12X Commission

By Charles SpechtBusiness Entrepreneurship Careers

12X Commission episodes

July 24, 2023How to Become an Insurance Consultant
I know, I know. This is a different kind of episode than you're used to. But, it just might be one that changes your life for the better!

In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will begin teaching you about how to exit the "rat race" of selling insurance policies and -- instead -- become a wholly independent, fee-based insurance consultant where you will likely make between $100,000 - $350,000 in personal "take home" income every single year. I've created an exclusive group with assigned territories and this is available for both P&C agents as well as EB agents. If you're interested in that, keep listening. If you're VERY INTERESTED in it and want to learn more, send me an email by first visiting my website at: www.constructiverisk.com

Episode Highlights:
Charles shares that he is making a pivot in his business by creating a network of insurance consultants who are hired by insurance buyers to provide unbiased advice for a flat fee. (2:41)
Charles discusses the challenges in selling insurance, including time-consuming data gathering and unresponsive marketing departments, and the benefits of being an insurance consultant. (5:53)
Charles mentions that an insurance consultant offers unbiased counsel and negotiates premiums down, typically saving clients 11-17% and potentially up to 55% of annual insurance costs, with fees ranging from $2,500 to $20,000. (9:39)
Charles explains that insurance agents can save clients money and provide value by representing multiple carriers, allowing them to be unbiased advisors and counselors to insured individuals. (13:48)
Charles discusses that having an insurance consultant instead of just trusting an agent can result in better outcomes and higher profits, with minimal expenses and no need for a physical office or additional staff. (18:40)
Charles discusses the downside of not having residuals like an insurance agent and the benefits of saving clients time and money through handling negotiations, managing policies, and providing risk management services. (20:56)
Charles mentions that an insurance consultant helps insurance buyers navigate the insurance process and ensures that agents have a fair opportunity to win business, benefiting both the buyer and the agents involved. (25:26)
Charles shares that he will be giving exclusivity in regards to the territory for insurance agents, with a focus on creating programs, obtaining endorsements, and providing marketing support to generate wealth and achieve personal goals. (29:13)
Key Quotes:
“I am creating a network of insurance consultants that are no longer having to sell insurance. They're now being hired by the insurance buyer and paid a flat fee to give them unbiased advice.” - Charles Specht
“As an insurance consultant, what I have to get the insurance buyer to understand is that I don't sell insurance, I'm not a competitor with their agent... I am completely separate from the entire placing of insurance, I am completely unbiased.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Constructive Risk
Permission Network Insurance Agency, Inc.
36 min
July 17, 2023Throwback: The ABCs of the B.O.R.
There are a number of things you can do to increase the likelihood of winning new clients from signed Broker of Record Letters. Some are more difficult to accomplish initially and may require experience, but others are things you can start doing immediately to win more signatures.

In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will begin to itemize the ABCs of what you need to do to win more signed Broker of Record Letters from your prospects.

Episode Highlights:
Charles tells us that this episode is about how to win Broker of Record Letters. (2:17)
Charles shares that the Broker of Record Letter is an insurance tool to ensure proper service from incumbent agents. (5:00)
Charles explains that the insurers' best interest is to gain a reputation in the marketplace. (8:34)
Charles states that most agents do not even mention the Broker of Record Letter to insurance buyers. (11:43)
Charles shares the ABCs of Broker of Record Letters, which will revolutionize your entire career. (16:10)
Charles shares the call experience that he had with a company that makes high-end treehouses. (20:00)
Charles explains that he will be putting up mini-courses that answer particular issues that will help agents. (23:44)
Charles tells us that advisors get more signed Broker of Record Letters than producers. (26:43)
Charles says that a Broker of Record Letter is the fastest, smartest, most ethical approach to building a $1 million or more book of business. (28:31)
Key Quotes:
"I really believe that the insurance industry is turning a corner and we're going to be accelerating towards a particular direction." - Charles Specht
"The Broker of Record Letters is not something that we talk about or that we wield. It is not to be a hammer in your hand and you beat the insurance buyer of your prospects into submission until they finally sign that thing." - Charles Specht
"You do not receive it if you do not ask. If you do not ask, you do not receive. If you ask, you will receive what you asked for." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
31 min
July 13, 2023How a Health Benefits Agent Won 12-15 BOR's in Six Months
What if you could win 12-15 signed Broker of Record Letters from your prospects in the next six months? How profitable would that be for you? Well, that's what one of my "12X Commission Mastermind" members accomplished for his agency in just the first six months of 2023, and since becoming a Mastermind member now only a total of seven (7) months ago.
In this episode of the Millionaire Insurance Producer podcast, my guest is Illinois-based agency owner Ryan Cox and he shares what he's doing to prospect, to set appointments, and to win new business via BOR. And ... if you're interested in learning more about the "12X Commission Mastermind" then visit either www.12X.Club or go directly to: https://permissiongroup.com/mastermind/

