of Being a Trusted Advisor
Instead of simply selling policies, Noelle emphasizes the need for insurance agents to position themselves as trusted advisors. By understanding contract language and insurance requirements, agents can help clients avoid coverage gaps and better manage their risks.
Contract Risk Academy
Noelle explains how Contract Risk Academy is helping agents and brokers learn how to properly review contracts, offering tools, templates, and live coaching to ensure they’re providing the best value to their clients.
AI and Contract Review
Noelle talks about the potential for AI in the contract review process, including tools like Evident ID that help automate the review of insurance certificates and endorsements. She shares how these technologies can help save time and reduce the chances of overlooking critical coverage gaps.
This episode is packed with essential insights for insurance producers who want to elevate their practice and provide real value to their clients. Whether you’re new to contract review or looking to refine your approach, Noelle’s expertise is a must-listen.
Noelle is offering a $1,000 discount on Contract Risk Academy for a limited time—check the link for more details:
https://www.contractriskacademy.com/power/
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