12X Commission

By Charles SpechtBusiness Entrepreneurship Careers

12X Commission episodes

March 02, 2023"Plan B" in the Broker of Record Letter Process
Asking for the signed Broker of Record Letter is hard enough, but what do you do if the prospect actually says no? Do you have a 'Plan B' or do you just rollover at that point and agree to blindly offer quotes? I would tell you that you need to stick to your guns, do not quote (yet), and utilize a 'Plan B' so the prospect will make a choice in your favor after they get a chance to test your Bugatti-like services.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht teaches not only what the 'Plan B' ought to be but he'll give you the exact script to use when creating your own personalized 'Plan B.'
MOREOVER..... stay tuned at the end to hear about the "Broker of Record Letter BOOTCAMP" Charles is putting on 3/24/23. You won't want to miss this one! For more details on it this live BOR training, check out: brokerofrecordletter.com

Episode Highlights:
Charles explains that Plan A is to have a strategy prepared for getting the Broker of Record letter signed on the first meeting with the prospect. (04:29)
Charles discusses the percentages of insurance buyers who will sign your Broker of Record letter. (06:20)
Charles shares the script that every agent should learn before asking the prospect to sign the Broker of Record letter. (09:47)
Charles explains how to transition from Plan A to Plan B if the insured shows discomfort with Plan A. (11:27)
Charles discusses why having free services on Plan B is important. (17:26)
According to Charles, under Plan B, agents provide the insured with a strategy for what they will be doing in the future so that the insured may see the value they are receiving for the service being offered. (18:55)
Charles explains that having a strategy that is still geared toward the Broker of Record letter will give positive results. (24:13)
Charles announces the Broker of Record Letter BOOTCAMP, which will take place on March 24, 2023. (24:35)
Key Quotes:
“A professional has a plan. A professional has a strategy. A professional knows what they're going to be doing next. Even though you might not always know what to expect, you should always have a next step. Plan A, Plan B, Plan C.” - Charles Specht
“In Plan B, you're giving the insured a plan on what you're going to be doing going forward so that they can see the value they're getting out of it.” - Charles Specht
“Plan A is first and foremost, that's what we're working on first. Plan B, which is what this podcast episode is about, is sticking to your guns and not just giving in. But having a plan of attack that is still pushing towards the Broker of Record letter. Frankly, when you do that, you're going to have really, really good results.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Broker of Record Letter BOOTCAMP
Permission Network Insurance Agency, Inc.
30 min
February 13, 2023Throwback: How to Be Better Than a "Block the Markets" Broker
Most of your competitors out there are throwing mud against the wall to see what sticks. They slap together a "bare bones submission" and blanket the marketplace. Those agents do not experience great results and they tend to have smaller Books of Business.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how (and why) to win more clients by overcoming mediocrity and being the more professional insurance advisor, compared to your competition.

Episode Highlights:
Charles tells the story of how he first got into the insurance business. (5:02)
Charles discusses the concept of the inferior submission. (7:03)
Charles explains the importance of having the entire process written before meeting with a prospect or current client. (11:15)
Charles explains why blocking the market is not in the best interest of insurance. (13:20)
Charles believes that to be better than a “block the markets” broker, brokers must be able to explain to the insured why they are better. (20:48)
Charles explains why many workers' compensation insurance underwriters will not or cannot quote a prospect who does not offer health benefits to their employees. (23:16)
Charles mentions that bare-bones submissions rarely receive quotes from underwriters. (25:31)
Charles explains the importance of educating the prospect on how a bare-bones submission actually harms them. (28:29)
Charles mentions that if brokers follow the process he highlights, they will receive significantly more broker record letters than they have in the past. (31:47)
Key Quotes:
“Put together a submission that will knock the socks off of your underwriter. A bare bones submission handcuffs the underwriter to not be able to work with another agent, maybe even agents that they would choose to work with. ” - Charles Specht
“The insurance industry is not set up for your success. The insurance industry is set up for your failure. It is not set up in a way that is going to help you in the trust process with your prospects.” - Charles Specht
“We need to educate the prospect on how a bare bones submission actually hurts them, how it hinders them, we need to explain to the insured that we are not going to be doing that on their behalf.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
35 min
February 06, 2023Throwback: How a Superior Submission to the Marketplace Will Win You More Clients
Yes, indeed, how you represent your prospects to the marketplace will either make you a winner or guarantee your failure.

