12X Commission

By Charles SpechtBusiness Entrepreneurship Careers

12X Commission episodes

December 19, 2022Throwback: Reasons Why You May Be an Unethical Agent (or not)
You may or may not be an unethical insurance agent, but your prospects don't know how to tell the difference. In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht hopes you won't "break up with him" as he bullet points a number of reasons both your prospects and your clients don't trust insurance agents, and what you can do to change it.

Episode Highlights:
Charles explains why insurance buyers, most of whom were construction corporations, recruited him as an independent consultant. (5:45)
Charles discusses the first reason which is: insurance agents show up with quotes that have inflated premiums. (7:38)
Charles believes that the average insurance buyer out in the United States is paying about 15% more for their insurance than they really need to. (9:20)
Charles mentions that, on average, whenever he works with insurance buyers, he usually reduces their costs between 11%-17%. (9:55)
Charles talks about hidden broker fees as well as other hidden fees. (10:49)
Charles shares why a commission relationship with insurance agents is not necessarily in the insured's best interest. (11:59)
Unqualified agents who give poor service, according to Charles, are also a problem. (12:51)
Charles talks about agents who are accessing the wrong carrier points. (13:39)
Charles explains why most insurance agents do a terrible job marketing their current clients to carriers at renewal. (14:38)
Charles discusses two more issues that he sees with the insurance agent. (17:05)
Key Quotes:
“I really feel that the average insurance buyer out there is paying about 15% more because on average whenever I work with insurance buyers, I usually get them down between 11% and 17%, based upon their quotes just by asking the underwriter” - Charles Specht
“If you've got a client who you know that there was no competition on, you are less likely to cross your T's and dot your I's and really push the underwriter for more credit. I'm not saying you're bad. I'm not saying you are unethical. I'm saying it is what it is.” - Charles Specht
“If you can get it across to your insured, your prospect, that you are open, that you are transparent, that you are going to educate them in the process. If you show them how you can be trusted, you will not only get more signed broker record letters, you will write bigger accounts, your book of business will continue to grow. You will become a millionaire insurance producer if you can do those things. And so that's why I wanted to talk about this issue.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
23 min
December 15, 2022Sales is War!
None of the insurance carriers pay you a commission for coming in 2nd place. 1st Place is King. 2nd Place is for losers. Literally, not figuratively. The incumbent wants you to lose. The other competing agents want you to lose. Most of the time even your prospect wants you to lose. Therefore ... SALES IS WAR!

In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how to prepare a New Business Prospecting Strategy for 2023 that will help you to dominate and write up to 50% more commission in the year than you would have otherwise. *** And, he talks about the "DOMINATE 2023 WEBINAR" he's conducting on 12/16/22.

Be sure to register at: www.permissiongroup.com/2023.

Episode Highlights:
Charles explains that none of your insurance carriers pay commission for second place, only the incumbent agent gets paid. Everyone else loses because sales is war. (1:53)
Charles mentions that insurance agency owners can't have producers who don't produce. (3:42)
Charles believes that it is very difficult to achieve any goals as an agency owner if you do not have a plan or a strategy. (9:00)
Charles mentions that if you want to dominate in 2023, you need to start planning your strategy now. (13:10)
Charles mentions that the goal of his "DOMINATE 2023 WEBINAR” is to teach people how to create a step-by-step process that will help them achieve up to 50% more commission written or earned rather than received in 2023. (15:05)
Charles discusses that in the "DOMINATE 2023 WEBINAR”, he will also teach how to put together the simplest differentiator service that you can offer to your prospects in return for their business. (19:11)
Charles explains how to sign up for the "DOMINATE 2023 WEBINAR”, which will take place on December 16th at 1:30 p.m. CST. (21:39)
Key Quotes:
“None of your insurance carriers pay commission for second place. Only number one gets money, only number one gets to sit on the throne as an incumbent agent. Everybody else is a loser. Sales is war. And it's no different when it comes to insurance sales.” - Charles Specht
“The whole strategy of selling insurance and quoting business, the way the industry is set up, you're expected to lose if you are an agent who is just competing, based upon how everything has always been done.” - Charles Specht
“If you want to dominate 2023, you really have to get after it here in 2022. And by getting after, I mean, we start putting together a plan of attack for 2023. This is important because I know that those who have it tend to be successful, and those who don't are not successful.” - Charles Specht
Resources Mentioned:
Register: Dominate 2023 Webinar
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
26 min
December 12, 2022Crush 2023 with This New Business Production Plan
Personally, I see the difference being about 50%, between those producers who have a solid plan/strategy, versus those agents who don't have a prospecting plan. It's that important! Agents and agencies with no plan write, according to my estimation, 50% less in a year than they could write, if they had a personalized and workable new business strategy for each producer.

