12X Commission

By Charles SpechtBusiness Entrepreneurship Careers

12X Commission episodes

January 18, 2024Throwback: When to Present Your Proposal to a Prospect
Please .... do not be one of those insurance agents who have no strategy or process when it comes to presenting renewal quotes/proposal to the prospect! If you do that, you're more likely to lose than win. Why? Because, if you do that you're wingin' it and throwing mud against the wall to see what sticks.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will give you some options to consider to put you in a stronger position to win the business at the time you present your proposal, even if you can't get the signed BOR.

Episode Highlights:
Charles explains that many consumers do not make the decision to switch to a big provider with a single signature on a piece of paper. (5:40)
Charles discusses how to determine the best timing to offer a quote to the insured. (7:26)
Charles discusses the benefits of presenting a quote proposal to a prospect a week or two before the renewal date. (10:29)
Charles explains that submitting a renewal quote is a competitive bid situation, and it's war, and you must put yourself in a stronger position. (18:44)
Charles mentions that he prefers to give a quote within 10 days because most carriers have a Broker of Record letter policy that states that if something is not received within 10 days, the new agent will not be paid. (20:16)
Charles explains why you should not send your quotes to the insured by email and then let them decide. (26:14)
Charles mentions that many insurance brokers will present their proposals, but they have no knowledge of how the insurance buyer decides which quote to go with. (27:54)
According to Charles, millionaire insurance producers are professionals, they are strategic and have processes and systems which they follow for a reason. (29:19)
Key Quotes:
“Do not ever send your quotes to the insured by email and then let them make a decision.” - Charles Specht
“A lot of insurance agents will offer their proposal, but they have no idea how an insurance buyer goes about to actually deciding which quote to go with.” - Charles Specht
“I'm telling you that one of the more foolish things you can do is not having a step by step process or strategy for presenting your proposal to the insured right before their renewal window. If you don't have the insurance buy-in, you are hurting yourself. And I don't want you to do that. Why? Because you're better than that.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
32 min
January 15, 2024How to Brand Yourself and Win More New Clients
Do you struggle at branding? Are you still a quasi-generalist who is not focused in a Micro-Niche? Or, maybe you've chosen a Micro-Niche industry to focus on, but you haven't figured out how to BRAND yourself so that your prospects are attracted to you and want to sign over their insurance to you? Well, I have good news for you if that describes where you're at right now.

In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will teach you some of the MOST ESSENTIAL things you can do to brand yourself and take your Book of Business to the next level. Charles talks about both personal branding as well as how agency leaders can and should assist their producers by using the agency website to brand the sales team in each and every Micro-Niche they are prospecting.

Key Topics:
The importance of specializing in a micro-niche for insurance agents.
The role of personal branding in the insurance industry.
The impact of digital presence and social media in insurance sales.
Strategies for creating effective branding in specific niches.
How to use branding to differentiate from competitors.
Reach out to
Charles Specht

Visit:
Permission Network Insurance Agency, Inc.
35 min
January 11, 2024Throwback: Strategies for Winning the Broker of Record Letter
It's one thing to agree that targeting BOR's is a smart move but it's another thing altogether to develop a step-by-step process to winning signed Broker of Record Letters on a consistent basis.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will "build you a house" by explaining what the foundation is, what the four walls are, and what the roof is to winning more signed Broker of Record letters from your prospects.

