12X Commission

By Charles SpechtBusiness Entrepreneurship Careers

12X Commission episodes

March 28, 2022Becoming a Millionaire Insurance Producer
Most insurance agents out there don't really know what they are supposed to be doing, as far as prospecting and selling are concerned. They have little training and often they're trained to do what the person before them has done, even if that person didn't achieve A+ results.

In today's episode of the Millionaire Insurance Producer podcast, host Charles Specht will detail seven things insurance agents need to do to become Millionaire Insurance Producers.

Episode Highlights:
Charles explains why he wrote the book, The Millionaire Producer, about permission, and why it matters. (2:49)
Charles elaborates on the first aspect of the book, which is collecting signatures and serving happiness. (05:44)
Charles explains that when you create enough value and solve major problems, your insured would be happy to sign all your broker letters. (08:18)
Charles shares that you have to think bigger than you think is already big. (10:25)
Charles advises everyone to start targeting larger revenue-generating accounts. (13:30)
Charles explains the 4th chapter, which is to stop quoting insurance renewals. (14:36)
Charles explains why rich people are always in micro-niches. (20:18)
Charles shares that insurance agencies should create fee-based products. (23:57)
Charles elaborates on Chapter 7 that it is very important to have your accountability group. (30:25)
Charles shares about the 12x group coaching mastermind program. (33:45)
Key Quotes:
"My philosophy of insurance sales is centered around the idea of permission. Some call it sales, others refer to it as persuasion. But I firmly believe that what matters most to you is that you secure your prospect's permission." - Charles Specht
"Think bigger, not merely big, not what you think is big but bigger than that. The best learning moment is the idea, the concept, and the reality of what it means to think bigger." - Charles Specht
"The issue comes down to whether or not you're going to need to do what you know you need to do to be successful."
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
39 min
March 24, 2022You Must REPEL in Order to ATTRACT New Clients
In order to attract new clients, you must repel those who are not ideal for you. The right messaging will attract the right people, and you'll win more new clients with very attractive marketing that repels everyone you don't want. It works, but most agents haven't figured it out quite yet. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains what you need to do in order to repel bad (not ideal) prospects to attract and win the best and most profitable clients.

Episode Highlights:
Charles shares that the success rate of attracting your ideal client comes from being able to repel those who are not. (1:53)
Charles explains how to attract a level of comfort with prospects. (04:51)
Charles discusses how you can repel prospects that you do not want by starting with a particular message. (06:44)
Charles elaborates on how you can focus and figure out who your ideal prospect is. (10:43)
Charles shares that he is articulating a certain message that is going to resonate with those people that are trying to sell new business. (14:50)
Charles explains that people will get the absolute best results by being more specific in what they want to write. (19:40)
Charles shares that everybody wants a specialized brand and nobody wants a generic brand. (21:00)
Charles shares that individualizing is what prospects want for their businesses. (23:34)
Charles talks about an agent he met, and the lesson we can learn from them. (27:19)
Charles explains the idea of winning more clients through the competitive quoting process. (31:49)
Key Quotes:
"I truly believe that the success rate of being able to attract your ideal client comes from being able to repel those who are not." - Charles Specht
"I'm trying to articulate a certain message that's going to resonate with those who are trying to actually sell new business period, and it's called millionaire insurance producer podcast because it has nothing to do with account managers." - Charles Specht
"I truly believe that the entire industry and society as a whole is becoming less generalist and much more interested in finding the brand that that really speaks to them and writing something that really speaks to them." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
35 min
March 14, 2022Throwback: Do These Three Critical Things If You’re Going to Offer Quotes to Non-Clients
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses THREE things you absolutely need to get from your prospect if you decide to offer quotes, instead of being awarded a signed Broker of Record Letter on the current policies. Doing these three things will significantly strengthen your position to win, while not doing them is a dagger of death.

