12X Commission

By Charles SpechtBusiness Entrepreneurship Careers

12X Commission episodes

October 09, 2023The "12X Sales Framework" for Winning New Clients
Do you have a defined and well-structured sales process that helps you win new business? No, I'm not talking about a few lucky points here and there. I'm talking about a "proven by long-term results" A-Z Sales Framework that covers everything from start to finish, from the type of account you're first going to prospect to the end goal of collecting the deposit check. That's what host Charles Specht will teach us all about today.

On today's podcast episode, we'll learn the secrets behind his "12X Sales Framework" that empowers insurance agents to build a $1,000,000 or more Book of Business of happy, loyal, and satisfied clients.

Episode Highlights:
Charles mentions his framework’s main key areas for selling, servicing, and renewing clients: pre-prospecting, prospecting, first appointment/meeting, strategic report, and proposal/presentation. (4:04)
Charles explains that pre-prospecting is the crucial foundation work done before making cold calls, setting appointments, and meeting with potential clients, as it sets the stage for a successful sales process. (5:50)
Charles mentions that prospecting involves actively engaging in activities such as making phone calls, sending emails, visiting potential clients, and attending networking events to meet people. (10:32)
Charles explains that the first appointment requires preparation and a structured strategy to identify issues, present solutions and obtain a Broker of Record letter. (13:03)
Charles discusses the importance of strategic rapport and how building comfort and confidence with insurance buyers can give agents a competitive edge. (20:05)
Charles emphasizes the importance of a structured approach to proposals for insurance agents, and the need for sales training and a proper proposal template to communicate with prospects effectively. (23:39)
Charles mentions that having a well-defined process from the initial contact to closing the deal is crucial for increasing your success rate. (30:34)
Key Quotes:
“When you're doing your pre-prospecting, you need to really understand about all the basics of laying the foundation, because if you're going after the wrong business, right off the bat, everything else is messed up.” - Charles Specht
“I love when my prospect says, " Yes, Charles, let's go with it.” That's what I like to do. That is just fun. Quoting and not winning, that's not fun. That's something that amateurs do.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
35 min
October 02, 2023How to Present Your Quote Proposal to a PROSPECT
Definitely, getting the signed Broker of Record is the better approach to winning new clients. But there are times when the BOR is not an option and so the only way to win that client is by quoting. No worries, because in this episode of the Millionaire Insurance Producer podcast, host Charles Specht is going to explain to you the three things YOU NEED TO GET from the insured before quoting, and then what to include in your final Proposal in order to strengthen your position to win that new client.

Moreover, at the end of the episode, Charles will explain how to hire him to do a virtual sales motivation summit for your agency, or bring him in for a live, in-person sales training with your producers.

Episode Highlights:
Charles explains that quoting for insurance policies is a weak move because incumbents have a 92% chance of retaining the business, so agents need to position themselves strategically and not rely solely on quotes. (3:18)
Charles discusses three key factors that are crucial in the insurance quoting process: gaining exclusive access to desired carriers, establishing a clear agreement with the insured, and preventing the incumbent agent from re-quoting the account. (5:28)
According to Charles, agents should avoid meeting with prospects 10 days before policy renewal because insurance carriers' Broker record letter process prevents payment if signed and submitted within 10 days. (14:50)
Charles mentions that it is advised not to meet with a prospect to provide quotes before the incumbent agent has given their renewal quotes. This is because it is important to have strong positioning and the ability to make a decision on the spot when meeting with the insured. (17:52)
Charles emphasizes the importance of positioning oneself to win business and increase the hit ratio when offering quotes to non-clients. (26:26)
Charles offers his services as a motivational speaker and trainer for insurance agencies, promising to teach the Broker of Record letter process and help agents build a $1 million or more book of business. (29:17)
Key Quotes:
“I have to be wise as a serpent and as innocent as a dove when I go through this whole process so that I am doing a good job for my underwriters, my agency, my wife, my children, my family, my bank account… because I'm in the sales business. And sales is about positioning.” - Charles Specht
“There are things that you can do in this whole process when you are offering quotes to non-client prospects who don't yet fully trust you. It comes down to positioning. If you position yourself to win, you're much more likely to win. If you position yourself just to play, well, guess what? You'll get used.” - Charles Specht
“Quoting is weak, but quoting works if you can put yourself in a stronger position. Do those things that we talked about and you’re going to put yourself in a much stronger position. I guarantee it.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
33 min
September 28, 2023Throwback: How to Write Bigger Accounts [interview with Man Phung]
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht interviews one of his sales training clients, Man Phung. Man only started writing commercial accounts about three years ago but has been implementing the things Charles has been teaching, such as Thinking BIGGER, micro-niching down, utilizing the 12-Month Timeline of Services, etc. The result is that he's writing much bigger accounts today. Charles and Man share tips in this episode about what is working and what Man changed in order to be successful.