Episode Highlights:
Charles explains why winning in a standard quoting procedure is quite difficult. (3:24)
Charles demonstrates how a Broker of Record letter is a better option than the quoting process. (7:05)
Charles believes that one of the main strategies in regards to the Broker of Record letter is asking for it. (9:13)
Charles explains that every single prospect meeting you have with an insured person needs to have a goal. (10:43)
Charles explains the advantages of being aggressive in your requests in order to persuade others to do what you want them to do. (13:50)
Charles explains that it is impossible to train individuals to be successful at selling anything if they are not aggressive in asking for the business. (17:10)
Charles discusses why the micro-niche, the foundation for your house, is so important in obtaining a signed Broker of Record letter. (17:49)
One of the ways to create a wall when building your house, according to Charles, is to plan out how you're going to prospect. (20:20)
Charles mentions that if you have a very powerful message that includes both the pricing side and a significant service side, you'll have a very excellent hit ratio on prospecting and setting appointments. (23:34)
The fourth wall, according to Charles, is how we lead that appointment to ask for the business. (24:17)
Charles discusses how the follow-up program will be the roof of the construction that binds the four walls together. (25:57)
Charles explains that the foundation is everything; it is the micro-niche, and everything is constructed on top of that; you can't have walls or a roof until it is completed. (27:45)
Key Quotes:
“You have to be aggressive in regards to what you're asking for in order to get them to do what you want them to do.” - Charles Specht
“If you have a very strong message that has both the price side as well as the significant service side, you're going to have a very good hit ratio on prospecting to setting appointments.” - Charles Specht
“Foundation is everything it is the micro niche, everything is built on top of it, you can't have walls and you can't have the roof until you get that done.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
31 min
January 04, 2024How to Choose the BEST Micro-Niche to Become a Millionaire Producer
Do you struggle with setting appointment and writing new business? Many agents do. Actually, most do. Why is that? Well, for one thing, most agents don't know where to begin. In other words, they haven't even decided what to prospect, let alone why they should focus on that. They are "generalists" and have a Jack-of-all-trades mindset. Does that describe you? If it does, then this podcast episode is for you!

In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will give you tips on how to choose the most-profitable Micro-Niche for you, and he also gives a few examples of which Micro-Niches he would seriously consider targeting if he were to start writing insurance again.

IF YOU WANT TO FIGURE OUT HOW TO CHOOSE THE BEST MICRO-NICHE FOR YOURSELF, I TEACH THAT IN MODULE 2 OF MY DIGITAL COURSE: Millionaire Producer School. Go here to learn more: www.millionaireproducerschool.com

Key Topics:
Importance of pre-prospecting in insurance sales.
Laying the foundation: The first step in the Permission Sales Framework.
Identifying and capitalizing on your most profitable micro-niche.
The role of geographic territory in micro-niche selection.
Understanding and leveraging differentiation in insurance sales.
Setting a 12-month timeline of services for effective client acquisition.
Reach out to
Charles Specht

Visit:
Permission Network Insurance Agency, Inc.
Millionaire Producer School
33 min
December 28, 2023Throwback: How to Get More Referrals
Referrals, referrals, referrals! You've probably heard that referrals are great to get and have the highest win percentage when compared to other forms of prospecting. And, you'd be right to think that because it's true. However, most insurance agents and agencies do either a very poor job at systematically asking for (and receiving) referrals from their client base or COIs, or they have no process for referrals at all. In this throw backepisode of the Millionaire Insurance Producer podcast, host Charles Specht will give you a step-by-step process you can use to get more profitable referrals from your clients and COIs.

Episode Highlights:
Charles reveals that while he was a producer for almost 10 years, he wasn't very good at getting references. And it was partly because the kind of company he was pursuing was not one that relied heavily on referrals. (2:01)
Charles explains that when it comes to requesting referrals, you must be careful what you ask. (5:56)
Charles discusses the reasons why it is critical to have prospects prepared ahead of time. (9:04)
Charles mentions that if you are comfortable with your customers and your circle of influence, the recommendation will be substantially better. (12:00)
Charles explains that when you work with clients and centers of influence, you highlight possible opportunities that can be powerful for prospecting. (14:47)
Charles suggests that if you've saved 30 customers in various places, you can create Excel lists for different prospects you're analyzing and identifying as possibly good prospects to go after in those geographic territories. (16:37)
Charles believes you should invest heavily in referral prospecting. (18:46)
Charles explains that when he asks his coaching clients, who are insurance agents, about their methods of prospecting, very rarely do they mention referrals. (21:57)
Charles mentions that we are severely lacking in getting referrals, an excellent method of prospecting but that it shouldn't be too tough to improve. (25:04)
Key Quotes:
“If referrals are important to you, then choose wisely.” - Charles Specht
“When you work with each of your clients, and your centers of influence and you're going through the list of these potential prospects and they're highlighting them, you need to utilize that information because you're going to have multiples. You're going to have multiples. And that becomes very, very strong information to use when you're prospecting.” - Charles Specht
“I encourage you to start looking into getting better at doing referral prospecting. And then thank me later.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
28 min
December 21, 2023Building a Book of Business is like Building a House
Do you struggle at scripting, branding, or sitting down to actually do the hard work of prospecting? Most producers struggle at something, and most of us struggle at many parts of the sales process.

