12X Commission

By Charles SpechtBusiness Entrepreneurship Careers

12X Commission episodes

June 27, 2022The Quality of Your Prospect List
One of the biggest reasons insurance agents don't achieve success as a producer is due to the QUANTITY of accounts on their prospect list. But the biggest reason overall is no doubt the QUALITY of the accounts on their prospect list.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will teach you how to increase the QUALITY of the accounts you are prospecting in order to close more deals and make more money!

Episode Highlights:
Charles explains that most insurance brokers are inexperienced and have a large number of accounts to call. (3:57)
According to Charles, insurance brokers might have 1000 different prospects on their database. However, if none of them are truly qualified to the point that they are likely to conduct business with you, calling them to set up appointments would be the largest waste of your time. (4:35)
Charles discusses the three most important things that insurance agents should have in terms of their database quantity. (9:21)
According to Charles, the quality of the prospect list is the difference between being a millionaire insurance producer and always spinning your wheels and not achieving the results you want. (10:51)
Charles believes that the reason people are not achieving the financial status and the results they desire, is that they have a deficient prospect list. (14:00)
Charles explains that if you contact customers that are coming up in the buying window, the number of set appointments you have will significantly increase. (18:27)
Charles mentions that your database should include the most profitable micro-niches. (19:37)
Charles discusses that there are lots of different ways in which to find lists of prospects. (22:21)
Charles explains that when your book of business and profession develops, you may not need the quantity as much since the quality will be there. (29:37)
Key Quotes:
“The quality of your prospect list is the difference between you becoming a millionaire insurance producer versus you continually spinning your wheels and not getting the results that you want.” - Charles Specht
“The reason that you are not achieving the financial status, the results that you want the amount of commission money in your own bank account right now, the reason why you're not winning as many clients gathering enough broker record letters and so forth is because you likely have a deficient prospect list.” - Charles Specht
“As you're maturing in your book of business, as you're maturing in your career, you might not need the quantity any longer because the quality will be there. But, as of right now if you don't have either, it must be very difficult for you to actually keep going and to have the success that you want.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
33 min
June 23, 2022The Insurance Industry's Best Prospecting Script
Setting appointments with new prospects is hard. But it's also one of the most important things a producer needs to improve at in order to win new clients. "Scripting" (what you say or write to your prospects) is the difference maker for all of it. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht outlines what is potentially the best prospecting script in the entire insurance industry, as well as how you can personally edit it to make it your own.

Episode Highlights:
One of the most difficult challenges, according to Charles, is getting over the point of hesitancy. (2:37)
Charles explains that the insurance industry's best prospecting script is the one that works for your unique prospect. (3:40)
Charles mentions that anything you provide your prospect in return for an hour of their time must be meaningful and simply understood. (5:55)
Prospecting, according to Charles, is not easy, is not pleasant, and is challenging. However, if you want to establish a million-dollar book of business, you'll need to persuade individuals to meet with you. (07:29)
Charles provides samples of the top prospecting scripts in the insurance industry. (11:23)
Charles explains that everything is constructed on the micro-niche, and you must start there. (17:04)
Charles discusses why he typically encourages insurance salespeople to have their first script be fairly price sensitive, so that it resonates with everyone. (29:48)
Charles mentions that the finest prospecting script for the insurance sector must fit the needs of the individual you're interacting with at the time. (30:42)
Key Quotes:
“If you don't have many different scripts to use for your prospects, you are probably not getting the results you want.” - Charles Specht
“Focusing on how to set appointments is probably the smartest thing you will ever do in your career.” - Charles Specht
“As you're figuring out what your script and your pitch and your cold call carrot is, you have to really understand what is one of the main problems they're dealing with. Because whatever you're saying has to be a solution to that problem. And if you don't understand your prospect's problems, the solution that you have to offer really isn't going to be that great.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
34 min
June 20, 2022Get Ready to Pivot!
If you're like most insurance agents out there, you're not getting the new business commission results you know you're capable of. You're either not prospecting enough, prospecting inefficiently, not setting enough appointments, not sure how to transition to asking for the signed Broker of Record Letter, or how to close the business if you go through a quoting process. Usually, this boils down to doing things over and over and over again that do not work or do not get a high enough ROI.

