In this episode of Power Producers, 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.
Eric Stein 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.
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.
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.
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.
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.
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.
The last several years have reshaped the landscape of property insurance across the country. While most national carriers have retreated from coastal states, wildfire zones, and other catastrophe-exposed regions, a handful of disciplined players have taken the opposite path—leaning into difficult markets with a strategic, data-driven approach.
For most entrepreneurs, the decision to start a business is rooted in the promise of freedom. Freedom from a boss, freedom to control income, and freedom to build something meaningful. Yet for many business owners, particularly in service-based industries and middle-market companies, that freedom slowly erodes. What begins as ownership eventually turns into obligation, where the business demands constant attention and the owner becomes the single point of failure.
The insurance industry is full of shortcuts. Some producers look for ways to streamline the quoting process, others avoid hard conversations with clients, and many rely on endorsements or extensions because they are “easier” than diving into the details. Nowhere is this more dangerous than in the world of cyber insurance.
Too many agents assume that a cyber endorsement on a BOP or commercial package policy is “good enough.” It isn’t. In fact, treating a BOP cyber extension as a replacement for a standalone cyber policy leaves clients dangerously exposed, puts producers at risk of losing accounts, and opens the door to costly errors and omissions (E&O) claims.
Cyber threats evolve faster than any other area of risk, and endorsements simply can’t keep up. If producers want to protect their clients and themselves, it’s time to understand why standalone cyber insurance is non-negotiable.
In the middle market, producers don’t lose because the competition has better pricing.
They lose because the competition understands people better—their motivations, their fears, their priorities, and what makes them say yes.
The cyber insurance market has softened in recent years. Requirements that were once rigid — like mandatory multi-factor authentication (MFA) or endpoint detection and response (EDR) tools — have been relaxed by many carriers. But here’s the danger: just because carriers aren’t demanding these safeguards today doesn’t mean businesses can afford to ignore them.
The insurance industry is entering one of the most transformative seasons in its history. For decades, our world has been shaped by carriers, underwriting cycles, prospecting methods, and the grit of producers willing to outwork their competition. But today, a new force is reshaping the landscape—and most producers, agency leaders, and industry professionals aren’t ready for it.
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