In this episode of the Millionaire Insurance Producer podcast, host Charles Specht shares the five parts of his Permission Sales Framework and how selling insurance is like building a house. You have to lay the foundation, build the structure, paint the walls, do the final walk-through, and then get the keys. When you master these five parts of the Permission Sales Framework, you'll become a millionaire insurance producer.

Key Topics:
The challenge of selling insurance and winning clients in a competitive market.
Common struggles faced by insurance producers in appointment setting, scripting, and branding.
Introduction to the Permission Sales Framework: A five-part strategy for success.
Laying the foundation: Pre-prospecting and preparing for client engagement.
Building the structure: Effective prospecting techniques and client acquisition strategies.
Painting the walls: Mastering the first appointment and presentation skills.
The final walkthrough: Navigating the pre-proposal stage and preparing for a successful proposal.
Getting the keys: Closing the deal and achieving the goal of becoming a millionaire insurance producer.

Connect with Charles Specht on LinkedIn

Visit the Permission Network Insurance Agency, Inc. website for more information and resources.
35 min
December 04, 2023Throwback: The Quality of Your Prospect List
One of the biggest reasons insurance agents don't achieve success as a producer is due to the QUANTITY of accounts on their prospect list. But the biggest reason overall is no doubt the QUALITY of the accounts on their prospect list.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will teach you how to increase the QUALITY of the accounts you are prospecting in order to close more deals and make more money!

Episode Highlights:
Charles explains that most insurance brokers are inexperienced and have a large number of accounts to call. (3:57)
According to Charles, insurance brokers might have 1000 different prospects on their database. However, if none of them are truly qualified to the point that they are likely to conduct business with you, calling them to set up appointments would be the largest waste of your time. (4:35)
Charles discusses the three most important things that insurance agents should have in terms of their database quantity. (9:21)
According to Charles, the quality of the prospect list is the difference between being a millionaire insurance producer and always spinning your wheels and not achieving the results you want. (10:51)
Charles believes that the reason people are not achieving the financial status and the results they desire, is that they have a deficient prospect list. (14:00)
Charles explains that if you contact customers that are coming up in the buying window, the number of set appointments you have will significantly increase. (18:27)
Charles mentions that your database should include the most profitable micro-niches. (19:37)
Charles discusses that there are lots of different ways in which to find lists of prospects. (22:21)
Charles explains that when your book of business and profession develops, you may not need the quantity as much since the quality will be there. (29:37)
Key Quotes:
“The quality of your prospect list is the difference between you becoming a millionaire insurance producer versus you continually spinning your wheels and not getting the results that you want.” - Charles Specht
“The reason that you are not achieving the financial status, the results that you want the amount of commission money in your own bank account right now, the reason why you're not winning as many clients gathering enough broker record letters and so forth is because you likely have a deficient prospect list.” - Charles Specht
“As you're maturing in your book of business, as you're maturing in your career, you might not need the quantity any longer because the quality will be there. But, as of right now if you don't have either, it must be very difficult for you to actually keep going and to have the success that you want.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
33 min
November 13, 2023Throwback: The Insurance Industry's Best Prospecting Script
Setting appointments with new prospects is hard. But it's also one of the most important things a producer needs to improve at in order to win new clients. "Scripting" (what you say or write to your prospects) is the difference maker for all of it. In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht outlines what is potentially the best prospecting script in the entire insurance industry, as well as how you can personally edit it to make it your own.

