12X Commission

By Charles SpechtBusiness Entrepreneurship Careers

12X Commission episodes

September 01, 2022How to Achieve the Millionaire Producer Mindset
A weak mindset is often what most of your competitors possess. But what about you? Do you have a robust and competitive mindset when it comes to sales? Are you afraid to ask for the signed Broker of Record Letter? Are you nervous about telling the insured what you require from them in order to move forward?

In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains the seven things insurance producers need to have in order to possess a Millionaire Producer Mindset.

Episode Highlights:
Charles shares that he is developing his own producer school that will be launching very soon, which will go from A to Z on the entire sales process. (2:07)
Charles explains that the first thing to having a Millionaire Producer Mindset is to understand that sales are both a sprint and a marathon. (3:58)
Charles shares that prospecting is your primary daily function, and there really isn't a way in which to set appointments without prospecting. (8:27)
Charles explains that insurance agents should consider themselves both advisors and producers. (10:31)
Charles reminds us that agents need to remember that prospects want three things, to save money, save time, and have peace of mind. (12:18)
Charles shares that, as an agent, competitive dethronement is the business you are in. (16:18)
Charles explains that, as an agent, offering quotes to non-clients is a waste of time and not a very nice strategy. (17:47)
Charles explains that the last thing on the list to having a Millionaire Producer Mindset is to ask for a sale. (21:09)
Charles shares that everything is a sale, and to be human is to sell. (23:35)
Charles wraps up the episode by reminding listeners of the seven things to know in order to have a Millionaire Producer Mindset. (26:43)
Key Quotes:
"What you do for your prospects is serve happiness and collect signatures. Let me say it again, serve happiness and collect signatures. Did you hear me because I need to say it again, you need to serve happiness and collect signatures. That's what you are doing." - Charles Specht
"Always be closing. I just think there's truth to it. The truth of the matter is that yeah, you always need to be closing. Everything is a close. To be human is to sell. Everything is a strategy." - Charles Specht
"We need to ask for the business, we need to hold people's hand and take them down the path we want them to go. If you don't have that kind of a mindset. I would venture to guess that you're not very successful in sales." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
30 min
August 29, 2022How to Write $250,000 in Commission in the Next 12 Months
Could you write $250k of new business commission in the next twelve months? I think you can ... And here's how!

There are three main things you need to do in order to successfully write a quarter of a million dollars in commission this next year. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht breaks down the step-by-step process of how you can do this and how you can get every agent at your agency to do the same thing as well.

Episode Highlights:
Charles explains that the reason why he loves prospecting is that this activity results in having money in his pocket. (3:47)
Charles elaborates on how he fell into writing for subcontractors and other types of accounts. (5:02)
Charles explains why he decided that the first policy to write for an account was going to be $20,000 of commission or more because he was only writing for small accounts. (9:35)
Charles shares that the thing that is stopping you from writing $250,000 of the new commission is the blockage that you have in your mindset. (11:47)
Charles discusses how the size of the accounts that your agency goes after determines your path. (13:47)
Charles shares that if you go after whatever classes of business you are most competitive in, you are going to be successful. (17:38)
Charles explains why it is important to focus your time on carriers that are choosing to write certain classes of business to be competitive. (23:25)
Charles mentions that the only thing that is stopping you from writing $250k of revenue is your mindset. (25:30)
Charles explains how he helps people be able to achieve this goal, as he was able to do the same thing, in his 2nd year in business (29:37)
Key Quotes:
"The thing is, is that all I want you to understand when we're talking about you writing $250,000, of new commission over the course of a full year is that the thing that is stopping you from doing that is the blockage that you have in your mindset, period." - Charles Specht
"If you have a process, a system in which you are prospecting the type of business that your carriers want to write and are most competitive, then you are going to be successful." - Charles Specht
"The main thing that is stopping you from writing to under 250 grand of revenue over the next 12 months, is a limited mindset that is doing something that you've always done because you've gotten the same result." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
36 min
August 15, 2022Your Clients are Meeting with Other Brokers (and what you should do about it)
Yes, indeed, your clients get solicited by other insurance agents all the time. During this policy renewal year, they are more likely to meet with those agents (your competitors!) to see if there are alternative options available to them to cut costs. Why? Because inflation, a lack of workers, and a hardening insurance market are forcing them to look at options in order to do nothing more than stay in business.