Episode Highlights:
Ryan discusses his involvement in the management of employee benefit plans and medical insurance for small and midsize businesses. (2:19)
Ryan shares what led him to shift his attention to the Denver area and what made it so successful. (4:31)
Ryan mentions their outsourcing of telemarketing and email marketing, viewing it as an investment rather than a cold call and he believes this approach not only generates new clients and fuels growth but also helps address healthcare expenses. (17:13)
Ryan shares that SLI Benefits allocates 15-20% of its revenue to marketing campaigns, which has seen significant growth since its establishment. (19:01)
Ryan highlights that SLI Benefits' programs revolve around innovative concepts aimed at solving the complexities of healthcare. (26:56)
Ryan shares about the benefits of the “12X Commission Mastermind” program ane explains that it places great importance on having a well-defined process and unwavering conviction in one's work. (37:02)
Key Quotes:
“I outsource all of my telemarketing, email marketing, absolutely everything at great expense. But I look at it much more as an investment. If I know I'm going to have 15 conversations in a week, I'm probably going to get one or two new clients out of those conversations.” - Ryan Cox
“We really pride ourselves on offering those newer innovative types of concepts to crack the health care code.” - Ryan Cox
Resources Mentioned:
Ryan Cox LinkedIn
SLI Benefits
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
42 min
July 03, 2023Is It Better To Quote or BOR?
Are you a crusty old insurance agent who hates BORs? If you are, then, goodbye. (I doubt you'd be reading this anyway if you were). However ... If you're a savvy, hungry, passionate insurance agent who wants to win and not lose, then today's topic is for you.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will explain to you why going after the BOR makes more sense than offering quotes, but also why there is nothing wrong with quoting ... so long as you're being wise about getting what you want out of the relationship.
And, if you're interested in leveling up your sales game, visit www.12x.club and consider joining the 12X Commission Mastermind to learn how to build a $1,000,000 or more Book of Business through a signed Broker of Record Letters.

Episode Highlights:
Charles discusses the importance of both quoting and pursuing the Broker of Record letter in the insurance industry. (3:38)
Charles explains that when presenting quotes, insurance producers must focus on bringing less expensive options to policyholders, as bringing good quotes likely leads to more business. (6:44)
Charles mentions that quoting is still an important part of the process but offering quotes without the client’s permission is a weak move. (10:32)
Charles explains that it is important to have a bucket system to categorize accounts based on commission to determine how much time and effort to put into them. (15:55)
Charles recommends using time wisely to prospect on other accounts and find unhappy clients who may be willing to take over their policy instead of going through a quoting process without a Broker of Record letter. (22:52)
Charles mentions that accounts are merit-based, so learning persuasion, asking the right questions, prospecting, and following up is crucial for making business decisions. (25:58)
Key Quotes:
“I'm not saying that you should go through a quoting process if you don't have the broker of record letter. I'm definitely not saying that. In fact, I would normally caution you not to. But every account is different. And so you have to look at every account based upon its merits.” - Charles Specht
“Every single insurance producer, every single one of you needs to have buckets. And in your buckets, those buckets are going to have some kind of a label on them based upon what it is that you're going to do on that account.” - Charles Specht
“Every account stands on its own merit. You have to make a business decision on every single account. Therefore, you must always be learning, you must always be learning in order to understand how persuasion works. You must always be learning so that you can see what the relationship is like. You must always be asking the right questions so that you can penetrate deep into the relationship to figure out what exactly is there and what is not.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency
31 min
June 19, 2023Throwback: Part 1 - 12X Your Book with LinkedIn ("LinkedIn Profile")
Are you ready to finally figure out how to use LinkedIn for prospecting so that you can dominate in new business sales in 2022? If yes, then this episode is for you.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will explain to you how to get your LinkedIn Profile figured out by first determining your "Intent" and also your "Micro-Niche" focus. It's time to take action and not waste another year. LinkedIn is a superior tool, if you use it strategically.

