12X Commission

By Charles SpechtBusiness Entrepreneurship Careers

12X Commission episodes

March 21, 2024Throwback: What Size Agency is Best for Building a $1,000,000 or More Book of Business
There are one-owner shops, small agencies, medium-sized agencies, large alphabet houses, and everything else in between. The question is: Which one can you make more money at as a producer?
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht walks you through the pros and cons of each, tells you which type/size agency he would work at today if he was planning to pick one to work at, and an option for you if you're considering making a switch.

Episode Highlights:
Charles mentions that he learned more at a large agency than at any other agency he has worked for. (4:41)
Charles explains why, after learning so much at a bigger agency, he would never work for one again. (6:48)
Charles discusses that, after 20 years of business, he already knows what to do if he is approached by an agency for consultation or assistance with their operations. (7:34)
Charles mentions that all of the producers he knows that have to have some form of servicing role for whatever they do in their everyday operations have smaller books of business. (10:42)
Charles explains that if you're the owner of the agency, having a one-man shop is fine as long as you're writing some business. (12:06)
Charles believes that a tiered system that rewards constant activity, building a book of business, and bringing on more new clients throughout the year would make a lot more sense for an agency. (14:26)
Charles explains that if your agency is unwilling to give you the opportunity to own a stake in the business, it may be in your best interest to look into other options because there are other options. (17:06)
Charles believes that you don't have to make a habit or build a large book of business to be fairly wealthy as an agent in the United States of America. (20:01)
Charles believes that if you are looking for a new agency, you should go to one that puts money into training, sales, and other similar things. (23:30)
Charles mentions that if you're considering changing agencies, reach out to him and he'll try to give you some advice on what to do or look for. (28:19)
Key Quotes:
“I've been in the business now for over 20 years, I understand a lot of these different things, I would know what to do tomorrow if I went to work with an agency, if an agency brought me on, for some consulting, consulting, to help them with operations, and their producers and so forth.” - Charles Specht
“There are other options out there, there is no shortage of opportunities out there in regards to the agencies that you might be a really good fit for. So, if you don't feel like your agency is a long-term play for you, then maybe make a switch.” - Charles Specht
“If you're thinking about switching the agency where you're at, you know what, reach out to me. And I'll try to give you some advice maybe on what to do or what to look for, I might even be able to give you a referral in a few different agencies if you're willing to work remotely.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
32 min
March 14, 2024Throwback: How to Achieve the Millionaire Producer Mindset
A weak mindset is often what most of your competitors possess. But what about you? Do you have a robust and competitive mindset when it comes to sales? Are you afraid to ask for the signed Broker of Record Letter? Are you nervous about telling the insured what you require from them in order to move forward?

In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains the seven things insurance producers need to have in order to possess a Millionaire Producer Mindset.

Episode Highlights:
Charles shares that he is developing his own producer school that will be launching very soon, which will go from A to Z on the entire sales process. (2:07)
Charles explains that the first thing to having a Millionaire Producer Mindset is to understand that sales are both a sprint and a marathon. (3:58)
Charles shares that prospecting is your primary daily function, and there really isn't a way in which to set appointments without prospecting. (8:27)
Charles explains that insurance agents should consider themselves both advisors and producers. (10:31)
Charles reminds us that agents need to remember that prospects want three things, to save money, save time, and have peace of mind. (12:18)
Charles shares that, as an agent, competitive dethronement is the business you are in. (16:18)
Charles explains that, as an agent, offering quotes to non-clients is a waste of time and not a very nice strategy. (17:47)
Charles explains that the last thing on the list to having a Millionaire Producer Mindset is to ask for a sale. (21:09)
Charles shares that everything is a sale, and to be human is to sell. (23:35)
Charles wraps up the episode by reminding listeners of the seven things to know in order to have a Millionaire Producer Mindset. (26:43)
Key Quotes:
"What you do for your prospects is serve happiness and collect signatures. Let me say it again, serve happiness and collect signatures. Did you hear me because I need to say it again, you need to serve happiness and collect signatures. That's what you are doing." - Charles Specht
"Always be closing. I just think there's truth to it. The truth of the matter is that yeah, you always need to be closing. Everything is a close. To be human is to sell. Everything is a strategy." - Charles Specht
"We need to ask for the business, we need to hold people's hand and take them down the path we want them to go. If you don't have that kind of a mindset. I would venture to guess that you're not very successful in sales." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
30 min
March 07, 2024How to Become the "Jerry Maguire" of the Insurance Industry
If you can do this one thing, you'll not only win more signed Broker of Record Letters but you'll save yourself a ton of time, headaches, stress, and you'll make a lot more money too. What is it? Here it is: "Show me the money, Jerry!" See, you need to become an insurance agent who is more like Jerry Maguire the sports agent, rather than "Joe Quotes" who offers quotes to non-clients. What I mean is professional sports agents don't offer quotes and quote against other sports agents, and neither should you.

