12X Commission

By Charles SpechtBusiness Entrepreneurship Careers

12X Commission episodes

May 27, 2024Throwback: "Plan B" in the Broker of Record Letter Process
Asking for the signed Broker of Record Letter is hard enough, but what do you do if the prospect actually says no? Do you have a 'Plan B' or do you just rollover at that point and agree to blindly offer quotes? I would tell you that you need to stick to your guns, do not quote (yet), and utilize a 'Plan B' so the prospect will make a choice in your favor after they get a chance to test your Bugatti-like services.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht teaches not only what the 'Plan B' ought to be but he'll give you the exact script to use when creating your own personalized 'Plan B.'
MOREOVER..... stay tuned at the end to hear about the "Broker of Record Letter BOOTCAMP" Charles is putting on 3/24/23. You won't want to miss this one! For more details on it this live BOR training, check out: brokerofrecordletter.com

Episode Highlights:
Charles explains that Plan A is to have a strategy prepared for getting the Broker of Record letter signed on the first meeting with the prospect. (04:29)
Charles discusses the percentages of insurance buyers who will sign your Broker of Record letter. (06:20)
Charles shares the script that every agent should learn before asking the prospect to sign the Broker of Record letter. (09:47)
Charles explains how to transition from Plan A to Plan B if the insured shows discomfort with Plan A. (11:27)
Charles discusses why having free services on Plan B is important. (17:26)
According to Charles, under Plan B, agents provide the insured with a strategy for what they will be doing in the future so that the insured may see the value they are receiving for the service being offered. (18:55)
Charles explains that having a strategy that is still geared toward the Broker of Record letter will give positive results. (24:13)
Charles announces the Broker of Record Letter BOOTCAMP, which will take place on March 24, 2023. (24:35)
Key Quotes:
“A professional has a plan. A professional has a strategy. A professional knows what they're going to be doing next. Even though you might not always know what to expect, you should always have a next step. Plan A, Plan B, Plan C.” - Charles Specht
“In Plan B, you're giving the insured a plan on what you're going to be doing going forward so that they can see the value they're getting out of it.” - Charles Specht
“Plan A is first and foremost, that's what we're working on first. Plan B, which is what this podcast episode is about, is sticking to your guns and not just giving in. But having a plan of attack that is still pushing towards the Broker of Record letter. Frankly, when you do that, you're going to have really, really good results.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Broker of Record Letter BOOTCAMP
Permission Network Insurance Agency, Inc.
30 min
May 23, 2024Your Weak Efforts Are Hurting My Ears - (www.wincroniche.club)
Have you ever gone through a season of prospecting where you weren't actually prospecting? You were doing -- I don't, know, whatever -- but just not a lot of reaching out to prospects? Yes, I think we all have experienced that from time to time. Today I had a coaching call with a new producer who has been in the business for about 8 months ... and I had to light him up! He's being lazy, reactive, and not doing the work that Producers are supposed to do. We all go through seasons like that. If you're in that season right now then GET OUT OF THERE RIGHT NOW!!! Enough is enough. Your weak efforts are hurting my ears. In fact, my own weak efforts hurt ever more. We (you and me both!) can do better. So let's.
Also, be sure to check out www.microniche.club and sign-up for a training I'm going to be given about how to choose your most profitable Micro-Niche. I'm also going to be giving people my "go to" Script that almost sets more new business appointments than anything else. Again, go to: www.microniche.club

Key Topics:
Addressing laziness in insurance agents
The dangers of reactive work habits
Importance of proactive client engagement and prospecting
Strategies for effective phone calls and client interactions
The value of walk-in visits and personal networking
Advice on focusing on larger accounts and meaningful activities
Motivational insights for achieving a million-dollar book of business
Reach out to
Charles Specht

Visit:
Permission Network
www.microniche.club

Produced by: PodSquad.fm
24 min
May 20, 2024Throwback: Admit it. You sell on price!
Admit it. Go ahead. Admit that you win a lot of new business by being the agent who offers a cheaper priced quote than your competitor. It's ok. Go ahead and admit. Why? Because that's a good thing. A very good thing. Price is very important. Price is so important, actually, that you'd be doing yourself a disservice to ignore it. In fact, you will set far FEWER new business appointments if you do NOT talk about price.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht talks about why and how you should prospect on price, and how to use it to set more new business appointments going forward. (And, he even gives you a few examples to use toward the end!)

