In this episode of ShiftShapers, Host David Saltzman  interviews Dave Toeben, president of Insight Insurance Services, about how insurance professionals can enhance their business through business continuation planning. Dave shares his journey from focusing on group health insurance to specializing in buy-sell agreements, key person, and deferred compensation plans. They discuss the importance of reviewing buy-sell agreements, including recent legal changes such as the Conley case, and explore collaborative opportunities for health insurance advisors to expand their services and solidify client relationships.

This Episode is Sponsored by Benepower
BenePower is an AI-powered platform that helps advisors build high-impact, self-insured health plans quickly and seamlessly by integrating the best point solutions, eliminating inefficiencies, and improving collaboration. It streamlines plan creation, reduces costs, enhances member outcomes, and positions advisors as industry leaders. Learn more at Benepower.com.

Reach out to Dave Toeben at [email protected] or 615-636-1105

Scaling Your Insurance Practice: Insights from Business Continuation Planning

• Shift Beyond Group Health Insurance: Business continuation planning, buy-sell agreements, and key person insurance are essential for scaling a business beyond group health insurance.
• Importance of Buy-Sell Agreement Review: Regularly reviewing and updating buy-sell agreements is crucial to avoid unintended liabilities and ensure smooth business transitions in case of catastrophe.
• Disability Insurance Parallel: Often overlooked, disability insurance can be as crucial, if not more so, than life insurance in buy-sell agreements, providing necessary funds if a business owner becomes disabled.
• Partner Collaboration Opportunities: Health insurance advisors can partner with specialists in business continuation planning to offer comprehensive services without needing to master every aspect themselves.
• Educational and Revenue Potential: By engaging in business continuation planning, health insurance advisors can not only solidify client relationships but also significantly boost their revenue streams.

In This Episode

00:00 Introduction and Guest Welcome

00:45 Dave Toeben's Career Journey

01:13 Transition to Business Continuation Planning

02:30 Understanding Business Continuation Planning

03:55 Importance of Disability Insurance

06:18 Opportunities for Health Insurance Advisors

08:27 The Connolly Case and Its Implications

10:25 Partnering and Mentorship in Business Continuation

18:05 Choosing the Right Carriers

20:50 Conclusion and Contact Information