In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht demonstrates how you can construct a new business or renewal submission to your carriers that will not only cause the underwriters to want to quote your submission but will encourage them to give you a better quote!

Episode Highlights:
Charles discusses how important it is to present the insured to the marketplace. (3:02)
Charles explains the two things that a business owner may do to ensure success. (4:59)
Charles shares a story about when he was still figuring out his consulting practice. (5:59)
Charles discusses the responses he received from his LinkedIn question for underwriters. (9:05)
Charles explains the significance of a superior submission. (25:54)
Charles believes that a good submission will get you more broker record letters if you can demonstrate to the prospect that you would be marketing them like a Ferrari in the market. (30:30)
Key Quotes:
“If I can help you be more successful in your career, whether you're on the carrier side or the agency side or in loss control, or whatever it is, doesn't matter if you're doing personal lines or employee benefits, property and casualty life insurance, I don't care, I want to be able to help you. ” - Charles Specht
“If you can put together a superior submission and give reason, detailed description and reason to the underwriter, what they've done for certain things, and why credits should be given. You're much more able to justify those credits with the underwriter and likely to get them” - Charles Specht
“If the insured knew how poorly so many agents out there are representing them to the marketplace right now, based upon their renewal submission, let alone the new business submission. I believe those insured's would fire their agent immediately and sign a broker of record letter to anyone else who's willing to put together a good submission.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
34 min
January 30, 2023Admit it. You Sell On Price!
Admit it. Go ahead. Admit that you win a lot of new business by being the agent who offers a cheaper priced quote than your competitor. It's ok. Go ahead and admit. Why? Because that's a good thing. A very good thing. Price is very important. Price is so important, actually, that you'd be doing yourself a disservice to ignore it. In fact, you will set far FEWER new business appointments if you do NOT talk about price.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht talks about why and how you should prospect on price, and how to use it to set more new business appointments going forward. (And, he even gives you a few examples to use toward the end!)

Episode Highlights:
Charles explains that most insurance agents do not build a book of business being more expensive than the incumbent agent. (2:28)
Charles discusses the importance of understanding and admitting that pricing is very important in prospecting and setting appointments. (4:07)
Charles explains that prospecting and sitting in on an appointment are two completely different aspects of an insurance producer's job. (8:06)
Charles explains what "price plus something" is and why having a script is important when prospecting. (13:34)
Charles mentions that very few insurance companies have ever taken the next step and made something that makes them stand out. (20:22)
Charles believes that most insurance agents do not provide additional services that help their prospects and insureds and generate new revenue. (22:18)
Charles explains that creating a script that gets to the heart of the issue and the value point that an agent has to give a prospect is important because the agent is asking for an hour of their time. (24:30)
Charles mentions that the “plus something” has to have so much inherent value that the insured actually gets it. (27:58)
Key Quotes:
“It's just important that we understand and admit that price is absolutely important. It's important to prospecting and setting appointments.” - Charles Specht
“When it comes to your prospecting, I will tell you that you need to have a carat, a C3 - a Cold Call Carat. Your script that is “price plus something”, that “something” is unique to you…that “something” is a service you provide. ” - Charles Specht
“Your book of business is going to go up when you really kind of focus on the number plus something.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
31 min
January 19, 2023Throwback: Win More BOR’s by Ensuring Strict Competition by the Underwriters
Unless you have the "pen" for one of the carriers, you don't determine price or rates. The underwriter has all of the control for that. So, the competition really takes place at the "underwriting level" and not at the "retail agent" level.
Why do your prospects think they can get better quotes by working with multiple agents?
ANSWER: Because they don't know any better. If you can clearly articulate to the prospect that you will ensure competition will take place with the underwriters, you should be able to BOR all of the markets you want.