In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will explain the how and why being Jerry Maguire is a better choice for you, and then three (3) steps to make it happen.

Key Topics:
The importance of how you're perceived by prospects
Why the traditional quoting process is flawed
Adopting the Jerry Maguire approach in insurance sales
Key strategies to differentiate yourself in the market
How to effectively communicate value to your prospects
The benefits of a mindset shift from quoting to consulting
Building a client-focused strategy for superior outcomes
Reach out to
Charles Specht

Visit:
Permission Network Insurance Agency, Inc.

Produced by Podsquad.fm
29 min
February 26, 2024Throwback: How to Write $250,000 in Commission in the Next 12 Months
Could you write $250k of new business commission in the next twelve months? I think you can ... And here's how!

There are three main things you need to do in order to successfully write a quarter of a million dollars in commission this next year. In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht breaks down the step-by-step process of how you can do this and how you can get every agent at your agency to do the same thing as well.

Episode Highlights:
Charles explains that the reason why he loves prospecting is that this activity results in having money in his pocket. (3:47)
Charles elaborates on how he fell into writing for subcontractors and other types of accounts. (5:02)
Charles explains why he decided that the first policy to write for an account was going to be $20,000 of commission or more because he was only writing for small accounts. (9:35)
Charles shares that the thing that is stopping you from writing $250,000 of the new commission is the blockage that you have in your mindset. (11:47)
Charles discusses how the size of the accounts that your agency goes after determines your path. (13:47)
Charles shares that if you go after whatever classes of business you are most competitive in, you are going to be successful. (17:38)
Charles explains why it is important to focus your time on carriers that are choosing to write certain classes of business to be competitive. (23:25)
Charles mentions that the only thing that is stopping you from writing $250k of revenue is your mindset. (25:30)
Charles explains how he helps people be able to achieve this goal, as he was able to do the same thing, in his 2nd year in business (29:37)
Key Quotes:
"The thing is, is that all I want you to understand when we're talking about you writing $250,000, of new commission over the course of a full year is that the thing that is stopping you from doing that is the blockage that you have in your mindset, period." - Charles Specht
"If you have a process, a system in which you are prospecting the type of business that your carriers want to write and are most competitive, then you are going to be successful." - Charles Specht
"The main thing that is stopping you from writing to under 250 grand of revenue over the next 12 months, is a limited mindset that is doing something that you've always done because you've gotten the same result." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
36 min
February 22, 2024Clearly Defining Your Ideal Client
If you have not yet CLEARLY DEFINED what your ideal client both is and is not then you're probably making only $0.50 on the $1 of what you could be earning. That's right. Not clearly defining your ideal client is costing you money -- a lot of money! You not only need to know what you will say "Yes!" to but also what you will say "No!" to in order to enjoy million-dollar success.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how to define your ideal client, what types of things to say yes or no to, and why clearly defining your ideal client is the secret to being a successful Millionaire Insurance Producer.