Episode Highlights:
Charles mentions why constructive risk exists. (2:55)
What issues does Charles face, when working with insurance agents? (5:44)
Charles explains why he needs to invest more in stocks. (8:03)
Charles shares the three things you need to do to better position yourself. (12:37)
Charles mentions why being micromanaged is very important. (16:24)
Charles explains why it’s unethical to go through a quoting process with multiple agents. (20:51)
Charles shares why precision is important to guarantee a business relationship. (23:09)
Charles mentions what happens when you can't get those three things. (34:05)
Key Quotes:
“When we go through a quoting process, we don't actually dictate any terms with the insured with the prospect. In other words, we don't establish the rules of the game.” - Charles Specht
“You have a stock price with your prospects. It's going up and down, based upon a lot of circumstances that not only you do directly, but also, based on what's happening behind the scenes.” - Charles Specht
“Everybody has to come in with their best rate. Otherwise, it's just a free for all and you're not in a very strong position there. You’ve got a weak stock price.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
43 min
March 03, 2022How to 12X Your Everything
QUESTION: Are you 12X? Professional insurance agents aren't throwing mud against the wall to see what sticks. Super producers are in the right mindset, they have a plan, and they go for the jugular. They ask for the business, they demand attention, they require the insured's permission, they get awarded a signed Broker of Record Letters, and they build a $1,000,000 or more Book of Business. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will explain how to become 12X.

Episode Highlights:
Charles explains what 12x is all about, where it is used, and how important it is. (2:10)
Charles says there is no reason not to be able to prospect greatness. (05:20)
Charles explains that productivity is an aspect of being successful in almost anything we do. (9:18)
Charles discusses the importance of knowing your numbers. (10:58)
Charles shares that he always loves hearing stories about Brokers of Record. (12:57)
Charles explains that in the insurance industry, permission is one of the most important things to keep in mind. (14:21)
Charles shares you can get more accomplished with a very tight relationship with one underwriter than you could ever get with a very strategic plan. (17:37)
Charles explains the importance of the 12x mindset and focusing on your micro-niche. (20:31)
Charles shares that sometimes business owners don't know exactly what's in their own best interest. (24:19)
Key Quotes:
"Lot of people can show up. But not a lot of people can show up and deliver. If you can show up and deliver, you are essentially writing yourself a blank check for the future. Sky's the limit if you're 12x." - Charles Specht
"I also know that you can get more accomplished with a very tight relationship with one underwriter than you could ever get with a very strategic plan." - Charles Specht
"You're not in the insurance business. You're in your micro-niche, your unique industry, of your prospect. And that's 12x. That is the mindset that you are in." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
31 min
February 28, 2022How to Get Motivated & Confident
Do you lack the Motivation to prospect for new business? Most insurance agents say they have a difficult time maintaining Motivation. However, I think the real culprit is something different and that it's because producers lack Confidence that they, therefore, lack the Motivation to prospect. But -- if the truth is known -- our host Charles Specht feels that something else is the real reason you lack Confidence and therefore lack Motivation and therefore lack results. And, in this episode, he'll explain what it is and how you can get it!

Episode Highlights:
Charles asks the question of which comes first, is it the motivation or is it the confidence? (1:28)
Charles shares that he wants people in the industry to have both motivation and confidence. (4:01)
Charles shares that you need to have a lifetime goal and a destination so that plans can be made to make it to that destination. (8:29)
Charles mentions that Confidence comes from the plan, and motivation is the fruit. (11:20)
Charles shares that when you have the structure in order, process and strategy, you are going to have results. (15:12)
Charles explains how you're going to use your social media strategy. (19:53)
Charles shares that you should keep in mind what's the one thing that you can do that makes everything else easier or unnecessary. (22:48)
Charles talks about a message that he got from someone on LinkedIn. (25:08)
Charles explains that we lack true accountability, and it causes us not to follow through. (28:15)
Key Quotes:
"When you have confidence, you get motivation, I don't think that you can have motivation that is any kind of motivation, certainly, that's going to last any amount of time if you don't have the confidence to follow through." - Charles Specht
"Confidence comes from the plan, when the plan is established motivation is the fruit." - Charles Specht
"If you lack true accountability, then it's quite likely, you're not going to follow through with the things that you want to actually do. You're just not." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
35 min
February 24, 2022Throwback: Why You Should Ask for the BOR During the First Meeting With a Prospect
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht teaches you exactly what you should say, and ask your prospect during your first meeting and -- specifically -- why you should ask for the signed BOR. Doing so tells you absolutely everything you need to know about your position in the process as well as how strong of a position the incumbent agent has with the insured.