Episode Highlights:
Man shares his background story and how he got started in the industry. (6:35)
Man shares that their agency has over one hundred commercial accounts both in Indiana and Texas. (8:58)
Man talks about the two biggest accounts that they are writing, which are construction and manufacturing. (9:45)
Man explains that he does a little bit of everything as a business owner, from cold calling to social selling to managing a team. (11:49)
Man shares understanding the size of the account and class of business helped him to choose the accounts that contribute to the success of his business. (13:08)
Man talks about the first big account he had in his agency and what he did to be able to write that account. (20:33)
Man advises everyone to believe in their perspective and never to hold themselves back. (23:52)
Man shares how he was able to win a new account with a good broker of record, which was by accident. (26:06)
Man advises listeners not to let themselves hold themselves back and to change the way they think about their limiting beliefs. (29:34)
Key Quotes:
"You can only write so many accounts. No matter how good you are, you can only write so many accounts." - Man Phung
"We are our worst enemy. We hold ourselves back. And it's true. And I used to think the same way like I couldn't do it because I'm playing against the biggest broker in the world" - Man Phung
"So if you're starting some something new like me three years ago, start high and and hone in. So, figure out the revenue and then figure out what markets you have." - Man Phung
Resources Mentioned:
Man Phung Linkedin
Brightway Insurance
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
35 min
September 11, 2023Throwback: Becoming a Millionaire Insurance Producer
Most insurance agents out there don't really know what they are supposed to be doing, as far as prospecting and selling are concerned. They have little training and often they're trained to do what the person before them has done, even if that person didn't achieve A+ results.

In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will detail seven things insurance agents need to do to become Millionaire Insurance Producers.

Episode Highlights:
Charles explains why he wrote the book, The Millionaire Producer, about permission, and why it matters. (2:49)
Charles elaborates on the first aspect of the book, which is collecting signatures and serving happiness. (05:44)
Charles explains that when you create enough value and solve major problems, your insured would be happy to sign all your broker letters. (08:18)
Charles shares that you have to think bigger than you think is already big. (10:25)
Charles advises everyone to start targeting larger revenue-generating accounts. (13:30)
Charles explains the 4th chapter, which is to stop quoting insurance renewals. (14:36)
Charles explains why rich people are always in micro-niches. (20:18)
Charles shares that insurance agencies should create fee-based products. (23:57)
Charles elaborates on Chapter 7 that it is very important to have your accountability group. (30:25)
Charles shares about the 12x group coaching mastermind program. (33:45)
Key Quotes:
"My philosophy of insurance sales is centered around the idea of permission. Some call it sales, others refer to it as persuasion. But I firmly believe that what matters most to you is that you secure your prospect's permission." - Charles Specht
"Think bigger, not merely big, not what you think is big but bigger than that. The best learning moment is the idea, the concept, and the reality of what it means to think bigger." - Charles Specht
"The issue comes down to whether or not you're going to need to do what you know you need to do to be successful."
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
39 min
September 04, 2023Throwback: You Must REPEL in Order to ATTRACT New Clients
In order to attract new clients, you must repel those who are not ideal for you. The right messaging will attract the right people, and you'll win more new clients with very attractive marketing that repels everyone you don't want. It works, but most agents haven't figured it out quite yet. In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains what you need to do in order to repel bad (not ideal) prospects to attract and win the best and most profitable clients.

Episode Highlights:
Charles shares that the success rate of attracting your ideal client comes from being able to repel those who are not. (1:53)
Charles explains how to attract a level of comfort with prospects. (04:51)
Charles discusses how you can repel prospects that you do not want by starting with a particular message. (06:44)
Charles elaborates on how you can focus and figure out who your ideal prospect is. (10:43)
Charles shares that he is articulating a certain message that is going to resonate with those people that are trying to sell new business. (14:50)
Charles explains that people will get the absolute best results by being more specific in what they want to write. (19:40)
Charles shares that everybody wants a specialized brand and nobody wants a generic brand. (21:00)
Charles shares that individualizing is what prospects want for their businesses. (23:34)
Charles talks about an agent he met, and the lesson we can learn from them. (27:19)
Charles explains the idea of winning more clients through the competitive quoting process. (31:49)
Key Quotes:
"I truly believe that the success rate of being able to attract your ideal client comes from being able to repel those who are not." - Charles Specht
"I'm trying to articulate a certain message that's going to resonate with those who are trying to actually sell new business period, and it's called millionaire insurance producer podcast because it has nothing to do with account managers." - Charles Specht
"I truly believe that the entire industry and society as a whole is becoming less generalist and much more interested in finding the brand that that really speaks to them and writing something that really speaks to them." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
35 min
August 31, 2023Throwback: How to 12X Your Everything
QUESTION: Are you 12X? Professional insurance agents aren't throwing mud against the wall to see what sticks. Super producers are in the right mindset, they have a plan, and they go for the jugular. They ask for the business, they demand attention, they require the insured's permission, they get awarded a signed Broker of Record Letters, and they build a $1,000,000 or more Book of Business. In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will explain how to become 12X.