Episode Highlights:
Charles explains that most insurance agents do not build a book of business being more expensive than the incumbent agent. (2:28)
Charles discusses the importance of understanding and admitting that pricing is very important in prospecting and setting appointments. (4:07)
Charles explains that prospecting and sitting in on an appointment are two completely different aspects of an insurance producer's job. (8:06)
Charles explains what "price plus something" is and why having a script is important when prospecting. (13:34)
Charles mentions that very few insurance companies have ever taken the next step and made something that makes them stand out. (20:22)
Charles believes that most insurance agents do not provide additional services that help their prospects and insureds and generate new revenue. (22:18)
Charles explains that creating a script that gets to the heart of the issue and the value point that an agent has to give a prospect is important because the agent is asking for an hour of their time. (24:30)
Charles mentions that the “plus something” has to have so much inherent value that the insured actually gets it. (27:58)
Key Quotes:
“It's just important that we understand and admit that price is absolutely important. It's important to prospecting and setting appointments.” - Charles Specht
“When it comes to your prospecting, I will tell you that you need to have a carat, a C3 - a Cold Call Carat. Your script that is “price plus something”, that “something” is unique to you…that “something” is a service you provide. ” - Charles Specht
“Your book of business is going to go up when you really kind of focus on the number plus something.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
31 min
May 16, 2024Your Most-Profitable Micro-Niche (www.microniche.club)
(First, go check out www.microniche.club to see what this is all about) - Do you feel like you're struggling setting enough new business appointments or not winning enough new clients? If that's the case for you, I would say it's likely due to a lack of focus in a narrowly defined Micro-Niche. Most producers struggle or don't make the kind of income they want or know they're capable of making because they are prospecting on the WRONG types of accounts.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will teach you about why you need to choose a Micro-Niche in order to accelerate your sales career and make more commission. And, the starting point for you is to first visit: www.microniche.club

Key Topics:
Micro-niche importance - check out www.microniche.club
Leveraging micro-niches for business growth
Effective strategies for selecting a micro-niche
Success stories from micro-niche strategies
Impact of micro-niching on appointment setting and client acquisition
Long-term benefits of micro-niching for agents and agencies
Reach out to
Charles Specht

Visit:
Permission Network
www.microniche.club

Produced by: PodSquad.fm
30 min
May 06, 2024Throwback: Get Off My Lawn!
There are a lot of male, pale, and stale insurance agents out there who think winning a new client by anything other than with a handshake and a "napkin deal" is unethical. Well, I kindly disagree.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains why the BOR is an ETHICAL instrument used by the policyholder to ensure great service. And, also, how you can use it to win new clients.

Episode Highlights:
Charles shares a story about his neighbor Fred, who was so focused on keeping his lawn in perfect condition that he ruined relationships with his neighbors, and compares that to many insurance agents who are set in their ways. (1:55)
Charles mentions that the history of the insurance industry was constructed on the shoulders of many outstanding individuals over many decades but it is largely dominated by white older males. (4:20)
Charles discusses what a Broker of Record (BOR) letter is and what purpose it serves. (7:18)
Charles explains that the BOR letter is the insurance buyer's final recourse. (11:03)
Charles believes that the BOR letter makes perfect sense and that it is the insurers' greatest chance to get a great deal. (14:59)
Charles explains that you do not need to tell the insured what they need; you just need to provide what you can. (19:41)
Charles mentions that we live in the era of social media, the internet, and email, and we don't have to be there face to face to win an account. (22:21)
Key Quotes:
“I actually say the Broker of Record letter is ethical. The insurance industry is an ethical industry, we don't allow things that are unethical to take place in the insurance business. We just don't let that happen.” - Charles Specht
“The more that you are singularly focused in one main particular area, the more likely you will be successful. And, you will be successful because you are repelling all the people who will not be your client and you are absolutely hyper attracting those who will be your client.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
30 min
April 25, 2024Throwback: How to Get Your Prospects to Stop Lying to You
Lies, lies, and more lies. So very often that's all we hear from our prospects. It happens to you and it happens to your competitors. But, there is definitely something you can do to make it happen much less often and--even--use it to win more signed Broker of Record Letters.