In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains the THREE things you can do to ensure your clients renew with you rather than one of your competitors.

Episode Highlights:
Charles shares that the reality is that clients have almost no plan to leave you and yet they still talk to other agents. (2:11)
Charles explains that it is becoming difficult for insurance buyers and business owners to make a profit and stay in business. (4:41)
Charles elaborates on the industry's current situation and what people need to be careful of at this time. (7:31)
Charles explains that clients do not normally tell their agents that they are talking to their competitors. (10:21)
Charles explains how the challenge of maintaining clients can be turned into an asset in converting prospects into clients. (12:52)
Charles discusses three reasons why clients speak with other agents and what triggers these situations. (16:54)
Charles explains that clients meet other agents and competitors because of a lack of peace of mind. (21:34)
Charles explains how to create a significant amount of peace of mind in the minds and consciences of your clients. (23:45)
Charles explains that if you are able to provide clients with a renewal strategy and assurance, then they will most likely meet with you. (26:53)
Key Quotes:
"For the most part, most business owners or leaders in an organization do not tell their current providers of whatever the service or product is that they are getting quotes, and they are meeting with other vendors. " - Charles Specht
"Your clients are going to be meeting with competitors, other agents, other brokers, they're going to be meeting with direct writers, captives, other independent agents, and so forth, because they don't have peace of mind with anything that's happening right now." - Charles Specht
"We need to be able to create a significant amount of peace of mind in the minds and the consciences of our clients." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
33 min
August 11, 2022How to Be the Best
You don't have to be the "best" insurance agent out there. (Please, read that again!) There are literally tens of thousands of insurance agents out there who prospect in your very own geographic territory. You don't need to be the best out of all of them. In fact, all you have to be is the better CHOICE of whichever agent the prospect is using to get quotes on their behalf for that renewal. That's it.

In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how you can get your prospect to perceive you as the best CHOICE out of three agents, and fire their current agent in order to hire you!

Episode Highlights:
Charles shares that in any line of business, you do not have to be the best, but remember that you are unique. (2:10)
Charles explains that the main struggle that most agents have, regardless of whether they are new or experienced, is mindset. (4:30)
Charles discusses that there are a lot of agents that are also contacting your clients and prospects, and you do not have to be better than those agents. (9:15)
Charles shares that you only have to be better than a handful of other agents that are your competitors. (12:43)
Charles explains that the strongest position for you to be in is to be the best option based on who your prospects are meeting with. (17:59)
Charles explains that if you create a strategy and do it right, you will be able to eliminate the other competing agents. (20:26)
Charles elaborates on forcing your thinking to be positive, telling yourself that there is no reason why prospects should pick other agents other than yourself. (23:35)
Charles shares the new things that will be coming in for 12x Mastermind, as well as putting together actual microniches for exclusive members. (27:43)
Key Quotes:
"I just want to tell you that there are a lot of agents out there who are calling on not only your own clients but your prospects' lot. You don't even have to be better than those 100." - Charles Specht
"I know how to make super producers. And so what I'm doing now is I'm taking that information and I'm going to be bringing it down now to an exclusive few those who become members of my 12x Mastermind."- Charles Specht
"You don't have to be the best insurance agents that's out there. You just have to be the best choice for whichever prospect you're talking about." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
34 min
July 28, 2022How to Uncover "Bad News" and Win More Clients
Delivering bad news to current clients is an art. So is uncovering bad news from your prospects. In fact, the best and most wealthy insurance agents out there are typically the ones best at advising their current clients on industry trends, and uncovering pains/problems with their competition.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will explain how to do this for better client retention and for winning more signed Broker of Record Letters from your prospects.

