12X Commission

By Charles SpechtBusiness Entrepreneurship Careers

12X Commission episodes

November 30, 2021The Permission to B.O.R.
Permission is everything. The Broker of Record Letter is not everything. Permission is the goal; the BOR is a tool.
Spend more time gaining the insured's PERMISSION and you'll be able to collect a lot more signatures on BOR's.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will teach you how to win your prospect's PERMISSION in order to win more new business.

Episode Highlights:
Charles explains that everything about the Broker of Record letter has to be focused on a specific word which is: Permission. (1:40)
Charles shares why the idea of gathering the insured’s permission is necessary in order for you to actually have success in the entire outcome. (4:14)
Charles mentions that gaining the insured’s permission is one of the wisest things you can do. (6:10)
Charles shares the focus of everything that he teaches and does. (10:37)
Charles discusses that the Broker of Record letter is the most valuable tool and piece of paper in the insurance business. (13:07)
Charles mentions that if you can't get the incumbent agent fired, you cannot get hired. (15:20)
Charles believes that there are some services that you can provide to the insured that actually help them to understand the value that you provide. (17:00)
Charles mentions that the Broker of Record letter literally is everything. (21:32)
Charles discusses the things that you can do to put yourself in a stronger position to win the business. (22:58)
Charles mentions that it is important to provide a valid reason to the client on why they should give you permission. (27:46)
Key Quotes:
“The Broker of Record letter is the fastest, smartest, most ethical approach to building a $1 million or more book of business.” - Charles Specht
“Don't actually begin doing free work, don't work for free. If they do not give you permission, you do not have a client, you do not have a prospect, you have a suspect.” - Charles Specht
“Gaining the insured’s permission is one of the wisest things you can do. Gaining the insured’s permission will allow you to get more signed broker record letters.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
33 min
November 18, 2021How to Prospect Using LinkedIn
LinkedIn is one of the absolute most potent tools out there for prospecting, whether in B2B or B2C. Unfortunately for most insurance producers, they either don't use LinkedIn at all, they use it poorly, or they come across as spammy.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will begin teaching you how to use LinkedIn to prospect better, close more deals, and build your Book of Business.

Episode Highlights:
Charles explains how he utilizes each social networking platform. (1:57)
Charles considers LinkedIn as a fantastic tool to network and prospect. (10:05)
Charles believes that it’s tough to utilize LinkedIn as a prospecting tool if you're not actively engaging with your prospects. (12:14)
Charles discusses the value of micro-niching. (13:10)
Charles believes that focusing on one area will help you succeed. (16:22)
Charles shares that he will be releasing content on how to utilize LinkedIn soon. (18:02)
Charles says that if we can give prospects free information that helps people. That's the know, like, and trust factor. (21:24)
Charles invites anybody interested in learning more about LinkedIn to contact him. (25:27)
Charles explains that if you are not visible on LinkedIn, you are missing out on one of the best opportunities to prospect. (29:02)
Key Quotes:
“LinkedIn can be your absolute best way to prospect out there. It literally can, it can change and revolutionize everything you do.” - Charles Specht
“You will be able to win more business, you will be able to resonate with your insurance buyer, if they see you as somebody who understands them.” - Charles Specht
“I decided to become the go-to agent when it comes to the broker of record letters. That is my predominant focus.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
34 min
November 11, 2021Mastering the Art of Persuasion (Or: Your Prospects Don't Really Hate You)
No, your prospects don't really HATE you. Nope, they don't LIKE you, either. Moreover, they probably don't KNOW you from Adam (whoever that guy is). The real issue, however, is that your prospects don't TRUST you. And, why don't they trust you? The answer to that question -- as well as how to fix it -- is what host Charles Specht will teach you in today's episode ... which is all about Mastering the Art of Persuasion.

