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.
Key Points:
Captives and Alternative Risk Transfer
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.
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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