Episode Highlights:
Charles explains that giving bad news and uncovering bad news are critical aspects of building a $1 million or more book business since it all comes down to winning and retaining clients. (3:30)
Charles discusses why delivering bad news to current clients is challenging. (9:21)
Charles explains the three most important strategies for maintaining a strong and loyal relationship with current clients and how to deliver bad news and get good results. (11:39)
Charles mentions that insurance agents must handle renewals in a very planned and strategic way in order to be considered an advisor. (17:20)
Charles believes that being able to spot pain is one of the most significant things insurance agents can do to win new clients. (24:54)
Charles discusses the significance of taking advantage of the hardening market in order to make more appointments and win more Broker of Record Letters. (25:36)
Charles encourages insurance agents to focus on being professional advisors in delivering bad news to current clients and becoming expert persuaders by identifying their pain points and issues with their present agents and then informing them about the superior services. (28:53)
Key Quotes:
“Delivering bad news and uncovering bad news are very, very important aspects to building a $1 million or more book business, because it all has to do with being successful at winning and retaining.” - Charles Specht
“You need to make sure that you are handling your renewals in a very structured and strategic way so that you are indeed an advisor and not necessarily someone who is quasi unethical when it came down to delivering that bad news.” - Charles Specht
“If there is one thing that will ensure your prospects start to meet with you and maybe consider options and even consider doing business with you is if you somehow were able to give them the information that it's likely their insurance rates are going to be increasing significantly, because that's what's happening in the rest of the marketplace across the United States of America and beyond. “ - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
32 min
July 21, 2022Throwback: How to Write Larger Revenue-Generating Accounts
Writing small accounts may help you pay the bills, but, you'll never achieve wealth writing small accounts. In today’s throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht teaches you how to determine what size account you should prospect and how to be more successful at building a Book of Business. Writing small accounts may help you pay the bills but, you'll never achieve wealth writing small accounts.

Episode Highlights:
Charles shares a story about his conversation with an insurance agent, who has been very successful over the last 5 years getting lots of new clients. (2:06)
Charles explains why producers should stop going after small accounts. (5:26)
Charles mentions what the agency principle should not allow their producers to do. (12:53)
Charles shares what could happen if you allow your producers to go after small accounts. (13:44)
Charles teaches you how to set prospecting goals with your producers. (14:34)
Charles explains what could happen if producers go after bigger accounts. (15:20)
Charles shares the advice he normally gives to his agents, regarding new accounts. (18:50)
Charles lays out the basic questions that you have to answer. (26:09)
Charles shares his takeaway from today’s episode. (27:21)
Key Quotes:
“There's a lot of things that I can say to insurance agents that help them become more successful. But, there are not too many things that I can do to help anyone be successful if they're just going to continue to play small, period.” - Charles Specht
“You don't have to go out for small accounts. You just have to make a decision that you're not going to be going after small accounts. You're going to go after bigger accounts. You have to actually come to a decision in your own mind about what is the size of the account that you're going to go after.” - Charles Specht
“If you stop going small and start going after the size of the account that you want to go after, you will make more money, you will likely have more joy in your business, and you will have more fun in what you do in your career.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
34 min
July 14, 2022When to Present Your Proposal to a Prospect
Please .... do not be one of those insurance agents who have no strategy or process when it comes to presenting renewal quotes/proposal to the prospect! If you do that, you're more likely to lose than win. Why? Because, if you do that you're wingin' it and throwing mud against the wall to see what sticks.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will give you some options to consider to put you in a stronger position to win the business at the time you present your proposal, even if you can't get the signed BOR.

Episode Highlights:
Charles explains that many consumers do not make the decision to switch to a big provider with a single signature on a piece of paper. (5:40)
Charles discusses how to determine the best timing to offer a quote to the insured. (7:26)
Charles discusses the benefits of presenting a quote proposal to a prospect a week or two before the renewal date. (10:29)
Charles explains that submitting a renewal quote is a competitive bid situation, and it's war, and you must put yourself in a stronger position. (18:44)
Charles mentions that he prefers to give a quote within 10 days because most carriers have a Broker of Record letter policy that states that if something is not received within 10 days, the new agent will not be paid. (20:16)
Charles explains why you should not send your quotes to the insured by email and then let them decide. (26:14)
Charles mentions that many insurance brokers will present their proposals, but they have no knowledge of how the insurance buyer decides which quote to go with. (27:54)
According to Charles, millionaire insurance producers are professionals, they are strategic and have processes and systems which they follow for a reason. (29:19)
Key Quotes:
“Do not ever send your quotes to the insured by email and then let them make a decision.” - Charles Specht
“A lot of insurance agents will offer their proposal, but they have no idea how an insurance buyer goes about to actually deciding which quote to go with.” - Charles Specht
“I'm telling you that one of the more foolish things you can do is not having a step by step process or strategy for presenting your proposal to the insured right before their renewal window. If you don't have the insurance buy-in, you are hurting yourself. And I don't want you to do that. Why? Because you're better than that.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
32 min
July 11, 2022Strategies for Winning the Broker of Record Letter
It's one thing to agree that targeting BOR's is a smart move but it's another thing altogether to develop a step-by-step process to winning signed Broker of Record Letters on a consistent basis.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will "build you a house" by explaining what the foundation is, what the four walls are, and what the roof is to winning more signed Broker of Record letters from your prospects.