Episode Highlights:
Charles introduces a new digital course called “12X Your Book with LinkedIn”. (1:06)
Charles tells us that LinkedIn is an underutilized secret when it comes to prospecting for new business. (3:13)
Charles explains that LinkedIn is more than just an online resume. (5:10)
Charles explains that the intent of what you're using LinkedIn for will dictate what type of connections you need to have. (10:45)
Charles explains that a vast majority of your competitors are not using LinkedIn, which presents an opportunity for you. (15:40)
Charles says that if you become micro-niched using LinkedIn, clients will see you as the best choice to do business with. (20:59)
Charles explains that focusing your profile on a specific category will not affect anything. (21:52)
Charles shares other alternatives to micro-niching your LinkedIn profile. (23:58)
Charles tells us that his new digital course comes with free content to be used on your actual feed. (28:18)
Charles shares that he is going to be the personal LinkedIn coach for people who sign up for the course. (32:20)
Key Quotes:
"Your profile is going to dictate what your content is. Your profile is going to be dictated by who you're trying to attract." - Charles Specht
'I'm not here to say anything is wrong. You just have to be okay with it. You just have to also realize there are consequences to using social media just socially, rather than using it for a business purpose. " - Charles Specht
"To attract, you need to repel. You need to repel the people you don't want in order to attract the people you do want." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
35 min
June 12, 2023How to Do "Follow-Up" When Prospecting
Do you struggle with "follow-up" for your prospects? Or, maybe you struggle because you only do follow-up in one form (e.g. cold calls or emails)? If yes, then welcome to the club! We all struggle with it. Prospecting is difficult and confusing and most agencies don't have someone to teach you how to do it because no one else there knows how to do it, either!
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will explain not only why having a systematized "follow-up" is both wise and necessary to growing your Book of Business, but he'll take you through a step-by-step prospecting follow-up program he recommends to many people in his 12X Commission Mastermind.
PS: If you're interested in learning more about the 12X Commission Mastermind, visit my website at: www.12x.club

Episode Highlights:
Charles discusses the 12x Commission Mastermind. (1:47)
Charles believes that a significant portion of insurance producers and agents lack an established follow-up program when they're engaged in prospecting. (3:40)
Charles explains the significance of choosing the right strategies for your prospects to avoid overconcentration on a segment that may not align with your business interests. (08:00)
Charles discusses the process of setting up a follow-up program, which includes methods such as cold calls, emails, and social media engagement, along with participation in networking events, soliciting referrals, and incorporating additional elements. (12:01)
Charles shares a scenario showcasing diverse ways to prospect, including through cold calls and emails. (15:52)
Charles mentions that layering the prospecting follow-up leads to exponential results, as they follow a systematic process, ensuring long-term, measurable results. (29:27)
Key Quotes:
“Your prospect will respond to you in the time and in the platform that is most comfortable and convenient for them, not you. ” - Charles Specht
“You need to have at least three ways in which you're prospecting, but more than that is better. And they have to be effective, based upon the type of prospect that you're going after.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
12x Commission mastermind
Permission Network Insurance Agency, Inc.
35 min
June 08, 2023Our Time Has Come to an End?
No, I'm not talking about this podcast. I'm talking about you prospecting for new business! How you utilize "time" and the availability of it will have a direct correlation to your success in sales. If your prospect doesn't feel a need to move forward, to get things done, to understand how important it is to move quickly, you will not only struggle at setting new business appointments but you'll have a hard time winning. Why? Because, sales is war! And, because people (prospects) are lazy and unmotivated.

So, In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will give you some practical tips and suggestions about how to incorporate a "drop dead date" in your prospecting in order to win more new clients.

Episode Highlights:
Charles discusses procrastination and the role of time limits. (2:46)
Charles mentions the advantages of including timeframes in emails and calls when reaching out to potential clients. (8:49)
Charles explains that successful prospecting involves handling multiple prospects at once, adjusting proofs as needed, and respecting deadlines without applying excessive pressure. (14:39)
Charles discusses the crucial role of setting clear timelines and deadlines for prospects in reinforcing the position of an insurance agent. (20:55)
Charles believes that timing is a key factor to success in prospecting. (22:24)
Charles shares his view on the importance of incorporating time frames in sales, prospecting, and marketing procedures to enhance responses and boost business. (24:01)
Key Quotes:
“For us to win business, for you to win a new client, means somebody or other people are who are going to have to lose in order for you to win. If you're going to win a new client, at least one person, maybe more, has to lose in order for you to win.” - Charles Specht
“Sales is war. And if we don't give the insured some kind of a time period in which to have a decision done, they will continue to push it off, push it off, push it off, push it off. And before you know it, you are no longer at the top of their to-do list.” - Charles Specht
“Timing is so important to success. Timing is so important to prospecting. Giving your prospect a certain amount of time in which to get something done is very important.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
27 min
June 05, 2023Throwback: How to Double Your New Business Revenue in One Year
You probably didn't write as much new business this year as you could have. Nope. Not even close. You probably could have doubled it. Easily doubled it. Maybe even tripled it? You already have the tools to do it. You don't need better scripts, better prospects, or anything like that. You just need better accountability. In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht shares how both insurance producers and agency principals can double their new business revenue in just one year.