In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will talk about how you should Pivot, what to Pivot to/from, and how to determine if the Pivot you make will be profitable or not for you or your agency.

Episode Highlights:
Charles explains that a common issue that people have is that they can't stop doing one thing and start doing something else. (4:53)
Charles shares that pivoting starts at the very beginning of the building process. (7:02)
Charles talks about his experience working with a very large agency over the last three years. (10:23)
Charles advises listeners to start utilizing some of the technologies that are out there, such as InsurTech. (14:50)
Charles explains that you need to have more prospects in your database than you think is necessary. (19:17)
Charles explains that the pivot and the database are important as you cannot call the same account every couple of weeks. (23:38)
Charles shares that it does not make sense for you to keep doing something that doesn't get you results. (25:36)
Charles shares some of the things that would cost you zero dollars but still help you in your success. (28:20)
Charles explains that you need to step back and begin to list the things you need to pivot and go through them one at a time. (29:14)
Key Quotes:
"You need to take a step back, begin to look around at the things that you need to pivot, and make that change today." - Charles Specht
"Tech really doesn't help you to sell; that's completely different. You need to be able to persuade, you need to be able to ask for the business, you need to be able to prospect, you need to be able to do all of that." - Charles Specht
"If you're actually you're able to do certain things in certain ways, and you can help yourself by including technology into your entire process, then I would say it would probably make financial sense for you to actually do that." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
34 min
June 02, 2022Throwback: How to Get the Incumbent Agent Fired and You Hired
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses the biggest problem insurance agents have. It’s not around prospecting or messaging. The biggest problem insurance agents have is their lack of success at getting their prospects to fire the incumbent agent in order to hire them. That is what this episode is all about.

Episode Highlights:
Charles explains the process of competitive dethronement. (2:56)
Charles shares how insurance is war. In sales, you either win or lose. (4:21)
Charles explains how to get the incumbent agent fired, to get you hired. (9:19)
Charles shares a story about speaking to an insurance agent, who sent him a message on LinkedIn. (11:43)
What’s the second thing you want to do to get the incumbent agent fired? (13:30)
Charles shares how to get the insured to realize that their agent hasn't fulfilled their services. (18:31)
Charles explains another way of identifying significant problems that the insured has with their incumbent agent. (20:28)
Charles shares what you need to do to help the insurer take away the pain. (25:50)
Charles mentions why it’s important to remember that insurance buyers have the insurance mentality of a four-year-old child. (29:33)
Key Quotes:
“If you can't get the incumbent agent fired, you will never get another client. If you can't get the incumbent agent fired, you will never get hired, period. And so, we don't have a prospecting problem, we have a firing problem, that is the issue.” - Charles Specht
“If you can begin creating that killer mindset, so that you understand what this is, I do believe that everything else will become easier. I do believe that you'll be more focused, that you will understand the process more, that you will start creating strategies and systems, and a process that is going to work yourself through the situation with the insured, so that at the end, you are more likely to ask for the broker of record letter, and get awarded the broker of record letter.” - Charles Specht
“If you don't win, you lose. And, there is somebody else right now sitting in your chair, on your throne, the other incumbent agent. Unless you can get the insured to willfully fire, terminate that relationship, you will never get another client, period. If you can't get people fired, you can never get a new client. It is that simple.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
35 min
May 26, 2022Your Most Profitable Micro-Niche
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht teaches you how to determine what type of business you should target for prospecting. In other words, Charles will teach you the step-by-step process he takes his 1-on-1 coaching clients through to determine their own most profitable micro-niche focus. This is the topic Charles gets asked about most, which is why he gets very detailed in the process of it in this episode.