Episode Highlights:
One of the most difficult challenges, according to Charles, is getting over the point of hesitancy. (2:37)
Charles explains that the insurance industry's best prospecting script is the one that works for your unique prospect. (3:40)
Charles mentions that anything you provide your prospect in return for an hour of their time must be meaningful and simply understood. (5:55)
Prospecting, according to Charles, is not easy, is not pleasant, and is challenging. However, if you want to establish a million-dollar book of business, you'll need to persuade individuals to meet with you. (07:29)
Charles provides samples of the top prospecting scripts in the insurance industry. (11:23)
Charles explains that everything is constructed on the micro-niche, and you must start there. (17:04)
Charles discusses why he typically encourages insurance salespeople to have their first script be fairly price sensitive, so that it resonates with everyone. (29:48)
Charles mentions that the finest prospecting script for the insurance sector must fit the needs of the individual you're interacting with at the time. (30:42)
Key Quotes:
“If you don't have many different scripts to use for your prospects, you are probably not getting the results you want.” - Charles Specht
“Focusing on how to set appointments is probably the smartest thing you will ever do in your career.” - Charles Specht
“As you're figuring out what your script and your pitch and your cold call carrot is, you have to really understand what is one of the main problems they're dealing with. Because whatever you're saying has to be a solution to that problem. And if you don't understand your prospect's problems, the solution that you have to offer really isn't going to be that great.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
34 min
October 26, 2023Throwback: Get Ready to Pivot!
If you're like most insurance agents out there, you're not getting the new business commission results you know you're capable of. You're either not prospecting enough, prospecting inefficiently, not setting enough appointments, not sure how to transition to asking for the signed Broker of Record Letter, or how to close the business if you go through a quoting process. Usually, this boils down to doing things over and over and over again that do not work or do not get a high enough ROI.

In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will talk about how you should Pivot, what to Pivot to/from, and how to determine if the Pivot you make will be profitable or not for you or your agency.

Episode Highlights:
Charles explains that a common issue that people have is that they can't stop doing one thing and start doing something else. (4:53)
Charles shares that pivoting starts at the very beginning of the building process. (7:02)
Charles talks about his experience working with a very large agency over the last three years. (10:23)
Charles advises listeners to start utilizing some of the technologies that are out there, such as InsurTech. (14:50)
Charles explains that you need to have more prospects in your database than you think is necessary. (19:17)
Charles explains that the pivot and the database are important as you cannot call the same account every couple of weeks. (23:38)
Charles shares that it does not make sense for you to keep doing something that doesn't get you results. (25:36)
Charles shares some of the things that would cost you zero dollars but still help you in your success. (28:20)
Charles explains that you need to step back and begin to list the things you need to pivot and go through them one at a time. (29:14)
Key Quotes:
"You need to take a step back, begin to look around at the things that you need to pivot, and make that change today." - Charles Specht
"Tech really doesn't help you to sell; that's completely different. You need to be able to persuade, you need to be able to ask for the business, you need to be able to prospect, you need to be able to do all of that." - Charles Specht
"If you're actually you're able to do certain things in certain ways, and you can help yourself by including technology into your entire process, then I would say it would probably make financial sense for you to actually do that." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
34 min
October 23, 2023Throwback: Your Most Profitable Micro-Niche
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht teaches you how to determine what type of business you should target for prospecting. In other words, Charles will teach you the step-by-step process he takes his 1-on-1 coaching clients through to determine their own most profitable micro-niche focus. This is the topic Charles gets asked about most, which is why he gets very detailed in the process of it in this episode.

Episode Highlights:
Charles explains the difference between a niche and a micro-niche. (1:48)
Charles shares that if you do not know what you are targeting, then everything is a target. (5:00)
Charles explains that you can be passionate about other things, but it does not necessarily have to be your micro-niche. (7:30)
Charles shares that micro-niching means you are focusing only on a specific area of a niche and not different areas. (11:16)
Charles explains that it is important to consider your geographic territory when creating a micro-niche. (15:42)
Charles explains that every agency is different and should have a minimum revenue threshold, which can also help you determine your micro-niche. (20:26)
Charles talks about the importance of having access to carriers to be competitive. (22:14)
Charles shares that he personally wants to go after classes of business that are ugly and nasty that most insurance carriers don't want. (26:12)
Charles explains that it is important to know your competition and to start to ask yourself if it is the best area for you to spend your time. (30:09)
Charles shares that micro-niching means being seen by your prospects as exactly what they need. (33:42)
Key Quotes:
"Being a micro-niche means you're focused in that area. And you can't be focused in that area if you're torn between too many different areas." - Charles Specht
"It's a whole lot easier to win the race if you're driving the fastest car, riding the fastest horse, whatever, it's just a whole lot easier to win when you have the best." - Charles Specht
"The thing about a micro-niche is that you get so dialed in, that you become the most obvious choice of which agent to do business with." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency
40 min

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12X COMMISSION is the top podcast for insurance producers who want to build a $1,000,000+ Book of Business and also for agency owners who want to scale their agency to 7-figures or more. The host…