Episode Highlights:
Charles explains what 12x is all about, where it is used, and how important it is. (2:10)
Charles says there is no reason not to be able to prospect greatness. (05:20)
Charles explains that productivity is an aspect of being successful in almost anything we do. (9:18)
Charles discusses the importance of knowing your numbers. (10:58)
Charles shares that he always loves hearing stories about Brokers of Record. (12:57)
Charles explains that in the insurance industry, permission is one of the most important things to keep in mind. (14:21)
Charles shares you can get more accomplished with a very tight relationship with one underwriter than you could ever get with a very strategic plan. (17:37)
Charles explains the importance of the 12x mindset and focusing on your micro-niche. (20:31)
Charles shares that sometimes business owners don't know exactly what's in their own best interest. (24:19)
Key Quotes:
"Lot of people can show up. But not a lot of people can show up and deliver. If you can show up and deliver, you are essentially writing yourself a blank check for the future. Sky's the limit if you're 12x." - Charles Specht
"I also know that you can get more accomplished with a very tight relationship with one underwriter than you could ever get with a very strategic plan." - Charles Specht
"You're not in the insurance business. You're in your micro-niche, your unique industry, of your prospect. And that's 12x. That is the mindset that you are in." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
31 min
August 14, 2023Throwback: How to Get Motivated & Confident
Do you lack the Motivation to prospect for new business? Most insurance agents say they have a difficult time maintaining Motivation. However, I think the real culprit is something different and that it's because producers lack Confidence that they, therefore, lack the Motivation to prospect. But -- if the truth is known -- In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht feels that something else is the real reason you lack Confidence and therefore lack Motivation and therefore lack results. And, in this episode, he'll explain what it is and how you can get it!

Episode Highlights:
Charles asks the question of which comes first, is it the motivation or is it the confidence? (1:28)
Charles shares that he wants people in the industry to have both motivation and confidence. (4:01)
Charles shares that you need to have a lifetime goal and a destination so that plans can be made to make it to that destination. (8:29)
Charles mentions that Confidence comes from the plan, and motivation is the fruit. (11:20)
Charles shares that when you have the structure in order, process and strategy, you are going to have results. (15:12)
Charles explains how you're going to use your social media strategy. (19:53)
Charles shares that you should keep in mind what's the one thing that you can do that makes everything else easier or unnecessary. (22:48)
Charles talks about a message that he got from someone on LinkedIn. (25:08)
Charles explains that we lack true accountability, and it causes us not to follow through. (28:15)
Key Quotes:
"When you have confidence, you get motivation, I don't think that you can have motivation that is any kind of motivation, certainly, that's going to last any amount of time if you don't have the confidence to follow through." - Charles Specht
"Confidence comes from the plan, when the plan is established motivation is the fruit." - Charles Specht
"If you lack true accountability, then it's quite likely, you're not going to follow through with the things that you want to actually do. You're just not." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
35 min
August 10, 2023Throwback: Clearly Defining Your Ideal Prospect
Most insurance agents fail at selling insurance because they started on the wrong foot. They never achieved traction and so they failed. What I've found is that many agents lack traction because they don't know what they're selling or to whom they're selling. They are "generalists" and they achieve mediocrity every single day. If you want to become more successful at selling insurance, figure out who your ideal prospect is (with absolute clarity) and prospect with diligence. In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will teach you how to do exactly that.