Episode Highlights:
Charles explains the difference between a niche and a micro-niche. (1:48)
Charles shares that if you do not know what you are targeting, then everything is a target. (5:00)
Charles explains that you can be passionate about other things, but it does not necessarily have to be your micro-niche. (7:30)
Charles shares that micro-niching means you are focusing only on a specific area of a niche and not different areas. (11:16)
Charles explains that it is important to consider your geographic territory when creating a micro-niche. (15:42)
Charles explains that every agency is different and should have a minimum revenue threshold, which can also help you determine your micro-niche. (20:26)
Charles talks about the importance of having access to carriers to be competitive. (22:14)
Charles shares that he personally wants to go after classes of business that are ugly and nasty that most insurance carriers don't want. (26:12)
Charles explains that it is important to know your competition and to start to ask yourself if it is the best area for you to spend your time. (30:09)
Charles shares that micro-niching means being seen by your prospects as exactly what they need. (33:42)
Key Quotes:
"Being a micro-niche means you're focused in that area. And you can't be focused in that area if you're torn between too many different areas." - Charles Specht
"It's a whole lot easier to win the race if you're driving the fastest car, riding the fastest horse, whatever, it's just a whole lot easier to win when you have the best." - Charles Specht
"The thing about a micro-niche is that you get so dialed in, that you become the most obvious choice of which agent to do business with." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency
40 min
May 19, 2022How to Write Bigger Accounts [interview with Man Phung]
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht interviews one of his sales training clients, Man Phung. Man only started writing commercial accounts about three years ago but has been implementing the things Charles has been teaching, such as Thinking BIGGER, micro-niching down, utilizing the 12-Month Timeline of Services, etc. The result is that he's writing much bigger accounts today. Charles and Man share tips in this episode about what is working and what Man changed in order to be successful.

Episode Highlights:
Man shares his background story and how he got started in the industry. (6:35)
Man shares that their agency has over one hundred commercial accounts both in Indiana and Texas. (8:58)
Man talks about the two biggest accounts that they are writing, which are construction and manufacturing. (9:45)
Man explains that he does a little bit of everything as a business owner, from cold calling to social selling to managing a team. (11:49)
Man shares understanding the size of the account and class of business helped him to choose the accounts that contribute to the success of his business. (13:08)
Man talks about the first big account he had in his agency and what he did to be able to write that account. (20:33)
Man advises everyone to believe in their perspective and never to hold themselves back. (23:52)
Man shares how he was able to win a new account with a good broker of record, which was by accident. (26:06)
Man advises listeners not to let themselves hold themselves back and to change the way they think about their limiting beliefs. (29:34)
Key Quotes:
"You can only write so many accounts. No matter how good you are, you can only write so many accounts." - Man Phung
"We are our worst enemy. We hold ourselves back. And it's true. And I used to think the same way like I couldn't do it because I'm playing against the biggest broker in the world" - Man Phung
"So if you're starting some something new like me three years ago, start high and and hone in. So, figure out the revenue and then figure out what markets you have." - Man Phung
Resources Mentioned:
Man Phung Linkedin
Brightway Insurance
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
35 min
May 12, 2022Throwback: How To Win New Clients With a 12-Month Timeline of Services
Most insurance agents don't know how to clearly articulate their value or adequately differentiate themselves in their prospect's minds.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how to best differentiate yourself with a written, objective, and strategic 12-Month Timeline of Services.

Episode Highlights:
Charles explains what should happen when you’re trying to get a prospect to schedule an appointment with you. (2:18)
Charles mentions what most insurance agents do when they're in a meeting with a prospect. (3:31)
Charles recommends the book called, Building a StoryBrand, by Donald Miller. (5:50)
Charles mentions one of the most fascinating things about the book. (6:12)
Charles shares how the timeline of services could get you more business. (8:47)
Charles explains why differentiating yourself from the competition could be the biggest problem. (12:01)
Charles explains the timeline of services in detail. (13:10)
Charles shares a story about his client that has the largest broker of record in his curriculum. (18:23)
Charles explains why the timeline of services is so important. (20:17)
Charles mentions the three things you need to focus on with your 12-month timeline of services. (27:24)
Key Quotes:
“All of these things that we tell a prospect about... what it is that makes us better, all it really does is put us in the same bucket as everybody else. Because, the vast majority of your competitors out there are doing just that.” - Charles Specht
“You have to be able to teach your prospects how to get the things that they want. You have to be able to explain to your prospect what it is that you're going to be able to do for them, so that they can achieve the things they want.” - Charles Specht
“If you can't differentiate yourself from the competition, then you are the very epitome of mediocrity. Nobody is going to make a switch to get some more mediocrity. So, you need to really figure out how to differentiate yourself in the marketplace.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
33 min
April 25, 2022Throwback: The Riches are in the Micro-Niches
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses how the Jack-of-all-Trades is dead. The "generalist" producer is a thing of the past. Insurance agents who become experts in a specific area (Micro-Niche) get more clients more quickly and win significantly more signed Broker of Record Letters.