Episode Highlights:
Charles explains why it’s better to ask for business during the first appointment. (2:33)
Charles mentions one of the nice things about being a micro-niche. (3:42)
Charles shares what you should find out from your prospect during the first meeting. (5:31)
Charles mentions the type of questions you should be asking your prospect. (7:50)
Charles shares one of the ways he shows a lot of value to his clients. (9:25)
Why should you ask for the broker of record letter during the first appointment? (13:19)
Charles mentions what happens when you ask for the broker of record letter before the first appointment. (16:58)
Charles shares what millionaire insurance producers do. (29:08)
Key Quotes:
“You need to find lots and lots and lots of problems during that actual appointment. You need to have specific questions already written down, sitting on a piece of paper. One that you're actually holding in front of you so that you can ask your prospects those questions. If you don't have those questions written down in front of you, you are an amateur and you deserve not to win.” - Charles Specht
“Every single point of communication is about positioning, positioning, positioning, positioning. You are always trying to position yourself better every point of communication either strengthens or weakens the relationship with your prospect. You are either gaining ground or you are losing ground.” - Charles Specht
“If you show up to the place of business, sitting down with a business owner who has decided to give you an hour of his or her life, to talk about something that is not really interesting to them, that they don't like... that causes frustration.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
33 min
February 21, 2022Clearly Defining Your Ideal Prospect
Most insurance agents fail at selling insurance because they started on the wrong foot. They never achieved traction and so they failed. What I've found is that many agents lack traction because they don't know what they're selling or to whom they're selling. They are "generalists" and they achieve mediocrity every single day. If you want to become more successful at selling insurance, figure out who your ideal prospect is (with absolute clarity) and prospect with diligence. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will teach you how to do exactly that.

Episode Highlights:
Charles shares that articulating or defining your ideal client is the foundation of prospecting. (1:59)
Charles explains that if your message is that of the one you were focused on, it will tilt up towards the client you are messaging. (6:22)
Charles defines every agent as being very unique in every way in your own agency. (10:19)
Charles shares his experience with a shooting gun and how it relates it to the industry. (11:44)
Charles discusses instances where an agent will likely start to flounder. (15:06)
Charles shares a story of an agent that he knows and how it went with the agent's client. (17:02)
Charles explains that it's amazing what happens when you get clearly defined about who you're trying to attract, and who you're trying to repel. (20:17)
Charles shares one of the more difficult things for an insurance agent to do. (21:53)
Charles explains that the key to being successful in your niche is ultimately to decide to go all-in on the type of account that you want. (26:25)
Key Quotes:
"Those insurance agents who lack clarity and understanding or being able to articulate and define your ideal client are the ones who are going to fail." - Charles Specht
"If you don't have a script that is focused on your ideal client, you are basically playing luck, you're gambling." - Charles Specht
"If you don't have a clear idea of what you're trying to accomplish and who you're trying to resonate with, then you're likely going to sort of flounder." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
32 min
January 31, 2022Throwback: The 12X Millionaire Mindset
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses the 12X Mindset, which results in one new client per month via Broker of Record Letter. Charles talks about the basic foundation of the 12X Mindset which is, 1) Stop offering quotes to non-clients; 2) Develop a Micro-Niche, 3) Target larger revenue-generating accounts, and 4) Target signed Broker of Record Letters.

