Want to grow your agency through Builders Risk? Here is the playbook...

In this conversation, Matt Waxman shares his journey from a marketing major to a successful figure in the insurance industry, discussing his experiences in hospitality, insurance claims, and marketing. He emphasizes the importance of understanding the property market, particularly in challenging areas like Florida and Texas, and offers valuable advice for agents navigating these tough times. The discussion also touches on the evolution of his company, Alchemy Insurance Solutions, and the opportunities within the builders risk space. In this conversation, Matt Waxman and Heath Shearon delve into the complexities of Builders Risk insurance and the emerging cannabis insurance market. They discuss the importance of building strong relationships with underwriters, understanding client needs, and the necessity of educating producers on these specialized insurance products. The dialogue emphasizes the need for agents to develop pipelines for Builders Risk and the lucrative opportunities within the cannabis sector, highlighting the evolving nature of these industries and the role of Alchemy Insurance Solutions in providing comprehensive coverage solutions.

takeaways

• Matt Waxman has a diverse background in marketing, hospitality, and insurance.
• He transitioned from a marketing major to a career in insurance after exploring various fields.
• Waxman emphasizes the importance of building relationships in the builders risk market.
• The property market presents challenges, but also opportunities for agents willing to adapt.
• Alchemy Insurance Solutions focuses on solving pain points in the insurance market.
• Understanding the needs of clients is crucial for success in insurance.
• Waxman encourages agents to prepare thoroughly when submitting risks to underwriters.
• Flexibility in underwriting is essential in today's property market.
• The builders risk space can lead to long-term relationships with clients.
• Agents should not give up on finding coverage solutions for their clients. The likelihood of declination increases without proper partnerships.
• Understanding Builders Risk is crucial for effective insurance solutions.
• Building relationships with underwriters is essential for agents.
• Providing detailed information to underwriters enhances approval chances.
• Agents must sell both to clients and carriers effectively.
• The cannabis insurance market presents significant opportunities.
• Education and webinars are vital for agents to succeed in niche markets.
• Direct access to underwriters fosters better communication and solutions.
• Agents should be transparent about their knowledge in niche markets.
• The insurance landscape is evolving, requiring adaptability from agents.

05:52
Matt Waxman's Journey to Insurance

10:32
Cornerstone to Alchemy: Evolution of a Company

18:00
Navigating the Property Market Challenges

20:06
Advice for Agents in a Tough Market

21:54
Navigating the Builders Risk Landscape

28:10
Understanding the Role of Underwriters

32:32
Building a Pipeline for Builders Risk

35:53
Exploring the Cannabis Insurance Market

40:07
The Science Behind Cannabis Insurance

45:53
Alchemy Insurance Solutions: A Comprehensive Overview

My amazing Sponsors;

Smart Choice
Canopy Connect
Olde School Marketing