Episode Highlights:
Charles shares a story about a man named Jack. (2:07)
Charles explains what a micro-niche is. (2:55)
Charles mentions the problem with being a generalist. (4:07)
What would Charles recommend to insurance producers? (5:04)
Charles shares the story of when he first understood the power of micro-niches. (5:16)
Why are the riches in the micro-niches? (11:21)
What’s something Charles often hears from the employee health benefits producers? (13:21)
Is micro-niching about more than just types of accounts? (14:04)
Charles mentions some of the factors that you need to consider when you first start exploring micro-niches. (24:54)
Key Quotes:
“The insurance producer, who is micro-niche, is the one who wins the day. Period. And, so the riches are in the micro-niches.” - Charles Specht
“Being micro-niched allows you to write significantly larger accounts. If you are a generalist, that's not necessarily true. You're not going to be able to write larger accounts all the time. But, being micro niched separates you from the competition.” - Charles Specht
“The focus is that the riches are in the micro-niches. If you get that... you are going to have a book of business that will explode. - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
40 min
April 21, 2022Throwback: 7 Steps to a Million-Dollar Book of Business
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht breaks down what those seven steps are and how you can do it, too!

Episode Highlights:
Charles mentions his book called, The Millionaire Producer. (1:49)
Charles shares the first step: collect signatures and serve happiness. (3:00)
What’s one of the most important and most expensive pieces of paper in the insurance business? (4:44)
Charles walks us through the second step. (7:28)
Charles details the third step: think bigger. (12:38)
Charles shares the crucial fourth step in building your book of business. (15:17)
Charles explains the fifth step: riches are in the micro-niches. (17:16)
Charles mentions the sixth step. (21:17)
Charles shares the final step, which is accountability. (26:40)
Key Quotes:
“Our clients need to be happy. They want to be joyful, they want to be satisfied, they would like to stay loyal, they want to be happy that they chose you. And so, we have to provide services that provide solutions to the bigger problems that they have. You do that…your client will remain happy.” - Charles Specht
“You're not necessarily a salesperson, you are a persuader. You need to work on your persuasion. As you work on your persuasion, your tact, your delivery, how you actually message things, you're gonna see your book of business actually increase significantly.” - Charles Specht
“That's what an insurance agent does...collect signatures, serve happiness. Stop offering quotes to people who have not yet given you their permission to represent you in the marketplace. That's not what pros do.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
33 min
April 11, 2022Throwback: 5 Things Successful Producers Do Every Week
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht talks about the five things insurance producers do each week that will guarantee them success. Stay committed to these five things and you'll be well on your way to building a $1,000,000 or more Book of Business!

Episode Highlights:
Charles explains a problem that he sees with far too many producers. (2:42)
Charles mentions what he would’ve done if insurance didn't work out for him. (8:57)
Charles lists the five things that successful producers do each week. (10:29)
Charles shares why sometimes he needs a kick in the pants. (11:16)
Charles shares a story about a producer he’s been working with for quite some time. (13:27)
How many phone calls should you be able to take in an hour? (15:27)
Charles explains why the vast majority of insurance producers are not good at administration and data management. (17:43)
Charles shares why ideal prospecting is like building a house. (22:15)
Key Quotes:
“I really hope you understand how important each and every day is... Monday, Tuesday, Wednesday, Thursday, Friday. You know, Friday is not a day in which to take off. Friday is a day in which to sell some insurance.” - Charles Specht
“What you sow, you will reap. If you sow rest, you're going to reap poverty. But, if you go out and you plant the seeds, and you water the seeds and you tend the soil, you are going to reap the fruit. You absolutely will. All the work that you put into your insurance career is going to come back to you tenfold… a hundredfold.” - Charles Specht
“The fortune is in the follow-up. Consistency is key, and you need to do things that calculate toward profit. If you're not doing things that calculate toward profit, guess what? You're calculating towards poverty, and that's not a recipe for success.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
35 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…