Episode Highlights:
Charles explains the goal of this episode. (2:20)
What are some of the things insurance producers should do to win prospects? (5:34)
Charles gives a significant piece of advice to help you with prospecting. (7:58)
Charles shares some statistics from his experience as an insurance producer. (12:30)
When did Charles really start to understand the power of the broker of record letter? (21:33)
Charles mentions the 12X Club website. (22:10)
Charles gives the four keys you need to have a 12X mindset. (22:27)
Charles explains how to create services within your niche. (31:29)
Key Quotes:
“You can’t articulate to your prospect about what makes you different, and what makes you better. Please understand, your prospect will never be able to figure it out for themselves, ever.” - Charles Specht
“Prospecting is a numbers game. Selling insurance is a relationship game. Don't make the mistake of thinking that you can just walk into somebody's office and ask for the sign broker of record letter, and expect to get it.” - Charles Specht
“Everything that you do, every question you ask, every telephone call, every email is a point of positioning. You're trying to position yourself in a better light, in a better position, stronger position, so that you can win the business.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
41 min
January 27, 2022Throwback: How to Become a Million-Dollar Insurance Producer
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht gives the back story of his first ten years in the insurance industry as a producer. Charles explains why he stopped selling insurance and became a fee-based consultant to insurance buyers, how insurance buyers choose an agent, and how he eventually transitioned into teaching insurance producers how to win signed Broker of Record Letters.

Episode Highlights:
Charles mentions the three things that an insurance buyer is looking for. (1:32)
Charles gives a brief background of his consulting company. (3:03)
Charles mentions the reason why insurance buyers hire him as their insurance consultant. (5:56)
Charles shares the skill sets you’ll need when it comes to prospecting. (10:01)
Charles walks us through his career background. (11:42)
Charles mentions why he loves to hear the word ‘yes’. (13:48)
Charles explains what a minimum revenue threshold is. (16:33)
Charles shares one of the big decisions he made in his career. (23:22)
Charles mentions the website Broker of Record Letter Group Mastermind. (29:17)
Key Quotes:
“What I do is work with insurance agents to actually help them become more successful. It's a lot more fun, it's a lot more exciting than having to actually put together apps and so forth. Personally, I'd love to be able to see the producers actually get that win, to be able to see that smile that they heard somebody say ‘yes’.” -Charles Specht
“I love to hear the word ‘yes’, because I know that when I hear the word ‘yes’, that means they have said no to the incumbent and that they have chosen to actually begin doing business with me. And so, I love prospecting. I love being able to meet with people. I love being able to talk to people. And, so, you know what? I was just a prospecting machine.” -Charles Specht
“I focus on working with insurance agents to help them get more broker record letters. You wonder why? Because, that's what my client, the contractor, wants. They want to be able to pick one agent. I don't focus on the broker of record letter just because I think it's an awesome, interesting way with the prospect, no. I focus on the broker record letter because it's what the prospect wants.” -Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
36 min
January 20, 2022Excuses, Excuses, Excuses
Excuses never made anyone any money. People who go bankrupt always have an excuse as to why. Salespeople who don't win an account always have an excuse for their failure. That goes for insurance producers as well. There are reasons and excuses for all failures. But insurance agents who hold onto excuses are the ones who live paycheck to paycheck.

In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will teach you how to eliminate excuses, how to execute a plan, and how to set S.M.A.R.T. goals that achieve success.

Episode Highlights:
Charles talks about excuses being the reason for us not achieving our goals in life. (1:14)
Charles provides some examples of the excuses that we commonly have in the industry. (3:45)
Charles tells us what excuses are going to do to our life. (7:52)
Charles says that a lack of execution on actual prospecting will cause failure. (11:25)
Charles shares that we have to have 12x goals, not only get out of the box but destroy the box. (16:47)
Charles gives us the S.M.A.R.T. goal strategy that we can apply to our daily actions. (19:21)
Charles shares that lack of execution results in excuses. (22:38)
Charles tells us to be S.M.A.R.T. (Sizable, Measurable, Actionable Reachable, Time-sensitive) about our goals. (24:36)
Charles says if we continue to hold on to excuses and reasoning and grudges we will ruin relationships. (26:37)
Key Quotes:
"A lack of prospects in the pipeline, a lack of execution on the actual prospecting activity will cause you to starve. Period." - Charles Specht
"The problem, however, is that we have a vast amount of times throughout the year where we do not take action. There's no execution. - Charles Specht
"If you begin to execute, rather than have excuses, you're probably going to be much more likely to succeed, not merely in the long term, but also right now in the short term." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
30 min

About 12X Commission

From the publisher's feed

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…