Episode Highlights:
Charles shares how to turn prospects into clients. (1:03)
Charles talks about rude prospects and making them do business with you. (4:19)
Charles shares tips on how to understand phrases from prospects and what they really meant to say during a call. (10:04)
Charles shares about the C3 or the Cold Call Carrot. (12:04)
Charles talks about mergers and acquisitions. (16:21)
Charles states that the size of your book of business is dependent upon your ability to persuade. (20:12)
Charles elaborates on the advantage of being able to persuade. (23:40)
Charles shares how to gain the prospect’s trust. (25:46)
Key Quotes:
“If we do our cold calls, and people respond negatively, we did not persuade them. If we present a quote, and they don't buy from us, we didn't persuade them. If the underwriter does not actually give us a quote, even though we're begging, we haven't persuaded them. There's a lot of things that we have to do. And persuasion is probably at the top of the list of the things that we must” - Charles Specht
“The size of your book of business is dependent upon your ability to persuade.” - Charles Specht
“We need to become not just merely producers, we need to become people who are experts in the art of persuasion.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
32 min
November 01, 2021How to Write 50% More Commission In One Year
Most insurance producers don't work on their personal development, let alone their sales development.

In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will teach you how to achieve 1% weekly growth in various areas of your selling process in order to be 50% better at selling insurance, just one year from today.

Episode Highlights:
Charles gives some tips on how producers might double their commission winnings next year. (3:50)
Charles discusses the concept of compound interest. (6:0b6)
Charles discusses where you should start working on improving 1% per week. (8:39)
Charles explains the significance of micro-niche selection. (10:23)
Charles discusses the creation of your value differentiator. (11:42)
Charles talks about scripting and messaging. (14:11)
Charles discusses the seventh way for generating a 1% rise every week and generating 50% more revenue. (16:51)
Charles mentions that most insurance salespeople do not have a strategy for leading a prospect down the route that they want them to take. (20:31)
Charles highlights the need not to give the incumbent agent the last look. (24:04)
Charles talks about the 19th method, which is asking for the final sale. (29:13)
Charles mentions that a producer is an amateur if they do not manage their personal development. (34:15)
Key Quotes:
“If you could get better at your sales process by just 1% every single week, you'd be 50% improved at winning new business after just one year.” - Charles Specht
“In order for you to actually get much better at it, you have to really start being proactive at it. You need to learn, you need to have education, you need to really start thinking from a forward perspective on where do I want to be one year from now?” - Charles Specht
“If you don't handle your personal development, you are an amateur. And amateurs only make enough money to pay the bills and they don't make a lot in life.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Mastermind
Permission Network Insurance Agency, Inc.
38 min
October 18, 2021Win More Clients by Being Transparent and Educational
Many insurance agents do a poor job of clearly explaining to their prospects and clients about what the insurance program covers or excludes.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how you can transition prospects into loyal, paying clients by being ultra-transparent and educational.

Episode Highlights:
Charles mentions that many insurance agencies do not have a formalized proposal. (2:05)
Charles explains why you will lose clients and prospects if you confuse them. (4:47)
Charles discusses a different way of meeting with prospects in order to win their business. (7:30)
According to Charles, if you can explain how you'll be able to produce a better positive outcome, clients and prospects will be much more inclined to desire to do business with you. (12:58)
Charles explains that you can win more clients by being more transparent and advocating for education. (15:36)
Charles gives an example of how you could do a much better job of making your prospect or insured feel more comfortable with you. (17:16)
Charles explains that prospects want to know that they purchased insurance from the right broker and that they have coverage with the finest provider at the lowest possible cost. (22:25)
Charles makes a special offer to those who want to join the Permission Group Mastermind. (25:47)
Charles discusses what's going on with Permission Group Mastermind. (26:37)
Key Quotes:
“The lack of education, the lack of understanding that the insurance buyer has about the entire insurance process is not your friend, it's your enemy.” - Charles Specht
“This whole idea of how you can win more clients is by being more transparent, by being much more of an advocate for education, helping them actually see what they have what they don't have, rather than doing what lots of agents tend to do is they win a new client, and then they ghost that client.” - Charles Specht
“I do believe that when you go into the mastermind, you're going to be in a much stronger position to actually win” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Group Mastermind
Permission Network Insurance Agency, Inc.
33 min
October 14, 2021How to Be Better Than a "Block the Markets" Broker
Most of your competitors out there are throwing mud against the wall to see what sticks. They slap together a "bare bones submission" and blanket the marketplace. Those agents do not experience great results and they tend to have smaller Books of Business.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how (and why) to win more clients by overcoming mediocrity and being the more professional insurance advisor, compared to your competition.

