12X Commission

By Charles SpechtBusiness Entrepreneurship Careers

12X Commission episodes

September 16, 2021How to Get Your Prospects to Trust You (Part 1)
The biggest problem insurance agents struggle with is not market access or even a lack of services provided by their agency. The biggest problem is a lack of trust from your prospects.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht breaks down ten of the main reasons why insurance buyers don't trust you -- and then gives you the answer of how to overcome the first one!

Episode Highlights:
Charles discusses why the insurance business lacks trust. (3:35)
Charles discusses why he started a consulting company called "Constructive Risk". (6:32)
Charles expresses his hope to see the insurance business improve. (11:28)
Charles discusses the main reasons why your prospect shouldn't trust you. (12:15)
Charles mentions that most insurance customers are surprised when they discover how much insurance agents are paid vs how little assistance they actually receive. (15:04)
Charles explains why inexperienced brokers pursuing quotes from the incorrect market access points is an issue. (21:42)
Charles explains how to earn your prospect's trust. (26:49)
Charles emphasizes the necessity of clarifying the renewal procedure. (28:49)
Charles mentions that it is important to remember that the underwriter does not have your best interests in mind. (30:40)
Charles explains why sometimes underwriters don't tell you everything. (32:08)
Charles mentions another way to win a lot of business. (36:43)
Key Quotes:
“It is wrong to try and sell on price or product when you could be selling by solving a problem” - Charles Specht
“I would love to change the insurance industry in the future, I would personally love to have all policies be written at a 0% commission and insurance agents establish a set rule for the service fee, a fee for the services that they provide.” - Charles Specht
“I believe that if we were really honest with ourselves, we would probably come to the conclusion that it is not in the insured's best interest to work with me solely on their insurance renewal, that they would probably be better off if they worked with different agents and agencies, got quotes from them, from different carriers based upon their relationship with those carriers and how much premium they have with them, their relationship with the underwriters, what services they provide, and so forth.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht, CIC, CDA
Permission Network Insurance Agency, Inc.
40 min
September 09, 2021Reasons Why You May Be an Unethical Agent (or not)
You may or may not be an unethical insurance agent, but your prospects don't know how to tell the difference. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht hopes you won't "break up with him" as he bullet points a number of reasons both your prospects and your clients don't trust insurance agents, and what you can do to change it.

Episode Highlights:
Charles explains why insurance buyers, most of whom were construction corporations, recruited him as an independent consultant. (5:45)
Charles discusses the first reason which is: insurance agents show up with quotes that have inflated premiums. (7:38)
Charles believes that the average insurance buyer out in the United States is paying about 15% more for their insurance than they really need to. (9:20)
Charles mentions that, on average, whenever he works with insurance buyers, he usually reduces their costs between 11%-17%. (9:55)
Charles talks about hidden broker fees as well as other hidden fees. (10:49)
Charles shares why a commission relationship with insurance agents is not necessarily in the insured's best interest. (11:59)
Unqualified agents who give poor service, according to Charles, are also a problem. (12:51)
Charles talks about agents who are accessing the wrong carrier points. (13:39)
Charles explains why most insurance agents do a terrible job marketing their current clients to carriers at renewal. (14:38)
Charles discusses two more issues that he sees with the insurance agent. (17:05)
Key Quotes:
“I really feel that the average insurance buyer out there is paying about 15% more because on average whenever I work with insurance buyers, I usually get them down between 11% and 17%, based upon their quotes just by asking the underwriter” - Charles Specht
“If you've got a client who you know that there was no competition on, you are less likely to cross your T's and dot your I's and really push the underwriter for more credit. I'm not saying you're bad. I'm not saying you are unethical. I'm saying it is what it is.” - Charles Specht
“If you can get it across to your insured, your prospect, that you are open, that you are transparent, that you are going to educate them in the process. If you show them how you can be trusted, you will not only get more signed broker record letters, you will write bigger accounts, your book of business will continue to grow. You will become a millionaire insurance producer if you can do those things. And so that's why I wanted to talk about this issue.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
23 min
September 06, 2021Why Writing Small Accounts Will Make You Poor
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains the two main reasons why writing small accounts is a terrible strategy for an insurance agent and why THINKING BIGGER and writing larger accounts makes everyone happier. "Small Thinking" is a plague that may allow you to pay your monthly electric bill but it will never allow you to build wealth.