In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht teaches you about why prospects are lying to you and then provides a few tips (tactics) about how to overcome these roadblocks and get the prospect to finally tell you the truth about what you have to do to win their business.

Episode Highlights:
Charles discusses why some insurance industry prospects are liars. (2:07)
Charles shares a quick story about when he was relatively new in the insurance industry and discovered that the insured was lying to him. (3:18)
Charles explains that just because you make an appointment doesn't imply you're meeting with someone who will really give you a chance. (5:48)
Charles mentions that he simply cannot be someone's agent unless they are willing to terminate their relationship with their current agent. (8:30)
Charles explains that in sales, you get what you ask for and will not receive what you do not ask for, and you must push because the insurers are lying to you. (11:26)
Charles believes that as an insurance agent, you are your own biggest hurdle. There are factors blocking you from attaining what you want, and you need to recognize them so you can delegate, remove, or overcome them. (13:05)
Charles discusses what happens if insurance agents don't put up rules of engagement. (19:09)
Charles explains that since prospects don't understand how insurance works behind the scenes and are trying to figure it out for themselves, they often say things to insurance agents that they believe insurance agents want to hear in hopes the agent will do a better job for them. (20:52)
Charles emphasizes the need for insurance agents to continue to push if they do not feel like they have a clear idea of what the insured will do to make their decision on which agent they will do business with. (22:38)
Charles discusses one of the most important things he believes insurance agents should do when interviewing prospects. (24:36)
Key Quotes:
“Insurance agent, you are your own biggest hurdle. There are things that are stopping you from getting what you want. You need to be able to figure those out, identify them, label them if need be so that you can either delegate out the issue to somebody else, remove it altogether, or figure out a way in which to overcome it.” - Charles Specht
“What I'm really trying to get to at the core of this podcast episode is that your prospects, because they don't understand how insurance works behind the scenes, they're trying to figure it out themselves. And so, many times they are saying things to you that they think you want to hear that's going to cause you to do a better job for them.” - Charles Specht
“One of the main things that I think you need to do when you are asking questions of your prospect is, one, you need to find out how many years they've been with their current agent. Anything that is three years or longer is a red flag to me.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
28 min
April 22, 2024Leveling-Up for Higher Commissions
Are you happy with your current status quo or are you satisfied with mediocrity? No doubt, you're not. If not, are you doing anything significant to level-up your revenues, or write larger accounts, or close more new business? I hope you are! In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will help you to see what leveling-up would look like for you and he'll give you some key takeaways to figure out and then implement in order to finally begin closing more deals and making the money you know you're capable of earning.

Key Topics:
Importance of moving beyond comfort zones to achieve substantial growth
Strategies for targeting and securing larger accounts
The role of mindset in surpassing traditional business limits
Practical tips on choosing insurance carriers and maximizing commissions
Evaluating and adjusting business strategies to align with growth objectives
Real-life success stories of agents transforming their business scale
Prospects for agents willing to adopt aggressive growth strategies
Reach out to
Charles Specht

Visit:
Permission Network

Produced by: PodSquad.fm
32 min
April 18, 2024Throwback: Sales is War!
None of the insurance carriers pay you a commission for coming in 2nd place. 1st Place is King. 2nd Place is for losers. Literally, not figuratively. The incumbent wants you to lose. The other competing agents want you to lose. Most of the time even your prospect wants you to lose. Therefore ... SALES IS WAR!

In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how to prepare a New Business Prospecting Strategy for 2023 that will help you to dominate and write up to 50% more commission in the year than you would have otherwise. *** And, he talks about the "DOMINATE 2023 WEBINAR" he's conducting on 12/16/22.