Episode Highlights:
Charles tells us that in this episode he is going to talk about how to multiply your business. (1:14)
Charles teaches about multiplying time to multiply your outcome. (5:43)
Charles explains that you need to write down all of the different things that you do in your business. (9:22)
Charles mentions that prospecting in December can make a huge difference. (13:59)
Charles shares that people need to ask themselves the question, "Where do I waste my time?" (18:10)
Charles reminds everyone that your biggest competition out there has nothing on you. (20:38)
Charles shares that you are your biggest enemy. (22:43)
Charles asks the "why" questions to stop mediocrity. (24:24)
Charles reminds listeners to be accountable to themselves and use their time wisely. (28:20)
Key Quotes:
"There's no reason why you can't succeed, there's no reason why you can't competitively dethrone every single competitor that ever comes in front of your path." - Charles Specht
"My lack of production is my fault, just like your lack of production is your fault." - Charles Specht
"I truly believe that the only thing that really stops us is whatever is going on in these thick skulls of ours." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
31 min
June 01, 2023Prospecting In Your Prospect's "Sweet Spot"
It's really hard to set new business appointments with your prospects if you can't communicate with them directly. (Go figure, right?) So, then, why in the world would you ... (or another agent you know?) ... keep prospecting in ways where you are forced to deal with gatekeepers and receptionists? That just doesn't make sense to me at all.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will teach the why and how of finding your prospect's "sweet spot" when it comes to communicating with them directly, in order to set more appointments.

Episode Highlights:
Charles uses the analogy of hitting the sweet spot in baseball to explain the importance of finding the right platform and script to communicate with prospects. (2:36)
Charles explains the importance of prospecting in a way that resonates with the prospect's preferences and needs, rather than solely relying on the salesperson's preferred methods. (6:08)
Charles discusses the need for a multi-pronged approach to prospecting, including walk-in visits, email, telephone calls, direct mail, social media, and speaking to centers of influence. (10:01)
Charles mentions the importance of finding ways to get direct access to decision-makers, such as using social media or sending a short text message, in order to bypass gatekeepers and increase the chances of success in selling insurance. (12:21)
Charles shares that emails should be micro-niched, focused on the major problem the prospects have, and clear and concise about how to fix it. (16:04)
Charles explains how to know the best way to prospect depending on the type of business that you are going after. (21:08)
Key Quotes:
“You need to have multiple different ways in which to speak to your prospect. Otherwise, you're not going to have success in setting appointments. And if you can't set appointments, you will starve.” - Charles Specht
“I would tell you just try and prospect in ways in which you can get direct access to decision maker so that you can bypass the gatekeeper, period. I like making phone calls, I actually think making phone calls works with a lot of different businesses. So it needs to be a part of that. However, emails, social media doing walk-in visits, different things like that can be very, very powerful if you do it, right.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
26 min
May 25, 2023Throwback: Showing Up BIG to Put Up BIG
Anyone can just show up and -- sadly -- that's all most producers do. The real question to answer should be: What am I accomplishing when I actually do show up and do the work? In other words, are you achieving the results you really want for yourself, or are you doing just enough to get by? Are you merely hitting your "safe goals" or are you doing so much work you're making those old goals look like child's play? That's what host Charles Specht talks about in today's throwback episode as he dives deep into the topic of "Showing Up Big to Put Up Big."

Episode Highlights:
Charles opens the episode by explaining that we all need to show up. (1:20)
Charles states that there is a difference between being able to produce and being able to talk about what is in the policy. (5:09)
Charles asks the listeners how many hours they put into the insurance business. (7:38)
Charles explains that prospecting is a numbers game and selling insurance is a relationship game. (14:00)
Charles states that if you are not spending that much time prospecting then you are not doing the extra mile. (18:19)
Charles asks listeners to examine the impact that showing up and leveling up could have on their success. (25:57)
Charles shares a story of a conversation he had with a producer. (27:02)
Charles ends the show with the question: “Are you actually showing up and doing the work?” (32:47)
Key Quotes:
“The nice thing about the insurance business is you get to build whatever it is you want to build.” - Charles Specht
“You don't necessarily need to change a lot of things in your entire prospecting strategy. You just need to use your time wisely.” - Charles Specht
“If you actually began to show up and began to put up and began to level up, I wonder how much you could actually write a new business this year? I wonder if we began stringing years together like that year after year after year? How much business could you possibly write?” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
35 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…