{"id":2361,"date":"2017-09-21T17:08:07","date_gmt":"2017-09-21T17:08:07","guid":{"rendered":"http:\/\/estrategist.com\/members\/?p=2361"},"modified":"2020-11-17T15:02:58","modified_gmt":"2020-11-17T15:02:58","slug":"teaming-with-business-professionals-to-generate-insurance-sales","status":"publish","type":"post","link":"https:\/\/estrategist.com\/members\/teaming-with-business-professionals-to-generate-insurance-sales\/","title":{"rendered":"TEAMing With \u201cBusiness Professionals\u201d To Generate Insurance Sales"},"content":{"rendered":"

To assist you to grow your insurance sales, environmental Strategist\u00ae has developed this competitive environmental intelligence series on executing a TEAM<\/strong> SPORT <\/strong>strategy.\u00a0 <\/strong><\/p>\n

After more than 25 years of operating a specialty environmental insurance wholesale operation, I have observed one common denominator successful insurance professionals share, they are continually looking for new opportunities.<\/p>\n

Since every business is impacted by environmental exposures and fewer than 15% of licensed insurance professionals are actively selling environmental insurance products there is huge upside for insurance professionals looking for opportunities.<\/p>\n

environmental Strategist\u00ae has developed this five-part educational resource specifically for you to coach up \u201cbusiness professionals\u201d (i.e. attorney\u2019s, accountant\u2019s, banker\u2019s, realtor\u2019s) on the value you can add to their business model.\u00a0 \u00a0Through this process \u201cbusiness professionals\u201d will bring you insurance sales opportunities to make sure they are better protecting their E&O exposure while executing environmental \u201cBest Practices\u201d with their client\u2019s.<\/p>\n

As a simple example let\u2019s look at attorney\u2019s that draw up contracts for real estate buy \/ sell agreements.\u00a0 It\u2019s hard to find a buy sell agreement that does not contain an environmental indemnification.\u00a0 However, if a financial assurance mechanism (letter of credit, monies in escrow, insurance, bond\u2026) is not put into place to back stop the environmental indemnification and there is a default, the contract may not be worth the paper it is written on.\u00a0 This can create and E&O exposure for the attorney since the attorney put the environmental indemnification in the contract, billed their client, but did not back stop it by making sure a financial assurance mechanism was in place to support their contract.\u00a0 Attorney\u2019s clients have been coming back to their attorneys for the financial solution since the indemnifying party defaulted on the \u201cattorney\u2019s\u201d contract.<\/p>\n

In Series One of our five part series, we are going to review why \u201cbusiness professionals\u201d will bring you sales opportunities utilizing a TEAM SPORT strategy.<\/p>\n

eS TEAM SPORT Strategy:<\/strong><\/p>\n

Every insurance professional knows referral business is an excellent source for new business sales.\u00a0 An insurance professional can either ask for referral business or they can produce referral business while assisting \u201cbusiness professionals\u201d to leverage their business model.\u00a0 A Win \/ Win strategy and much more professional than asking for referrals to generate new business.<\/p>\n

Producing referral business creates a higher success rate than asking, while at the same time positioning the insurance professional as a trusted advisor and strategic partner.<\/p>\n

Let me digress, the only constant we have is change (opportunity).\u00a0 The environmental industry has created change (opportunity) in the way businesses operate.\u00a0 This also creates change (opportunity) for the way business professionals leverage their products or services to proactively address environmental exposures impacting their client\u2019s \/ prospects.\u00a0 By following the environmental Strategist\u00ae (eS) www.estrategist.com<\/a> holistic TEAM SPORT<\/strong> strategy you move beyond asking for referral business to \u201cbusiness professionals\u201d asking you to assist them in helping their clients.<\/p>\n

Fortunately, the complexities of addressing environmental issues means there is no one stop shop to be able to get all your answers.\u00a0 Therefore, the success a business professional has in addressing environmental exposures impacting their client\u2019s, depends upon the TEAM that business professional surrounds themselves with.<\/p>\n

environmental Strategist has branded this a TEAM SPORT<\/strong> strategy.\u00a0 TEAM SPORT<\/strong> stands for T<\/strong>ogether E<\/strong>veryone A<\/strong>ccomplishes M<\/strong>ore because S<\/strong>trategic P<\/strong>artners O<\/strong>ptimize R<\/strong>esources and T<\/strong>ime.<\/p>\n

