12X Commission

By Charles SpechtBusiness Entrepreneurship Careers

12X Commission episodes

August 01, 2024How to Prospect the Low-Hanging Fruit
I have a confession to make: I firmly believe insurance agents are prospecting all wrong. And, it is not only costing them thousands of dollars every year in new business commission, but they are losing literal weeks (months?) of their lives in the process. But, I also have some good news as well. The good news is that you can be happier as a producer, more successful, get more hours of your life back, and win more frequently. It all boils down to prospecting the low-hanging fruit. In this episode, I (Charles Specht) will tell you what the low-hanging fruit is and also how you can win it!

Key Topics:
Introduction of "low-hanging fruit" in insurance sales
Analogy of picking ripe figs to explain targeting easy opportunities
Importance of using the Broker of Record (BOR) letter in acquiring new clients
Techniques for identifying and capitalizing on straightforward sales opportunities
Discussion on the mindset needed for low-effort, high-return sales approaches
Insights into streamlining the sales process by focusing on ready-to-switch clients
Encouragement to refine focus on opportunities with the greatest return and least complication
Reach out to
Charles Specht

Visit:
Permission Network

Produced by: PodSquad.fm
29 min
July 29, 2024Throwback: How a Health Benefits Agent Won 12-15 BOR's in Six Months
What if you could win 12-15 signed Broker of Record Letters from your prospects in the next six months? How profitable would that be for you? Well, that's what one of my "12X Commission Mastermind" members accomplished for his agency in just the first six months of 2023, and since becoming a Mastermind member now only a total of seven (7) months ago.
In this throwback episode of the Millionaire Insurance Producer podcast, my guest is Illinois-based agency owner Ryan Cox and he shares what he's doing to prospect, to set appointments, and to win new business via BOR. And ... if you're interested in learning more about the "12X Commission Mastermind" then visit either www.12X.Club or go directly to: https://permissiongroup.com/mastermind/

Episode Highlights:
Ryan discusses his involvement in the management of employee benefit plans and medical insurance for small and midsize businesses. (2:19)
Ryan shares what led him to shift his attention to the Denver area and what made it so successful. (4:31)
Ryan mentions their outsourcing of telemarketing and email marketing, viewing it as an investment rather than a cold call and he believes this approach not only generates new clients and fuels growth but also helps address healthcare expenses. (17:13)
Ryan shares that SLI Benefits allocates 15-20% of its revenue to marketing campaigns, which has seen significant growth since its establishment. (19:01)
Ryan highlights that SLI Benefits' programs revolve around innovative concepts aimed at solving the complexities of healthcare. (26:56)
Ryan shares about the benefits of the “12X Commission Mastermind” program ane explains that it places great importance on having a well-defined process and unwavering conviction in one's work. (37:02)
Key Quotes:
“I outsource all of my telemarketing, email marketing, absolutely everything at great expense. But I look at it much more as an investment. If I know I'm going to have 15 conversations in a week, I'm probably going to get one or two new clients out of those conversations.” - Ryan Cox
“We really pride ourselves on offering those newer innovative types of concepts to crack the health care code.” - Ryan Cox
Resources Mentioned:
Ryan Cox LinkedIn
SLI Benefits
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
42 min
July 22, 2024Throwback: Is It Better To Quote or BOR?
Are you a crusty old insurance agent who hates BORs? If you are, then, goodbye. (I doubt you'd be reading this anyway if you were). However ... If you're a savvy, hungry, passionate insurance agent who wants to win and not lose, then today's topic is for you.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will explain to you why going after the BOR makes more sense than offering quotes, but also why there is nothing wrong with quoting ... so long as you're being wise about getting what you want out of the relationship.
And, if you're interested in leveling up your sales game, visit www.12x.club and consider joining the 12X Commission Mastermind to learn how to build a $1,000,000 or more Book of Business through a signed Broker of Record Letters.

