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.
Personal lines has quietly become one of the most competitive segments in the insurance industry. Agencies that once dominated their local markets are now fighting to differentiate themselves against direct writers, digital-first carriers, and large brokers with massive content machines.
The cyber insurance market has always been unpredictable. Over the past decade, we’ve seen it move from an emerging line of coverage to one of the most volatile, swinging rapidly between soft and hard market cycles. But today, cyber has entered one of the softest markets in recent memory—and that presents a rare opportunity for both agents and clients.
For most of my 20-year career, captives felt like something reserved for the insurance elite—the jumbo accounts, the Fortune-level operations, the companies with multimillion-dollar manual premiums and entire departments dedicated to risk management. If you had asked me ten or fifteen years ago whether a $250,000 account was a legitimate captive candidate, I would’ve laughed. I thought captives were reserved for companies so complex and so large that the only rational way to insure them was to build an insurance company around their risk.
Breaking into the commercial insurance industry is never easy—especially when you’re young, new, and entering a hard market where expectations are high and patience is low. But every once in a while, a story comes along that perfectly illustrates what it really takes to survive and succeed as a new producer.
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The producers who consistently win larger accounts, earn underwriter trust, and build long term career leverage all share one trait that rarely gets talked about openly.
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