In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will give you four things to consider when developing your Strategy, as well as announce an upcoming training he's providing on this subject come December 16th.

Episode Highlights:
Charles explains that it is never too late to start making plans. Following the strategy, the plan might also result in more agents signing a Broker of Record letter. (2:15)
Charles mentions that it is all of our responsibility to ensure that we are in charge of our career, assets, and business. (4:44)
Charles discusses that, for those who do not have a strategic new business production revenue plan for 2023, he will be offering a training to assist you in putting up a new production revenue plan for 2023 on December 16th. (9:23)
Charles explains that if you do not know your figures for 2022, you can't create a new business strategy for 2023. (10:23)
Charles shares the most significant factors to consider when determining your annual new business revenue goal and the average amount of revenue per account. (11:52)
Charles discusses what he did to find out what his strategy would be when he was obliged to start writing large accounts for his second agency. (22:30)
Charles explains that there are numerous strategies to create a success plan, but it will not work until you have a strategy that is tailored to your specific needs. (24:53)
Charles mentions that if you're not tracking anything, don't have a strategy; and if you're tossing mud against the wall, you should expect to write 50% less in a year. (27:52)
Key Quotes:
“I need to say it again, you cannot create a plan for 2023 If you don't know your numbers for 2022.” - Charles Specht
“There are 1000 different ways to create a strategy for success. But unless you have a strategy that works for you on a personalized basis, it will not work.” - Charles Specht
“You need to have a new business production plan. Otherwise, you are not making as much money. I hope that makes sense to you because I really do want you to succeed. I want you as an agency owner to get the most out of your salespeople so that you and your agency can be very profitable.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
33 min
November 28, 2022Just Shut Up and Prospect!
You don't need more 'time' on your calendar in order to be more successful. What you need is better 'usage' of your time. In others, stop doing whatever is keeping you from getting the results you ultimately want to achieve. To summarize it even more .... JUST SHUT UP AND START PROSPECTING!

In this episode of the Millionaire Insurance Producer podcast, host Charles Specht breaks down the prospecting numbers (both weekly and annually) for you to demonstrate what is needed in order to start having the financial success you want for yourself.

Episode Highlights:
Charles shares why you need to stop doing whatever else you are doing and start focusing on prospecting, or in other words, shut up and prospect. (1:53)
Charles discusses why prospecting is the most important thing you can do as an insurance agent. (6:35)
Charles mentions that prospecting can take many forms; you may be able to prospect current clients by gathering references and having them make phone calls or send emails on your behalf. (9:19)
Charles explains why producers should generally spend 30 minutes to an hour every day on LinkedIn. (16:05)
Charles mentions that prospecting is a numbers game and we work the numbers to get what we want while selling is a relationship game. (22:21)
Charles shares that while you're branding yourself, you'll be able to advertise yourself as the go-to expert in that industry. (24:57)
Charles explains that producers have been hired to prospect, make appointments, and convert those prospects into customers, with everything else being secondary. (29:05)
Key Quotes:
“Prospecting is your number one focus as a producer. If you are not focused on prospecting, something is wrong.” - Charles Specht
“Prospecting is a numbers game; Selling insurance is a relationship game.” - Charles Specht
“Make your money. Build your book. Become a millionaire insurance producer. There's no reason why you can't do it.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
33 min
November 21, 2022Throwback: Why Writing Small Accounts Will Make You Poor
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains the two main reasons why writing small accounts is a terrible strategy for an insurance agent and why THINKING BIGGER and writing larger accounts makes everyone happier. "Small Thinking" is a plague that may allow you to pay your monthly electric bill but it will never allow you to build wealth.