Episode Highlights:
Charles discusses the importance of both quoting and pursuing the Broker of Record letter in the insurance industry. (3:38)
Charles explains that when presenting quotes, insurance producers must focus on bringing less expensive options to policyholders, as bringing good quotes likely leads to more business. (6:44)
Charles mentions that quoting is still an important part of the process but offering quotes without the client’s permission is a weak move. (10:32)
Charles explains that it is important to have a bucket system to categorize accounts based on commission to determine how much time and effort to put into them. (15:55)
Charles recommends using time wisely to prospect on other accounts and find unhappy clients who may be willing to take over their policy instead of going through a quoting process without a Broker of Record letter. (22:52)
Charles mentions that accounts are merit-based, so learning persuasion, asking the right questions, prospecting, and following up is crucial for making business decisions. (25:58)
Key Quotes:
“I'm not saying that you should go through a quoting process if you don't have the broker of record letter. I'm definitely not saying that. In fact, I would normally caution you not to. But every account is different. And so you have to look at every account based upon its merits.” - Charles Specht
“Every single insurance producer, every single one of you needs to have buckets. And in your buckets, those buckets are going to have some kind of a label on them based upon what it is that you're going to do on that account.” - Charles Specht
“Every account stands on its own merit. You have to make a business decision on every single account. Therefore, you must always be learning, you must always be learning in order to understand how persuasion works. You must always be learning so that you can see what the relationship is like. You must always be asking the right questions so that you can penetrate deep into the relationship to figure out what exactly is there and what is not.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency
31 min
July 11, 2024Throwback: How to Do "Follow-Up" When Prospecting
Do you struggle with "follow-up" for your prospects? Or, maybe you struggle because you only do follow-up in one form (e.g. cold calls or emails)? If yes, then welcome to the club! We all struggle with it. Prospecting is difficult and confusing and most agencies don't have someone to teach you how to do it because no one else there knows how to do it, either!
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will explain not only why having a systematized "follow-up" is both wise and necessary to growing your Book of Business, but he'll take you through a step-by-step prospecting follow-up program he recommends to many people in his 12X Commission Mastermind.
PS: If you're interested in learning more about the 12X Commission Mastermind, visit my website at: www.12x.club

Episode Highlights:
Charles discusses the 12x Commission Mastermind. (1:47)
Charles believes that a significant portion of insurance producers and agents lack an established follow-up program when they're engaged in prospecting. (3:40)
Charles explains the significance of choosing the right strategies for your prospects to avoid overconcentration on a segment that may not align with your business interests. (08:00)
Charles discusses the process of setting up a follow-up program, which includes methods such as cold calls, emails, and social media engagement, along with participation in networking events, soliciting referrals, and incorporating additional elements. (12:01)
Charles shares a scenario showcasing diverse ways to prospect, including through cold calls and emails. (15:52)
Charles mentions that layering the prospecting follow-up leads to exponential results, as they follow a systematic process, ensuring long-term, measurable results. (29:27)
Key Quotes:
“Your prospect will respond to you in the time and in the platform that is most comfortable and convenient for them, not you. ” - Charles Specht
“You need to have at least three ways in which you're prospecting, but more than that is better. And they have to be effective, based upon the type of prospect that you're going after.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
12x Commission mastermind
Permission Network Insurance Agency, Inc.
35 min
July 01, 2024Throwback: Our Time Has Come to an End?
No, I'm not talking about this podcast. I'm talking about you prospecting for new business! How you utilize "time" and the availability of it will have a direct correlation to your success in sales. If your prospect doesn't feel a need to move forward, to get things done, to understand how important it is to move quickly, you will not only struggle at setting new business appointments but you'll have a hard time winning. Why? Because, sales is war! And, because people (prospects) are lazy and unmotivated.

So, In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will give you some practical tips and suggestions about how to incorporate a "drop dead date" in your prospecting in order to win more new clients.

Episode Highlights:
Charles discusses procrastination and the role of time limits. (2:46)
Charles mentions the advantages of including timeframes in emails and calls when reaching out to potential clients. (8:49)
Charles explains that successful prospecting involves handling multiple prospects at once, adjusting proofs as needed, and respecting deadlines without applying excessive pressure. (14:39)
Charles discusses the crucial role of setting clear timelines and deadlines for prospects in reinforcing the position of an insurance agent. (20:55)
Charles believes that timing is a key factor to success in prospecting. (22:24)
Charles shares his view on the importance of incorporating time frames in sales, prospecting, and marketing procedures to enhance responses and boost business. (24:01)
Key Quotes:
“For us to win business, for you to win a new client, means somebody or other people are who are going to have to lose in order for you to win. If you're going to win a new client, at least one person, maybe more, has to lose in order for you to win.” - Charles Specht
“Sales is war. And if we don't give the insured some kind of a time period in which to have a decision done, they will continue to push it off, push it off, push it off, push it off. And before you know it, you are no longer at the top of their to-do list.” - Charles Specht
“Timing is so important to success. Timing is so important to prospecting. Giving your prospect a certain amount of time in which to get something done is very important.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
27 min
June 27, 2024How to Increase Your Quoting Win-Ratio by 50%
Going for the BOR is always the better option, but sometimes you just have to quote. If you go through a normal quoting process, be sure to get these three (3) things from the prospect. Once you do this, your quote-to-win ratio will increase so much that you could see your new business revenue increase by some 50% annually. That's a lot of commission. It's YOUR new business commission! But only if you get these three buy-in's from your prospect. So, listen and implement.