Key Topics:
Risks of being a generalist insurance agent
The concept and benefits of micro-niching
Identifying the type of client you truly want
The relationship between your ideal client and your lifestyle
Strategies to determine and attract your ideal client
The significance of saying no to certain clients or opportunities
Practical steps to define and target your ideal client base
Reach out to
Charles Specht

Visit:
Permission Network Insurance Agency, Inc.
26 min
February 12, 2024Throwback: Your Clients are Meeting with Other Brokers (and what you should do about it)
Yes, indeed, your clients get solicited by other insurance agents all the time. During this policy renewal year, they are more likely to meet with those agents (your competitors!) to see if there are alternative options available to them to cut costs. Why? Because inflation, a lack of workers, and a hardening insurance market are forcing them to look at options in order to do nothing more than stay in business.

In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains the THREE things you can do to ensure your clients renew with you rather than one of your competitors.

Episode Highlights:
Charles shares that the reality is that clients have almost no plan to leave you and yet they still talk to other agents. (2:11)
Charles explains that it is becoming difficult for insurance buyers and business owners to make a profit and stay in business. (4:41)
Charles elaborates on the industry's current situation and what people need to be careful of at this time. (7:31)
Charles explains that clients do not normally tell their agents that they are talking to their competitors. (10:21)
Charles explains how the challenge of maintaining clients can be turned into an asset in converting prospects into clients. (12:52)
Charles discusses three reasons why clients speak with other agents and what triggers these situations. (16:54)
Charles explains that clients meet other agents and competitors because of a lack of peace of mind. (21:34)
Charles explains how to create a significant amount of peace of mind in the minds and consciences of your clients. (23:45)
Charles explains that if you are able to provide clients with a renewal strategy and assurance, then they will most likely meet with you. (26:53)
Key Quotes:
"For the most part, most business owners or leaders in an organization do not tell their current providers of whatever the service or product is that they are getting quotes, and they are meeting with other vendors. " - Charles Specht
"Your clients are going to be meeting with competitors, other agents, other brokers, they're going to be meeting with direct writers, captives, other independent agents, and so forth, because they don't have peace of mind with anything that's happening right now." - Charles Specht
"We need to be able to create a significant amount of peace of mind in the minds and the consciences of our clients." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
33 min
February 08, 2024How to Triple Your Book of Business in 3 Years - (interview with Guffy Wright)
How would you like to have a $2,500,000 Book of Business (commission)? Sure, we all would. Well, that's what my client--Guffy Wright--from The Mahoney Group was able to accomplish in less than five years after working with me for 1-on-1 coaching! If you're a P&C or EB producer struggling with Micro-Niche selection, differentiation, leveling-up, mindset issues, limiting beliefs, or not getting enough signed Broker of Record Letters from your prospects, then stay tuned.

In this episode of the Millionaire Insurance Producer podcast, host Charles Specht interviews his client, Guffy Wright, about exactly what to do or not do in order to grow your Book of Business to well over $1,000,000 or more annually.

Key Topics:
Guffy Wright's transition from a stagnant $700,000 to a $2.5 million commission in just a few years.
The importance of targeting the right account size and client type for substantial growth.
How a shift in mindset and approach can lead to significant progress in the insurance industry.
The transition from a local to a national client base and the impact of virtual sales.
Emphasis on Broker of Record letters over traditional quoting for business expansion.
The role of ideal client identification in growing an insurance book of business.
Guffy Wright's insights on balancing professional growth with personal commitments.
Reach out to
Guffy Wright
Charles Specht
Visit:
The Mahoney Group
Permission Network Insurance Agency, Inc.
35 min
February 05, 2024Throwback: How to Be the Best
You don't have to be the "best" insurance agent out there. (Please, read that again!) There are literally tens of thousands of insurance agents out there who prospect in your very own geographic territory. You don't need to be the best out of all of them. In fact, all you have to be is the better CHOICE of whichever agent the prospect is using to get quotes on their behalf for that renewal. That's it.

In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how you can get your prospect to perceive you as the best CHOICE out of three agents, and fire their current agent in order to hire you!