That's what host Charles Specht talks about in this throwback episode of the Millionaire Insurance Producer podcast.

Episode Highlights:
Charles discusses the factors that lead to a lack of trust in the insurance relationship. (2:06)
Charles explains why a lack of qualified competition to motivate the current broker is not in the insured's best interests. (6:13)
Charles discusses his responsibilities to an insured who likes the current agent. (10:04)
Charles shares several ways to motivate individuals to work hard. (12:06)
Charles believes that competition should take place at the underwriting level rather than the retail agent level. (13:45)
Charles mentions that it is important to explain to the insured how the procedure ensures competition, not at the agency level, but at the carrier level. (16:07)
Charles explains why micro-niching is so significant. (17:50)
Charles discusses the need for educating the insured on how insurance works. (19:28)
Charles explains why insurance producers must be able to tell underwriters exactly what they want. (24:39)
Key Quotes:
“I have no plans to move the business away from the incumbent agent. Because the incumbent agent might not necessarily be doing a bad job, it's just that the insurer doesn't know if they're doing a good job. And the insurer doesn't know if the agent who they like is actually getting them the best deal. That's normally why I'm hired, when the insured kind of likes their agent.” - Charles Specht
“This is why micro-niching becomes so important because the more that you are entrenched in the insurance industry, the more you will know what's happening in the insurance marketplace for that industry.” - Charles Specht
“If you can help your prospects see why you would be better. They might actually give you everything you want.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
30 min
January 09, 2023Throwback: Get More Signed BOR’s Through Superior Customer Service
Many insurance brokers "ghost" their clients once the dust of the policy binding process settles. They move on to other things and conveniently "forget" to implement the services they promised the insured in exchange for their business. Or, they just flat out provide poor customer service after the sale.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how you can win more signed BOR's from your prospects by proving you provide superior customer service.

Episode Highlights:
Charles mentions that there is an issue with trust in the insurance industry, and it is the result of things that insurance agents have done in the past. (3:42)
Charles explains that his goal is to assist insurance agents in knowing how to produce a better customer service product and experience in order to win more business. (4:56)
Charles believes that when people grow more successful in the insurance business and get more clients, it becomes more difficult to provide excellent customer service. (5:59)
Charles explains the reasons why clients distrust insurance agents and insurance companies. (7:47)
Charles mentions Chris Paradiso and his agency as an example of a company that does an excellent job of onboarding clients and staying in touch with them. (13:04)
Charles discusses strategies for agencies to enhance their onboarding process. (13:47)
Charles discusses the steps that insurance agents may take to show prospects what it's like to do business with them in the future. (15:46)
Charles mentions that a 12-month timeline of services helps producers to get more signed broker record letters than anything else. (20:51)
Charles explains how to present an excellent 12-month service timeline. (23:58)
Charles explains that one of the main reasons prospects don't trust brokers is that they make lofty promises but provide poor after-sales service. (28:00)
Key Quotes:
“As insurance agents, we have done things over the course of time that has hindered our trust with prospects, insurance buyers, in the marketplace, and our reputation out there in the world. And a lot of it is because we provide a lot of verbal exercises and not a lot of follow-through.” - Charles Specht
“If we can alleviate this particular problem. If we can address it right up front, then we can provide a solution to overcome it, we can implement something that will cause the insured to actually see that you are the more obvious choice of which agent to do business with, you will collect more signatures on signed broker of record letters, you will then serve happiness, and you will have a lot of happy clients going forward.” - Charles Specht
“Brokers who promise a lot, but provide poor customer service after the sale is one of the main reasons why your prospects don't trust you. You have to have a solution to that problem. And I'm telling you that the 12 month written timeline of services is probably one of the best ways to overcome this problem.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
31 min
January 02, 2023Get Off My Lawn!
There are a lot of male, pale, and stale insurance agents out there who think winning a new client by anything other than with a handshake and a "napkin deal" is unethical. Well, I kindly disagree.