PS: Download a free copy of The Millionaire Producer at: https://permissiongroup.com/the-millionaire-producer/

Key Topics:
Understand the significance of the quoting process in the insurance industry
The importance of the Broker of Record (BOR) letter
Three essential steps to secure more clients and increase commission
The importance of exclusive access to key insurance carriers
Ensuring guaranteed business through clear agreements on price savings
Preventing competitors from getting a last look at quotes
Strategies to remind clients of agreed terms during the quoting process
Reach out to
Charles Specht

Visit:
Permission Network

Produced by: PodSquad.fm
34 min
June 20, 2024Throwback: Prospecting In Your Prospect's "Sweet Spot"
It's really hard to set new business appointments with your prospects if you can't communicate with them directly. (Go figure, right?) So, then, why in the world would you ... (or another agent you know?) ... keep prospecting in ways where you are forced to deal with gatekeepers and receptionists? That just doesn't make sense to me at all.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will teach the why and how of finding your prospect's "sweet spot" when it comes to communicating with them directly, in order to set more appointments.

Episode Highlights:
Charles uses the analogy of hitting the sweet spot in baseball to explain the importance of finding the right platform and script to communicate with prospects. (2:36)
Charles explains the importance of prospecting in a way that resonates with the prospect's preferences and needs, rather than solely relying on the salesperson's preferred methods. (6:08)
Charles discusses the need for a multi-pronged approach to prospecting, including walk-in visits, email, telephone calls, direct mail, social media, and speaking to centers of influence. (10:01)
Charles mentions the importance of finding ways to get direct access to decision-makers, such as using social media or sending a short text message, in order to bypass gatekeepers and increase the chances of success in selling insurance. (12:21)
Charles shares that emails should be micro-niched, focused on the major problem the prospects have, and clear and concise about how to fix it. (16:04)
Charles explains how to know the best way to prospect depending on the type of business that you are going after. (21:08)
Key Quotes:
“You need to have multiple different ways in which to speak to your prospect. Otherwise, you're not going to have success in setting appointments. And if you can't set appointments, you will starve.” - Charles Specht
“I would tell you just try and prospect in ways in which you can get direct access to decision maker so that you can bypass the gatekeeper, period. I like making phone calls, I actually think making phone calls works with a lot of different businesses. So it needs to be a part of that. However, emails, social media doing walk-in visits, different things like that can be very, very powerful if you do it, right.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
26 min
June 17, 2024Throwback: Winning 6 BOR's in 6 Months - (interview with Rocio Luna)
How would you like to win 6 new clients via signed Broker of Record Letter in less than 6 months ... with even the smaller of these clients being $12,000 in annual revenue? Would that be OK with you? I'm sure it would!
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht interviews [Insurance Producer Rockstar] Rocio Luna, who is also an active member of the 12X Commission Mastermind (www.12x.club) community. Among other things, Rocio explains how she is utilizing social media to get her Micro-Niched prospects (plumbers and concrete subcontractors) to reach out to her directly in order to solve their worker's compensation problems.

Episode Highlights:
Rocio discusses discovering Charles Specht and the 12X Commission Mastermind via a YouTube video on cold calling and prospecting. (2:46)
Rocio shares her insurance background, beginning as a claims manager and eventually becoming a sales producer. (4:11)
Rocio mentions that listening to Millionaire Insurance Producer podcast episodes influenced her decision to focus on construction. (7:46)
Rocio explains how she secured a client by presenting a solution to reduce the client's X-mod and providing a service timeline. (10:31)
Charles discusses the importance of insurance companies having well-targeted social media profiles and insurance buyers being aware of the broker of record letter option. (14:36)
Rocio discusses her primary prospecting method: social media, particularly Instagram. (16:39)
Rocio explains how embracing micro-niching helped her win a plumbing account. (20:11)
Rocio mentions that the insurance industry is not a get-rich-quick scheme; it demands hard work, prospecting, and building relationships with clients. (26:39)
Rocio shares how the 12X Commission Mastermind helped her in starting an Instagram account. (27:47)
Rocio believes that just one week of cold calling can lead to noticeable improvements in your work. (31:33)
Rocio asserts that joining a mastermind, like the one led by Charles, is the best way to reach a million dollars in commission, as it helps agents achieve their goals through repetition, fostering self-awareness and growth. (32:21)
Key Quotes:
“Agents should be transparent and just have a very simple process. Obviously, know your industry, because it's completely different when you're meeting with a human resources person and an owner.” - Rocio Luna
“If you just do one week of cold calling, you'll see the difference in your work.” - Rocio Luna
“I absolutely do recommend joining the mastermind if you want to reach a million dollars in commission.” - Rocio Luna
Resources Mentioned:
Rocio Luna LinkedIn
Rocio Luna Instagram
Modern Reign Insurance Brokers
12X Commission Mastermind
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
38 min
June 10, 2024Throwback: Winning New Business Through Association Endorsements
Wouldn't it be great if we could get you a steady flow of business owners to reach out to you to schedule appointments, rather than you contacting business owners who don't know you, like you, or trust you yet? Of course, it would be! It would make everything easier: setting appointments, building rapport, getting more signed BORs, winning business, etc.