Episode Highlights:
Charles explains why winning in a standard quoting procedure is quite difficult. (3:24)
Charles demonstrates how a Broker of Record letter is a better option than the quoting process. (7:05)
Charles believes that one of the main strategies in regards to the Broker of Record letter is asking for it. (9:13)
Charles explains that every single prospect meeting you have with an insured person needs to have a goal. (10:43)
Charles explains the advantages of being aggressive in your requests in order to persuade others to do what you want them to do. (13:50)
Charles explains that it is impossible to train individuals to be successful at selling anything if they are not aggressive in asking for the business. (17:10)
Charles discusses why the micro-niche, the foundation for your house, is so important in obtaining a signed Broker of Record letter. (17:49)
One of the ways to create a wall when building your house, according to Charles, is to plan out how you're going to prospect. (20:20)
Charles mentions that if you have a very powerful message that includes both the pricing side and a significant service side, you'll have a very excellent hit ratio on prospecting and setting appointments. (23:34)
The fourth wall, according to Charles, is how we lead that appointment to ask for the business. (24:17)
Charles discusses how the follow-up program will be the roof of the construction that binds the four walls together. (25:57)
Charles explains that the foundation is everything; it is the micro-niche, and everything is constructed on top of that; you can't have walls or a roof until it is completed. (27:45)
Key Quotes:
“You have to be aggressive in regards to what you're asking for in order to get them to do what you want them to do.” - Charles Specht
“If you have a very strong message that has both the price side as well as the significant service side, you're going to have a very good hit ratio on prospecting to setting appointments.” - Charles Specht
“Foundation is everything it is the micro niche, everything is built on top of it, you can't have walls and you can't have the roof until you get that done.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
31 min
July 07, 2022Throwback: How to Cold Call to Set More Appointments with Prospects
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how cold calling still works and it works very well for those who use the right script. Charles Specht will teach you what your script could be and how to effectively cold call in order to set more appointments with your prospects.

Episode Highlights:
Charles shares a poignant story from when he first got into the insurance business. (2:36)
Charles mentions why being a debt collector on the telephone was one of the more difficult things he’s done in the business world. (3:48)
Charles explains what a “C3” is. (8:39)
Charles shares why leaving voice messages is necessary. (9:13)
What’s one of the main reasons why insurance agents don’t get a lot of value out of the time they spend cold calling? (11:05)
Charles explains how to create an impressive script when cold calling prospects. (14:25)
What are the two things your script must contain to be successful? (19:10)
Charles shares a strategy that can help you understand what the best case scenario is going to be. (22:09)
Key Quotes:
“If you do not have cold calling right now in your prospecting strategy, you are losing out. I want you to think about it this way...Prospecting works really well when you are communicating to somebody in the time and the platform that they feel comfortable with.” - Charles Specht
“Do not waste your time, do not waste their time talking about just general type stuff. Get into it. You should be able to give your absolute pitch that at the end, you ask a question where you're expecting a yes or a no to it.” - Charles Specht
“If they don't meet with you for one reason, they're probably going to meet with you for another reason. And, once you're there at the appointment, then it's all about relationship. But prior to that, it's a numbers game. Cold calling is a numbers game.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
33 min
June 30, 2022How to Get More Referrals
Referrals, referrals, referrals! You've probably heard that referrals are great to get and have the highest win percentage when compared to other forms of prospecting. And, you'd be right to think that because it's true. However, most insurance agents and agencies do either a very poor job at systematically asking for (and receiving) referrals from their client base or COIs, or they have no process for referrals at all. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will give you a step-by-step process you can use to get more profitable referrals from your clients and COIs.

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

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…