Episode Highlights:
Charles tells the story of how he first got into the insurance business. (5:02)
Charles discusses the concept of the inferior submission. (7:03)
Charles explains the importance of having the entire process written before meeting with a prospect or current client. (11:15)
Charles explains why blocking the market is not in the best interest of insurance. (13:20)
Charles believes that to be better than a “block the markets” broker, brokers must be able to explain to the insured why they are better. (20:48)
Charles explains why many workers' compensation insurance underwriters will not or cannot quote a prospect who does not offer health benefits to their employees. (23:16)
Charles mentions that bare-bones submissions rarely receive quotes from underwriters. (25:31)
Charles explains the importance of educating the prospect on how a bare-bones submission actually harms them. (28:29)
Charles mentions that if brokers follow the process he highlights, they will receive significantly more broker record letters than they have in the past. (31:47)
Key Quotes:
“Put together a submission that will knock the socks off of your underwriter. A bare bones submission handcuffs the underwriter to not be able to work with another agent, maybe even agents that they would choose to work with. ” - Charles Specht
“The insurance industry is not set up for your success. The insurance industry is set up for your failure. It is not set up in a way that is going to help you in the trust process with your prospects.” - Charles Specht
“We need to educate the prospect on how a bare bones submission actually hurts them, how it hinders them, we need to explain to the insured that we are not going to be doing that on their behalf.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
35 min
October 11, 2021How a Superior Submission to the Marketplace Will Win You More Clients
Yes, indeed, how you represent your prospects to the marketplace will either make you a winner or guarantee your failure.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht demonstrates how you can construct a new business or renewal submission to your carriers that will not only cause the underwriters to want to quote your submission but will encourage them to give you a better quote!

Episode Highlights:
Charles discusses how important it is to present the insured to the marketplace. (3:02)
Charles explains the two things that a business owner may do to ensure success. (4:59)
Charles shares a story about when he was still figuring out his consulting practice. (5:59)
Charles discusses the responses he received from his LinkedIn question for underwriters. (9:05)
Charles explains the significance of a superior submission. (25:54)
Charles believes that a good submission will get you more broker record letters if you can demonstrate to the prospect that you would be marketing them like a Ferrari in the market. (30:30)
Key Quotes:
“If I can help you be more successful in your career, whether you're on the carrier side or the agency side or in loss control, or whatever it is, doesn't matter if you're doing personal lines or employee benefits, property and casualty life insurance, I don't care, I want to be able to help you. ” - Charles Specht
“If you can put together a superior submission and give reason, detailed description and reason to the underwriter, what they've done for certain things, and why credits should be given. You're much more able to justify those credits with the underwriter and likely to get them” - Charles Specht
“If the insured knew how poorly so many agents out there are representing them to the marketplace right now, based upon their renewal submission, let alone the new business submission. I believe those insured's would fire their agent immediately and sign a broker of record letter to anyone else who's willing to put together a good submission.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
34 min
October 07, 2021Win More BOR’s by Ensuring Strict Competition by the Underwriters
Unless you have the "pen" for one of the carriers, you don't determine price or rates. The underwriter has all of the control for that. So, the competition really takes place at the "underwriting level" and not at the "retail agent" level.
Why do your prospects think they can get better quotes by working with multiple agents?
ANSWER: Because they don't know any better. If you can clearly articulate to the prospect that you will ensure competition will take place with the underwriters, you should be able to BOR all of the markets you want.