Episode Highlights:
Why is thinking small, a major problem? (2:55)
How does Charles' approach to work differ from that of 20 years ago? (5:30)
Charles explains how to compensate for inexperience, as a young agent. (6:56)
Is there a difference in process when prospecting large accounts versus smaller ones? (8:14)
What happens when you’re successful at writing small accounts? (9:37)
Charles details a conversation he recently had with the service team. (13:00)
What should your target goal be, as a starting point? (13:02)
Charles shares his message for agency principals. (14:44)
Key Quotes:
“You have to stop thinking small. And, you have to start going big. That's what you have to do. You really have to. I can give you all the tools, I can give you everything that you need to do, if you will, to make that leap to make that jump...But, you have to step off the plane.” - Charles Specht
“You'll make enough money to pay the electric bill, to pay the rent, or the mortgage or whatever it is. And you know what? Maybe every once in a while, go out to a nice little restaurant with your wife and your kids, and so forth. But, you're not going to build wealth.” - Charles Specht
“I have had a chance to talk with lots of different insurance agents. They message me on LinkedIn, they call me, they shoot me an email, whatever it is. I have a chance to talk to a bunch of the vast majority of them out there. I know their problems could be solved, if they would simply start thinking bigger.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
19 min
September 02, 2021The Millionaire Producer's "Power of 1"
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains the five key areas you need to implement the "Power of 1" in order to build your Book of Business to $1,000,000 or more. Staying focused on one path of success is difficult for most producers, but getting better at it is what separates the pro's from the amateurs.

Episode Highlights:
Charles explains the power and importance of following through. (3:30)
What does Charles look for when predicting a new agent’s success or failure? (4:58)
Charles details his first piece of advice: have one mission. (6:55)
Charles shares a story from college to illustrate his second piece of advice. (12:16)
What should your only goal be at the end of your first appointment with a client? (15:29 )
What’s something that takes time and makes it more difficult to win? (19:12)
Charles shares his third piece of advice: how to approach micro niching. (21:22)
Charles explains his fourth piece of advice: one policy expertise. (23:26)
Charles details his fifth piece of advice: the one activity that will put gold in your pocket. (28:44)
Charles tells listeners why it’s so important to have a process and a plan. (32:48)
Key Quotes:
“The problem with us as producers, as insurance agents, as human beings, frankly, we're not very good at staying focused. We lose focus, therefore, very often, we're off the path. We're off the path of success. Sometimes we just lose our focus on what we're supposed to be doing.” - Charles Specht
“There's definitely certain characteristics of insurance producers that I see...that person is going to be a success, or that person is going to be out of this business in six months. And, it comes down to the power of one.” - Charles Specht
“If you are singularly focused...you are going to get more broker of record letters, period, hands down from the prospects that you meet with, because you are the obvious choice.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
36 min
August 30, 2021The Storyline of a Successful Insurance Agent
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses how to find success as an insurance agent. It's not about you. It's not about the insurance agent. The Hero of the "insurance story" is your prospect. Marketing, branding, and selling is best performed when you position your prospect as the Hero and you as the Guide. Give your prospect a plan for success and they'll do whatever you (the Guide) tell them to do!

Episode Highlights:
Which two stories should insurance agents have? (4:10)
Charles shares a story of how helpful life insurance is. (4:54)
Charles mentions the book, called, Building a StoryBrand, by Donald Miller. (8:21)
Charles explains why your sales process needs a script. (11:28)
Charles shares who the hero is when it comes to the storyline of a successful insurance agent. (13:18)
Charles explains who the villain is when it comes to the insurance process. (15:16)
As a producer, what do you need to remind the insured of? (16:58)
Charles details the key responsibilities of a guide and a producer. (17:54)
Charles explains why most insurance producers don't discuss what victory looks like. (22:44)
Key Quotes:
“You have to bring your prospect into the story, otherwise, you are white noise. You're just white noise in the background. You're just a buzzing in people's ears, and they're not really coming along with you in the story.” - Charles Specht
“The villain is the entire quoting process. You as the guide show up and what your responsibility to do in this whole process is to somehow be able to formulate a plan or a strategy so that the insured can actually see what they're supposed to do, and that will show them how to be victorious in the end.” - Charles Specht
“The storyline of a successful producer, you as a new guide have to come in and get the hero, the prospect, the insurer, to realize that the guide they have right now can't take them to the next level.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
28 min
August 26, 2021The Broker of Record Letter Process
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses how quoting is for the weak! This is a truism. But if you're not going to offer quotes, what should a producer do, exactly? That's what Charles Specht breaks down for us today. Instead of offering quotes, use this process instead to win signed BOR’s!