Episode Highlights:
Charles explains that none of your insurance carriers pay commission for second place, only the incumbent agent gets paid. Everyone else loses because sales is war. (1:53)
Charles mentions that insurance agency owners can't have producers who don't produce. (3:42)
Charles believes that it is very difficult to achieve any goals as an agency owner if you do not have a plan or a strategy. (9:00)
Charles mentions that if you want to dominate in 2023, you need to start planning your strategy now. (13:10)
Charles mentions that the goal of his "DOMINATE 2023 WEBINAR” is to teach people how to create a step-by-step process that will help them achieve up to 50% more commission written or earned rather than received in 2023. (15:05)
Charles discusses that in the "DOMINATE 2023 WEBINAR”, he will also teach how to put together the simplest differentiator service that you can offer to your prospects in return for their business. (19:11)
Charles explains how to sign up for the "DOMINATE 2023 WEBINAR”, which will take place on December 16th at 1:30 p.m. CST. (21:39)
Key Quotes:
“None of your insurance carriers pay commission for second place. Only number one gets money, only number one gets to sit on the throne as an incumbent agent. Everybody else is a loser. Sales is war. And it's no different when it comes to insurance sales.” - Charles Specht
“The whole strategy of selling insurance and quoting business, the way the industry is set up, you're expected to lose if you are an agent who is just competing, based upon how everything has always been done.” - Charles Specht
“If you want to dominate 2023, you really have to get after it here in 2022. And by getting after, I mean, we start putting together a plan of attack for 2023. This is important because I know that those who have it tend to be successful, and those who don't are not successful.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
26 min
April 04, 2024The BOR Process Clearly Defined
Would you like to win more signed Broker of Letters from your prospects but you're not exactly sure how the process works? Would you appreciate it if someone gave you a step-by-step, repeatable process that would help you win more signatures? Well, then it's a good thing you're listening to today's episode because host Charles Specht is going to breakdown ten (10) steps to winning more signed Broker of Record Letters from your prospects.

PS: And, in this episode Charles tells you exactly how to get your hands on a copy of a 12-Month Timeline of Services you can use for your prospects.

Key Topics:
The importance of planning before securing Broker of Record letters
Overview of the Broker of Record letter process
Strategies for defining your ideal client
Choosing the most profitable micro-niche
Creating a 12-month timeline of services
Branding and scripting for your micro-niche
Implementing a three-prong approach to prospecting
The critical step of directly asking for the Broker of Record
Reach out to
Charles Specht

Visit:
Permission Network

Powered by PodSquad.fm
35 min
March 25, 2024Throwback: Just Shut Up and Prospect!
You don't need more 'time' on your calendar in order to be more successful. What you need is better 'usage' of your time. In others, stop doing whatever is keeping you from getting the results you ultimately want to achieve. To summarize it even more .... JUST SHUT UP AND START PROSPECTING!

In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht breaks down the prospecting numbers (both weekly and annually) for you to demonstrate what is needed in order to start having the financial success you want for yourself.

Episode Highlights:
Charles shares why you need to stop doing whatever else you are doing and start focusing on prospecting, or in other words, shut up and prospect. (1:53)
Charles discusses why prospecting is the most important thing you can do as an insurance agent. (6:35)
Charles mentions that prospecting can take many forms; you may be able to prospect current clients by gathering references and having them make phone calls or send emails on your behalf. (9:19)
Charles explains why producers should generally spend 30 minutes to an hour every day on LinkedIn. (16:05)
Charles mentions that prospecting is a numbers game and we work the numbers to get what we want while selling is a relationship game. (22:21)
Charles shares that while you're branding yourself, you'll be able to advertise yourself as the go-to expert in that industry. (24:57)
Charles explains that producers have been hired to prospect, make appointments, and convert those prospects into customers, with everything else being secondary. (29:05)
Key Quotes:
“Prospecting is your number one focus as a producer. If you are not focused on prospecting, something is wrong.” - Charles Specht
“Prospecting is a numbers game; Selling insurance is a relationship game.” - Charles Specht
“Make your money. Build your book. Become a millionaire insurance producer. There's no reason why you can't do it.” - 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…