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

Episode Highlights:
Charles discusses the factors that lead to a lack of trust in the insurance relationship. (2:06)
Charles explains why a lack of qualified competition to motivate the current broker is not in the insured's best interests. (6:13)
Charles discusses his responsibilities to an insured who likes the current agent. (10:04)
Charles shares several ways to motivate individuals to work hard. (12:06)
Charles believes that competition should take place at the underwriting level rather than the retail agent level. (13:45)
Charles mentions that it is important to explain to the insured how the procedure ensures competition, not at the agency level, but at the carrier level. (16:07)
Charles explains why micro-niching is so significant. (17:50)
Charles discusses the need for educating the insured on how insurance works. (19:28)
Charles explains why insurance producers must be able to tell underwriters exactly what they want. (24:39)
Key Quotes:
“I have no plans to move the business away from the incumbent agent. Because the incumbent agent might not necessarily be doing a bad job, it's just that the insurer doesn't know if they're doing a good job. And the insurer doesn't know if the agent who they like is actually getting them the best deal. That's normally why I'm hired, when the insured kind of likes their agent.” - Charles Specht
“This is why micro-niching becomes so important because the more that you are entrenched in the insurance industry, the more you will know what's happening in the insurance marketplace for that industry.” - Charles Specht
“If you can help your prospects see why you would be better. They might actually give you everything you want.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
30 min
October 04, 2021Get More Signed BOR’s Through Superior Customer Service
Many insurance brokers "ghost" their clients once the dust of the policy binding process settles. They move on to other things and conveniently "forget" to implement the services they promised the insured in exchange for their business. Or, they just flat out provide poor customer service after the sale.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how you can win more signed BOR's from your prospects by proving you provide superior customer service.

Episode Highlights:
Charles mentions that there is an issue with trust in the insurance industry, and it is the result of things that insurance agents have done in the past. (3:42)
Charles explains that his goal is to assist insurance agents in knowing how to produce a better customer service product and experience in order to win more business. (4:56)
Charles believes that when people grow more successful in the insurance business and get more clients, it becomes more difficult to provide excellent customer service. (5:59)
Charles explains the reasons why clients distrust insurance agents and insurance companies. (7:47)
Charles mentions Chris Paradiso and his agency as an example of a company that does an excellent job of onboarding clients and staying in touch with them. (13:04)
Charles discusses strategies for agencies to enhance their onboarding process. (13:47)
Charles discusses the steps that insurance agents may take to show prospects what it's like to do business with them in the future. (15:46)
Charles mentions that a 12-month timeline of services helps producers to get more signed broker record letters than anything else. (20:51)
Charles explains how to present an excellent 12-month service timeline. (23:58)
Charles explains that one of the main reasons prospects don't trust brokers is that they make lofty promises but provide poor after-sales service. (28:00)
Key Quotes:
“As insurance agents, we have done things over the course of time that have hindered our trust with prospects, insurance buyers, in the marketplace, and our reputation out there in the world. And a lot of it is because we provide a lot of verbal exercise and not a lot of follow-through.” - Charles Specht
“If we can alleviate this particular problem. If we can address it right up front, then we can provide a solution to overcome it, we can implement something that will cause the insured to actually see that you are the more obvious choice of which agent to do business with, you will collect more signatures on signed broker of record letters, you will then serve happiness, and you will have a lot of happy clients going forward.” - Charles Specht
“Brokers who promise a lot, but provide poor customer service after the sale is one of the main reasons why your prospects don't trust you. You have to have a solution to that problem. And I'm telling you that the 12 month written timeline of services is probably one of the best ways to overcome this problem.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
31 min
September 30, 2021How to Win BOR's Through Better NEGOTIATION with Underwriters
Most insurance brokers don't have a "Plan of Attack" when it comes to representing their prospects/clients in the marketplace.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains that the producers who get the most signed BOR's are those brokers who can effectively explain, to the insured, how they will handle the renewal process with each of the carriers and, specifically, how they will be a fierce negotiator on their behalf to ensure the best T&C's and the lowest premiums possible.

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

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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…