In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will not only tell you why you should contact associations about becoming their endorsed insurance provider, but he tells you exactly how to do it in such a way that the association leadership will even give you a copy of their active membership list.

Episode Highlights:
Charles discusses the significance of prospecting and appointment setting for insurance agents. (2:07)
Charles explains how associations add value to their members and how insurance agents become endorsed agents for these organizations. (4:50)
Charles mentions the advantages of association endorsements, such as increased business and easier prospecting. (7:17)
Charles discusses the importance of micro-niching in the insurance industry and how it can make prospecting more efficient and effective. (12:10)
Charles shares some methods for approaching associations for endorsement, such as targeting smaller regional associations and conducting a Google search for potential associations. (16:29)
Charles explains the benefits of becoming an endorsed agent, which include access to membership lists and the ability to relieve executive directors' frustration. (19:47)
Charles discusses how becoming an endorsed agent can lead to non-member prospecting and sales opportunities. (22:18)
Charles mentions that it is important to focus on certain industries to learn about their risks and get in touch with carriers and associations. (26:00)
Key Quotes:
“By endorsing you as their agent to their members, it gives the members value that they might be able to lower their costs. Because you're doing business with someone through the association, the association endorses you, introduces you, refers you to them.” - Charles Specht
“I truly believe that if you pursue an association endorsement, it's going to put a lot of gold in your pocket. Everything becomes easier, prospecting becomes easier, and setting appointments becomes easier. Working with a few insurance carriers that you want becomes easier, you can write a lot of business doing it this way.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
31 min
June 03, 2024Throwback: BOR Confessions of a 12X Commission Mastermind Member - (Daniel Brookman)
Are you an insurance agent who has had moderate success selling insurance, but you just know you're not reaching your full capacity? Do you not have a strategic plan, or a step-by-step process to win new business, and you're merely quoting but not winning? That was the experience of Daniel Brookman, before joining 12X Commission Mastermind and implementing the training. Now, he's winning signed BOR's and building his Book of Business.

In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht interviews Daniel to find out what is working for him now, what is he saying, and why did that large manufacturing account sign his BOR during their first meeting!

Learn more about the 12X Commission Mastermind at this link: 12x.club

Episode Highlights:
Charles explains that in order to be a successful insurance agent, it is crucial to ask for what you want and to be a hunter, rather than a gatherer. (2:02)
Daniel shares that he is an experienced insurance agent from Ohio, specializing in life insurance, but also writes commercial property and casualty policies. (5:32)
Daniel mentions that joining the 12X Commission Mastermind has been hugely beneficial, particularly the two weekly calls with the group's leaders, which helped him maintain a productive mindset and keep prospecting as his top priority. (8:33)
Daniel believes that the discovery interview is the most important part of the sales process. (11:51)
Daniel discusses being explicit about what you are going to provide is a good way to contrast what you're capable of doing and willing to do with what the incumbent agent is doing. (16:30)
Daniel explains that he used to cold call and quote policies, but after listening to sales and insurance-based podcasts, he realized the importance of having a specialized and differentiated approach to prospecting and messaging to stand out from competitors. (21:15)
Daniel believes that transparency and explaining the process can help buyers understand how to get the best deal without hurting themselves in the long run. (25:00)
Daniel explains that 12X Commission Mastermind offers a solution to those who are tired of the same old process of getting quotes and following policies, feeling stuck, and not standing out from others. (26:58)
Charles discusses the benefits of being a member of the 12x Commision Mastermind program. (27:55)
Key Quotes:
“I still think the discovery interview is the most important part of the sales process, because you get invited in for a reason. And the number one thing you got to find out in that discovery process is, why are you there? Why did you get invited in?” - Daniel Brookman
“The biggest benefit has actually been mindset. Having those two weekly calls with yourself and the other producers on there, and just keeping those ideas fresh, keeping prospecting, top of mind, it keeps me from kind of straying away, and, you know, kind of losing focus on what's most important as a producer, which is prospecting.” - Daniel Brookman
“Now my prospecting is specialized. The messaging is not just industry specialized, but also specialized kind of talking and tailored to this process, and how I'm going to be different than just quoting your insurance.” - Daniel Brookman
Resources Mentioned:
Daniel Brookman LinkedIn
Reach out to Charles Specht
12X Commission Mastermind
Permission Network Insurance Agency, Inc.
34 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…