Who are your TEAM members? <\/strong><\/p>\n

To answer that, let\u2019s look at what a typical environmentally reactive business does when they find out they have an environmental problem.\u00a0 Keep in mind, since the business is reactive they are managing the environmental problem after it occurs.<\/p>\n

Probably the first business professional an environmentally reactive business will call is their attorney<\/strong>.\u00a0 After they call their attorney, they will contact their insurance agent<\/strong> to see if they have any environmental insurance coverage.\u00a0 When their insurance agent informs them, they do not have any coverage, the reactive business generally will call their attorney back to sue the insurance agent\u2019s E&O.<\/p>\n

Since the environmentally reactive business is unknowingly self-insuring their environmental liabilities, they will need financial resources to correct the problem and pay legal fees, cleanup cost, third party bodily injury, third party property damage\u2026, so they need to involve their financial institution<\/strong>.\u00a0 However, most financial institutions, once they find out they have a client with an environmental problem, their strategy is to call all obligations due and sever the relationship.<\/p>\n

Since the reactive business has an environmental liability, they need to involve their accountant<\/strong> to accurately express their current financial position.<\/p>\n

If the business owns, buys, sells or manages property they will want an environmentally knowledgeable realtor as part of their TEAM<\/strong>.<\/p>\n

You include the businesses environmental services providers <\/strong>\u00a0(environmental engineers, remediation contractors, waste haulers, etc.), and some of the businesses employees<\/strong>.\u00a0 This rounds out your typical eMS<\/strong> TEAM<\/strong>.<\/strong><\/p>\n

In Series Two we will review TEAM SPORT strategies for working with attorney\u2019s to generate insurance sales.<\/p>\n

environmental Strategist (eS) business leverage strategy: <\/strong>\u00a0In achieving your environmental Strategist (eS) certification @ <\/strong>www.estrategist.com<\/strong><\/a> you position yourself as the TEAM leader the other TEAM members report to.\u00a0 The <\/strong>www.estrategist.com<\/strong><\/a> Collaboration Portal is designed to position the eS as the TEAM leader.<\/strong>\u00a0 Each time you develop a TEAM to assist a client to leverage their business model, other TEAM members will ask you for assistance in helping them with some of their client\u2019s.\u00a0 The eS producing referral business strategy is a win \/ win\/ win \/ win for your clients, your TEAM members client\u2019s, TEAM members and you.\u00a0<\/strong><\/p>\n

www.estrategist.com<\/a> educates business professionals how to leverage their business model by moving beyond asking for referral business.<\/p>\n","protected":false},"excerpt":{"rendered":"

To assist you to grow your insurance sales, environmental Strategist\u00ae has developed this competitive environmental intelligence series on executing a TEAM SPORT strategy.\u00a0 After more than 25 years of operating a specialty environmental insurance wholesale operation, I have observed one common denominator successful insurance professionals share, they are continually looking for new opportunities. Since every… Continue reading TEAMing With \u201cBusiness Professionals\u201d To Generate Insurance Sales<\/span><\/a><\/p>\n","protected":false},"author":223,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[3,4,5,7],"tags":[294,70,295,296,254,297,293,292],"class_list":["post-2361","post","type-post","status-publish","format-standard","hentry","category-resources","category-featured","category-risk","category-webinars","tag-achieve","tag-business","tag-certification","tag-develope","tag-environmental","tag-leverage","tag-strategy","tag-team","entry"],"_links":{"self":[{"href":"https:\/\/estrategist.com\/members\/wp-json\/wp\/v2\/posts\/2361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/estrategist.com\/members\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/estrategist.com\/members\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/estrategist.com\/members\/wp-json\/wp\/v2\/users\/223"}],"replies":[{"embeddable":true,"href":"https:\/\/estrategist.com\/members\/wp-json\/wp\/v2\/comments?post=2361"}],"version-history":[{"count":3,"href":"https:\/\/estrategist.com\/members\/wp-json\/wp\/v2\/posts\/2361\/revisions"}],"predecessor-version":[{"id":2545,"href":"https:\/\/estrategist.com\/members\/wp-json\/wp\/v2\/posts\/2361\/revisions\/2545"}],"wp:attachment":[{"href":"https:\/\/estrategist.com\/members\/wp-json\/wp\/v2\/media?parent=2361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/estrategist.com\/members\/wp-json\/wp\/v2\/categories?post=2361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/estrategist.com\/members\/wp-json\/wp\/v2\/tags?post=2361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}