In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains why the BOR is an ETHICAL instrument used by the policyholder to ensure great service. And, also, how you can use it to win new clients.

Episode Highlights:
Charles shares a story about his neighbor Fred, who was so focused on keeping his lawn in perfect condition that he ruined relationships with his neighbors, and compares that to many insurance agents who are set in their ways. (1:55)
Charles mentions that the history of the insurance industry was constructed on the shoulders of many outstanding individuals over many decades but it is largely dominated by white older males. (4:20)
Charles discusses what a Broker of Record (BOR) letter is and what purpose it serves. (7:18)
Charles explains that the BOR letter is the insurance buyer's final recourse. (11:03)
Charles believes that the BOR letter makes perfect sense and that it is the insurers' greatest chance to get a great deal. (14:59)
Charles explains that you do not need to tell the insured what they need; you just need to provide what you can. (19:41)
Charles mentions that we live in the era of social media, the internet, and email, and we don't have to be there face to face to win an account. (22:21)
Key Quotes:
“I actually say the Broker of Record letter is ethical. The insurance industry is an ethical industry, we don't allow things that are unethical to take place in the insurance business. We just don't let that happen.” - Charles Specht
“The more that you are singularly focused in one main particular area, the more likely you will be successful. And, you will be successful because you are repelling all the people who will not be your client and you are absolutely hyper attracting those who will be your client.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
30 min
December 29, 2022Throwback: How to Win BOR's Through Better NEGOTIATION with Underwriters
Most insurance brokers don't have a "Plan of Attack" when it comes to representing their prospects/clients in the marketplace.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains that the producers who get the most signed BOR's are those brokers who can effectively explain, to the insured, how they will handle the renewal process with each of the carriers and, specifically, how they will be a fierce negotiator on their behalf to ensure the best T&C's and the lowest premiums possible.

Episode Highlights:
Charles recalls what he has discussed in his previous episodes. (1:03)
Charles shares the reasons why insurance buyers, predominantly construction companies, hire him to manage the insurance renewal process on their behalf. (7:05)
Charles explains why getting broker record letters and winning has become difficult. (8:53)
Charles describes the super producers who have a million-dollar book of business. (11:34)
Charles explains why you need to do different things when sitting down with your client at the very first meeting (18:07 )
Charles mentions the major aspects of time on services that you need to spend time talking about with your insured. (21:32)
Charles explains the importance of explaining to the insured your time on services, the things that you will do to ensure the best result for the prospect. (22:29)
Charles mentioned that one of the things that he does is go out to all the markets that are writing your business. (25:11)
Charles explains why most insurance producers have no plan. (29:40)
Key Quotes:
“When you're sitting down with your insurer in that very first meeting, you need to do a few different things in that meeting. You need to build that rapport. You need to make sure that the insurer feels fairly comfortable with you to start talking.” - Charles Specht
“Once you have found out a number of problems with your competition, then you start to open up your timeline of services, you start explaining what you're going to provide to them over the course of a 12 month period, you're explaining to them what it is that you're going to actually provide.” - Charles Specht
“There is a much better plan to build a $1 million or more book of business and it is in the art of persuasion. It's in negotiation. And specifically, it's for those who are flat out terminators when it comes to renegotiation. Not too difficult to do, but potentially difficult for some to begin implementing. ” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
33 min
December 26, 2022Throwback: How to Get Your Prospects to Trust You
The biggest problem insurance agents struggle with is not market access or even a lack of services provided by their agency. The biggest problem is a lack of trust from your prospects.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht breaks down ten of the main reasons why insurance buyers don't trust you -- and then gives you the answer of how to overcome the first one!

