In this episode of Power Producers Podcast, 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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