Episode Highlights:
Charles shares a story about a poll he recently did on LinkedIn. (1:45)
Charles explains why he disagrees that the broker of record letter is unethical. (2:56)
Charles mentions one important thing that insurance agents should do. (7:30)
Charles shares what insurance agents prospecting goals should be. (8:29)
Charles explains some of the reasons why insurance buyers don’t trust insurance agents. (12:32)
Charles explains how to get more signed broker record letters and how to build your book of business. (16:53)
Charles mentions some of the goals you should have when meeting with your prospect. (19:45)
Charles mentions why being micro niche is key. (26:08)
Charles shares another part of the broker of record letter process: the written timeline of services. (27:54)
Charles explains the definition of winning. (33:49)
Key Quotes:
“Let me just tell you, I do not at all like or agree with insurance carriers that have a problem with a broker of record letter. It exists for your policyholder. That's what it exists for.” - Charles Specht
“I do believe that the broker of record letter again is not only ethical, I also feel it is in the insurance’s best interest to know that it exists, to know that it is something that they can use at any one time. And, I also feel that it is in the insurance agent’s best interest to have the broker of record letter as the trophy of what they're trying to accomplish.” - Charles Specht
“A lot of this process is a process of switching your thinking. You need to rethink your strategy for prospecting new business. That's what we have to do, we have to rethink our strategy for prospecting new business.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
38 min
August 12, 2021Stop Offering Quotes and Focus on Winning Permission, Instead
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses how competing insurance agents only win new business an average of 8% of the time in a normal quoting process. Incumbent agents win 92%. So, who has it better? That's really the issue. Incumbent agents retain their clients because they have access and currently control the insured's permission. Therefore, let's focus on winning permission rather than blind quoting.

Episode Highlights:
Charles shares what is the problem with the normal quoting process in the insurance industry. (3:16)
Charles shares why he likes the books of Seth Godin. (5:44)
Charles explains his definition of permission. (8:48)
Charles tells listeners why it’s so important to get permission. (9:46)
What kind of quoting is Charles trying to get rid of? (14:31)
What’s one of the most difficult things for insurance agents to start figuring out? (18:30)
Charles shares one of the most important strategies to use. (21:10)
Charles gives an overview of different areas of permission. (27:48)
Charles shares the final tip which is to start going after broker of record letters. (28:39)
Charles mentions a dirty little secret about the insurance industry. (30:07)
Key Quotes:
“We need to make sure that we have the access to go forward before we actually do go forward.” - Charles Specht
“You’ve got to get that permission. Because if you don't have it, you ain't winning. I'm sorry to tell you, you are not going to win if you do not have insurance permission. There's a lot of insurance buyers out there who are using you for information.” - Charles Specht
“Having that mindset that you do not offer quotes going forward...Probably one of the more difficult things to do. But let me just tell you, you do that and the insured will never forget you.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
37 min
August 05, 2021Stop Playing Games and Start Producing New Business
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht is here to tell you that it's time to make a decision, and to make the decision to be a Producer. You're not a CSR. You're not an Account Manager. You are a Producer. Producers produce. Period. That's what producers do. So, let's get serious and decide to play smart rather than play safe!

Episode Highlights:
Charles explains why he’s glad to have the opportunity to be in the insurance industry. (3:34)
Charles gives the two actions to take if there are areas where you're not getting the results that you want. (5:59)
Charles mentions one of the beautiful things about the insurance business. (9:48)
Charles shares what his thoughts were during his recent battle with COVID-19. (12:16)
Charles explains the importance of having the right mindset. (14:38)
Charles mentions one of the major problems that he often sees in producers and servicing teams. (17:24)
Charles shares a story about his conversation with an insurance agent before he started recording this podcast. (23:09)
Charles shares the process of how to stop producers from servicing and make them start producing. (24:58)
Key Quotes:
“I truly believe that the insurance industry is probably one of the best industries that anyone could be in, whether they are 65 years old, or 25 years old, just out of college. It doesn't matter. I love the insurance industry. There are so many different things that you can do.” - Charles Specht
“Let's create a process that is actually going to guarantee to ensure the results that you want going forward that you are going to build the book of business that you want, not something that's just going to fall together, or happen by chance.” - Charles Specht
“You need to find what works for you and then stop playing games, and go all in. You go all in. You need to have a killer mindset, you need to have a killer attitude, you need to make sure that the line of producer and servicing is very clear, and you do not cross over.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
33 min
July 22, 2021How 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 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 15, 2021How to Cold Call to Set More Appointments with Prospects
In this 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

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…