Episode Highlights:
Charles discusses why the insurance business lacks trust. (3:35)
Charles discusses why he started a consulting company called "Constructive Risk". (6:32)
Charles expresses his hope to see the insurance business improve. (11:28)
Charles discusses the main reasons why your prospect shouldn't trust you. (12:15)
Charles mentions that most insurance customers are surprised when they discover how much insurance agents are paid vs how little assistance they actually receive. (15:04)
Charles explains why inexperienced brokers pursuing quotes from the incorrect market access points is an issue. (21:42)
Charles explains how to earn your prospect's trust. (26:49)
Charles emphasizes the necessity of clarifying the renewal procedure. (28:49)
Charles mentions that it is important to remember that the underwriter does not have your best interests in mind. (30:40)
Charles explains why sometimes underwriters don't tell you everything. (32:08)
Charles mentions another way to win a lot of business. (36:43)
Key Quotes:
“It is wrong to try and sell on price or product when you could be selling by solving a problem” - Charles Specht
“I would love to change the insurance industry in the future, I would personally love to have all policies be written at a 0% commission and insurance agents establish a set rule for the service fee, a fee for the services that they provide.” - Charles Specht
“I believe that if we were really honest with ourselves, we would probably come to the conclusion that it is not in the insured's best interest to work with me solely on their insurance renewal, that they would probably be better off if they worked with different agents and agencies, got quotes from them, from different carriers based upon their relationship with those carriers and how much premium they have with them, their relationship with the underwriters, what services they provide, and so forth.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht, CIC, CDA
Permission Network Insurance Agency, Inc.
40 min
December 22, 2022How to Get Your Prospects to Stop Lying to You
Lies, lies, and more lies. So very often that's all we hear from our prospects. It happens to you and it happens to your competitors. But, there is definitely something you can do to make it happen much less often and--even--use it to win more signed Broker of Record Letters.

In this episode of the Millionaire Insurance Producer podcast, host Charles Specht teaches you about why prospects are lying to you and then provides a few tips (tactics) about how to overcome these roadblocks and get the prospect to finally tell you the truth about what you have to do to win their business.

Episode Highlights:
Charles discusses why some insurance industry prospects are liars. (2:07)
Charles shares a quick story about when he was relatively new in the insurance industry and discovered that the insured was lying to him. (3:18)
Charles explains that just because you make an appointment doesn't imply you're meeting with someone who will really give you a chance. (5:48)
Charles mentions that he simply cannot be someone's agent unless they are willing to terminate their relationship with their current agent. (8:30)
Charles explains that in sales, you get what you ask for and will not receive what you do not ask for, and you must push because the insurers are lying to you. (11:26)
Charles believes that as an insurance agent, you are your own biggest hurdle. There are factors blocking you from attaining what you want, and you need to recognize them so you can delegate, remove, or overcome them. (13:05)
Charles discusses what happens if insurance agents don't put up rules of engagement. (19:09)
Charles explains that since prospects don't understand how insurance works behind the scenes and are trying to figure it out for themselves, they often say things to insurance agents that they believe insurance agents want to hear in hopes the agent will do a better job for them. (20:52)
Charles emphasizes the need for insurance agents to continue to push if they do not feel like they have a clear idea of what the insured will do to make their decision on which agent they will do business with. (22:38)
Charles discusses one of the most important things he believes insurance agents should do when interviewing prospects. (24:36)
Key Quotes:
“Insurance agent, you are your own biggest hurdle. There are things that are stopping you from getting what you want. You need to be able to figure those out, identify them, label them if need be so that you can either delegate out the issue to somebody else, remove it altogether, or figure out a way in which to overcome it.” - Charles Specht
“What I'm really trying to get to at the core of this podcast episode is that your prospects, because they don't understand how insurance works behind the scenes, they're trying to figure it out themselves. And so, many times they are saying things to you that they think you want to hear that's going to cause you to do a better job for them.” - Charles Specht
“One of the main things that I think you need to do when you are asking questions of your prospect is, one, you need to find out how many years they've been with their current agent. Anything that is three years or longer is a red flag to me.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
28 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…