Episode Highlights:
Why is thinking small, a major problem? (2:55)
How does Charles' approach to work differ from that of 20 years ago? (5:30)
Charles explains how to compensate for inexperience, as a young agent. (6:56)
Is there a difference in the process when prospecting large accounts versus smaller ones? (8:14)
What happens when you’re successful at writing small accounts? (9:37)
Charles details a conversation he recently had with the service team. (13:00)
What should your target goal be, as a starting point? (13:02)
Charles shares his message for agency principals. (14:44)
Key Quotes:
“You have to stop thinking small. And, you have to start going big. That's what you have to do. You really have to. I can give you all the tools, I can give you everything that you need to do, if you will, to make that leap to make that jump...But, you have to step off the plane.” - Charles Specht
“You'll make enough money to pay the electric bill, to pay the rent, or the mortgage or whatever it is. And you know what? Maybe every once in a while, go out to a nice little restaurant with your wife and your kids, and so forth. But, you're not going to build wealth.” - Charles Specht
“I have had a chance to talk with lots of different insurance agents. They message me on LinkedIn, they call me, they shoot me an email, whatever it is. I have a chance to talk to a bunch of the vast majority of them out there. I know their problems could be solved, if they would simply start thinking bigger.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
19 min
November 07, 2022Throwback: The Millionaire Producer’s “Power of 1"
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains the five key areas you need to implement the "Power of 1" in order to build your Book of Business to $1,000,000 or more. Staying focused on one path of success is difficult for most producers, but getting better at it is what separates the pro's from the amateurs.

Episode Highlights:
Charles explains the power and importance of following through. (3:30)
What does Charles look for when predicting a new agent’s success or failure? (4:58)
Charles details his first piece of advice: have one mission. (6:55)
Charles shares a story from college to illustrate his second piece of advice. (12:16)
What should your only goal be at the end of your first appointment with a client? (15:29 )
What’s something that takes time and makes it more difficult to win? (19:12)
Charles shares his third piece of advice: how to approach micro niching. (21:22)
Charles explains his fourth piece of advice: one policy expertise. (23:26)
Charles details his fifth piece of advice: the one activity that will put gold in your pocket. (28:44)
Charles tells listeners why it’s so important to have a process and a plan. (32:48)
Key Quotes:
“The problem with us as producers, as insurance agents, as human beings, frankly, we're not very good at staying focused. We lose focus, therefore, very often, we're off the path. We're off the path of success. Sometimes we just lose our focus on what we're supposed to be doing.” - Charles Specht
“There's definitely certain characteristics of insurance producers that I see...that person is going to be a success, or that person is going to be out of this business in six months. And, it comes down to the power of one.” - Charles Specht
“If you are singularly focused...you are going to get more broker of record letters, period, hands down from the prospects that you meet with, because you are the obvious choice.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
36 min
October 17, 2022Throwback: The Storyline of a Successful Insurance Agent
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses how to find success as an insurance agent. It's not about you. It's not about the insurance agent. The Hero of the "insurance story" is your prospect. Marketing, branding, and selling is best performed when you position your prospect as the Hero and you as the Guide. Give your prospect a plan for success and they'll do whatever you (the Guide) tell them to do!

Episode Highlights:
Which two stories should insurance agents have? (4:10)
Charles shares a story of how helpful life insurance is. (4:54)
Charles mentions the book, called, Building a StoryBrand, by Donald Miller. (8:21)
Charles explains why your sales process needs a script. (11:28)
Charles shares who the hero is when it comes to the storyline of a successful insurance agent. (13:18)
Charles explains who the villain is when it comes to the insurance process. (15:16)
As a producer, what do you need to remind the insured of? (16:58)
Charles details the key responsibilities of a guide and a producer. (17:54)
Charles explains why most insurance producers don't discuss what victory looks like. (22:44)
Key Quotes:
“You have to bring your prospect into the story, otherwise, you are white noise. You're just white noise in the background. You're just a buzzing in people's ears, and they're not really coming along with you in the story.” - Charles Specht
“The villain is the entire quoting process. You as the guide show up and what your responsibility to do in this whole process is to somehow be able to formulate a plan or a strategy so that the insured can actually see what they're supposed to do, and that will show them how to be victorious in the end.” - Charles Specht
“The storyline of a successful producer, you as a new guide have to come in and get the hero, the prospect, the insurer, to realize that the guide they have right now can't take them to the next level.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
28 min
October 06, 2022Throwback: The Broker of Record Letter Process
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses how quoting is for the weak! This is a truism. But if you're not going to offer quotes, what should a producer do, exactly? That's what Charles Specht breaks down for us today. Instead of offering quotes, use this process instead to win signed BOR’s!