Episode Highlights:
Charles shares that articulating or defining your ideal client is the foundation of prospecting. (1:59)
Charles explains that if your message is that of the one you were focused on, it will tilt up towards the client you are messaging. (6:22)
Charles defines every agent as being very unique in every way in your own agency. (10:19)
Charles shares his experience with a shooting gun and how it relates it to the industry. (11:44)
Charles discusses instances where an agent will likely start to flounder. (15:06)
Charles shares a story of an agent that he knows and how it went with the agent's client. (17:02)
Charles explains that it's amazing what happens when you get clearly defined about who you're trying to attract, and who you're trying to repel. (20:17)
Charles shares one of the more difficult things for an insurance agent to do. (21:53)
Charles explains that the key to being successful in your niche is ultimately to decide to go all-in on the type of account that you want. (26:25)
Key Quotes:
"Those insurance agents who lack clarity and understanding or being able to articulate and define your ideal client are the ones who are going to fail." - Charles Specht
"If you don't have a script that is focused on your ideal client, you are basically playing luck, you're gambling." - Charles Specht
"If you don't have a clear idea of what you're trying to accomplish and who you're trying to resonate with, then you're likely going to sort of flounder." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
32 min
August 07, 2023Is Being an Insurance Consultant Right for You?
You may or may not be an agent looking to shift your career away from slinging policies and throwing mud against the walls to see what sticks. And, I get that. Or, you may not be an agency owner looking to add "Consulting" to your list of services provided. And, again, I get that. But .... it might just be the absolute PERFECT CHOICE for you going forward, and that's what this episode is also about.

Host Charles Specht explains and breaks down the two primary business models you can choose from, to help you earn $100k - $350k annually. And, Charles begins to unpack "Phase 2" which will be released later in Q4 of this year that will be specific to insurance agencies who want to take over the policies (via BOR) of mine and the other consultant's client's policies. Get ready, because we're getting ready to disrupt the entire insurance industry!

Episode Highlights:
Charles mentions that his first approach to prospecting as an independent consultant in the insurance industry is to offer unbiased advice and guidance to small to medium-sized business owners for a fee, without directly involving their brokers or agents. (8:09)
Charles discusses his transition to a new business model where he works as an agency retainer, providing ongoing support and advice to clients for a higher fee, and he refers smaller accounts to other consultants in different states. (18:28)
Charles discusses how the constructive risk network is a good fit for individuals with insurance backgrounds and experience, including insurance agents, carrier people, sales reps, underwriters, claims people, risk managers, and insurance agency owners, particularly those with small to medium-sized agencies looking to transition into insurance consulting. (22:58)
Charles explains that phase one of his Constructive Risk Network involves bringing in insurance consultants under the Constructive Risk Network with exclusive assignments for each state, initially limiting it to three consultants per state. (27:05)
Charles mentions that the goal is to revolutionize the insurance industry by bringing in exclusive insurance agencies and consultants, focusing on the success of both the insurance buyer and the agent broker, and eliminating the quoting process. (28:54)
Key Quotes:
“Getting referrals as an insurance consultant is so easy, it's so easy. You're not competing against other agents, they've already got an agent, you're different.” - Charles Specht
“The goal then, is that we're going to be bringing in insurance agencies in each of the states. Again, very exclusive. We're not bringing in everybody, we're just going to be focused on a number of agencies that have some desire to write certain industries, certain classes of business, and there's no commission split here. You write the policy, you keep 100%. That's it.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
36 min
July 27, 2023Throwback: Excuses, Excuses, Excuses
Excuses never made anyone any money. People who go bankrupt always have an excuse as to why. Salespeople who don't win an account always have an excuse for their failure. That goes for insurance producers as well. There are reasons and excuses for all failures. But insurance agents who hold onto excuses are the ones who live paycheck to paycheck.

In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will teach you how to eliminate excuses, how to execute a plan, and how to set S.M.A.R.T. goals that achieve success.

Episode Highlights:
Charles talks about excuses being the reason for us not achieving our goals in life. (1:14)
Charles provides some examples of the excuses that we commonly have in the industry. (3:45)
Charles tells us what excuses are going to do to our life. (7:52)
Charles says that a lack of execution on actual prospecting will cause failure. (11:25)
Charles shares that we have to have 12x goals, not only get out of the box but destroy the box. (16:47)
Charles gives us the S.M.A.R.T. goal strategy that we can apply to our daily actions. (19:21)
Charles shares that lack of execution results in excuses. (22:38)
Charles tells us to be S.M.A.R.T. (Sizable, Measurable, Actionable Reachable, Time-sensitive) about our goals. (24:36)
Charles says if we continue to hold on to excuses and reasoning and grudges we will ruin relationships. (26:37)
Key Quotes:
"A lack of prospects in the pipeline, a lack of execution on the actual prospecting activity will cause you to starve. Period." - Charles Specht
"The problem, however, is that we have a vast amount of times throughout the year where we do not take action. There's no execution. - Charles Specht
"If you begin to execute, rather than have excuses, you're probably going to be much more likely to succeed, not merely in the long term, but also right now in the short term." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
30 min

About 12X Commission

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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…