Episode Highlights:
Charles shares a story about a poll he recently did on LinkedIn. (1:45)
Charles explains why he disagrees that the broker of record letter is unethical. (2:56)
Charles mentions one important thing that insurance agents should do. (7:30)
Charles shares what insurance agents prospecting goals should be. (8:29)
Charles explains some of the reasons why insurance buyers don’t trust insurance agents. (12:32)
Charles explains how to get more signed broker record letters and how to build your book of business. (16:53)
Charles mentions some of the goals you should have when meeting with your prospect. (19:45)
Charles mentions why being micro niche is key. (26:08)
Charles shares another part of the broker of record letter process: the written timeline of services. (27:54)
Charles explains the definition of winning. (33:49)
Key Quotes:
“Let me just tell you, I do not at all like or agree with insurance carriers that have a problem with a broker of record letter. It exists for your policyholder. That's what it exists for.” - Charles Specht
“I do believe that the broker of record letter again is not only ethical, I also feel it is in the insurance’s best interest to know that it exists, to know that it is something that they can use at any one time. And, I also feel that it is in the insurance agent’s best interest to have the broker of record letter as the trophy of what they're trying to accomplish.” - Charles Specht
“A lot of this process is a process of switching your thinking. You need to rethink your strategy for prospecting new business. That's what we have to do, we have to rethink our strategy for prospecting new business.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
38 min
September 15, 2022Throwback: Stop Offering Quotes and Focus on Winning Permission, Instead
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses how competing insurance agents only win new business an average of 8% of the time in a normal quoting process. Incumbent agents win 92%. So, who has it better? That's really the issue. Incumbent agents retain their clients because they have access and currently control the insured's permission. Therefore, let's focus on winning permission rather than blind quoting.

Episode Highlights:
Charles shares what is the problem with the normal quoting process in the insurance industry. (3:16)
Charles shares why he likes the books of Seth Godin. (5:44)
Charles explains his definition of permission. (8:48)
Charles tells listeners why it’s so important to get permission. (9:46)
What kind of quoting is Charles trying to get rid of? (14:31)
What’s one of the most difficult things for insurance agents to start figuring out? (18:30)
Charles shares one of the most important strategies to use. (21:10)
Charles gives an overview of different areas of permission. (27:48)
Charles shares the final tip which is to start going after broker of record letters. (28:39)
Charles mentions a dirty little secret about the insurance industry. (30:07)
Key Quotes:
“We need to make sure that we have the access to go forward before we actually do go forward.” - Charles Specht
“You’ve got to get that permission. Because if you don't have it, you ain't winning. I'm sorry to tell you, you are not going to win if you do not have insurance permission. There's a lot of insurance buyers out there who are using you for information.” - Charles Specht
“Having that mindset that you do not offer quotes going forward...Probably one of the more difficult things to do. But let me just tell you, you do that and the insured will never forget you.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
37 min
September 08, 2022What Size Agency Is Best for Building a $1,000,000 or More Book of Business
There are one-owner shops, small agencies, medium-sized agencies, large alphabet houses, and everything else in between. The question is: Which one can you make more money at as a producer?
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht walks you through the pros and cons of each, tells you which type/size agency he would work at today if he was planning to pick one to work at, and an option for you if you're considering making a switch.

Episode Highlights:
Charles mentions that he learned more at a large agency than at any other agency he has worked for. (4:41)
Charles explains why, after learning so much at a bigger agency, he would never work for one again. (6:48)
Charles discusses that, after 20 years of business, he already knows what to do if he is approached by an agency for consultation or assistance with their operations. (7:34)
Charles mentions that all of the producers he knows that have to have some form of servicing role for whatever they do in their everyday operations have smaller books of business. (10:42)
Charles explains that if you're the owner of the agency, having a one-man shop is fine as long as you're writing some business. (12:06)
Charles believes that a tiered system that rewards constant activity, building a book of business, and bringing on more new clients throughout the year would make a lot more sense for an agency. (14:26)
Charles explains that if your agency is unwilling to give you the opportunity to own a stake in the business, it may be in your best interest to look into other options because there are other options. (17:06)
Charles believes that you don't have to make a habit or build a large book of business to be fairly wealthy as an agent in the United States of America. (20:01)
Charles believes that if you are looking for a new agency, you should go to one that puts money into training, sales, and other similar things. (23:30)
Charles mentions that if you're considering changing agencies, reach out to him and he'll try to give you some advice on what to do or look for. (28:19)
Key Quotes:
“I've been in the business now for over 20 years, I understand a lot of these different things, I would know what to do tomorrow if I went to work with an agency, if an agency brought me on, for some consulting, consulting, to help them with operations, and their producers and so forth.” - Charles Specht
“There are other options out there, there is no shortage of opportunities out there in regards to the agencies that you might be a really good fit for. So, if you don't feel like your agency is a long-term play for you, then maybe make a switch.” - Charles Specht
“If you're thinking about switching the agency where you're at, you know what, reach out to me. And I'll try to give you some advice maybe on what to do or what to look for, I might even be able to give you a referral in a few different agencies if you're willing to work remotely.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
32 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…