Episode Highlights:
Charles shares that in any line of business, you do not have to be the best, but remember that you are unique. (2:10)
Charles explains that the main struggle that most agents have, regardless of whether they are new or experienced, is mindset. (4:30)
Charles discusses that there are a lot of agents that are also contacting your clients and prospects, and you do not have to be better than those agents. (9:15)
Charles shares that you only have to be better than a handful of other agents that are your competitors. (12:43)
Charles explains that the strongest position for you to be in is to be the best option based on who your prospects are meeting with. (17:59)
Charles explains that if you create a strategy and do it right, you will be able to eliminate the other competing agents. (20:26)
Charles elaborates on forcing your thinking to be positive, telling yourself that there is no reason why prospects should pick other agents other than yourself. (23:35)
Charles shares the new things that will be coming in for 12x Mastermind, as well as putting together actual microniches for exclusive members. (27:43)
Key Quotes:
"I just want to tell you that there are a lot of agents out there who are calling on not only your own clients but your prospects' lot. You don't even have to be better than those 100." - Charles Specht
"I know how to make super producers. And so what I'm doing now is I'm taking that information and I'm going to be bringing it down now to an exclusive few those who become members of my 12x Mastermind."- Charles Specht
"You don't have to be the best insurance agents that's out there. You just have to be the best choice for whichever prospect you're talking about." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
34 min
January 29, 2024How to Win Your Next 100 Clients
Are you a P&C or EB producer who is struggling to set enough new business appointments? Or, maybe you're just not able to close and win enough clients? Do you have too much pressure on you to succeed and you need to start delivering some positive results -- ASAP? If that at all describes where you're at right now then stay tuned because, in this episode of the Millionaire Insurance Producer podcast, host Charles Specht will tell, motivate, encourage, and give you the basic blueprint for what you need to do to win your next 100 clients and build your Book of Business to $1,000,000 or more. And, as a hint for what's to come ..... it all boils down to your "intent" and your "system" for prospecting.

Key Topics:
Overcoming the pressure and challenge of client acquisition in insurance sales
The concept of finding your ideal 100 clients for sustainable business growth
Importance of intention and having a systematic approach in sales
Strategies to identify and approach your target client segment
The role of micro-niching and account size in building your client base
Avoiding the 'sales drift' and staying proactive in client acquisition
Developing and implementing effective sales systems and processes
Reach out to
Charles Specht

Visit:
Permission Network Insurance Agency
31 min
January 25, 2024Throwback: How to Uncover "Bad News" and Win More Clients
Delivering bad news to current clients is an art. So is uncovering bad news from your prospects. In fact, the best and most wealthy insurance agents out there are typically the ones best at advising their current clients on industry trends, and uncovering pains/problems with their competition.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will explain how to do this for better client retention and for winning more signed Broker of Record Letters from your prospects.

Episode Highlights:
Charles explains that giving bad news and uncovering bad news are critical aspects of building a $1 million or more book business since it all comes down to winning and retaining clients. (3:30)
Charles discusses why delivering bad news to current clients is challenging. (9:21)
Charles explains the three most important strategies for maintaining a strong and loyal relationship with current clients and how to deliver bad news and get good results. (11:39)
Charles mentions that insurance agents must handle renewals in a very planned and strategic way in order to be considered an advisor. (17:20)
Charles believes that being able to spot pain is one of the most significant things insurance agents can do to win new clients. (24:54)
Charles discusses the significance of taking advantage of the hardening market in order to make more appointments and win more Broker of Record Letters. (25:36)
Charles encourages insurance agents to focus on being professional advisors in delivering bad news to current clients and becoming expert persuaders by identifying their pain points and issues with their present agents and then informing them about the superior services. (28:53)
Key Quotes:
“Delivering bad news and uncovering bad news are very, very important aspects to building a $1 million or more book business, because it all has to do with being successful at winning and retaining.” - Charles Specht
“You need to make sure that you are handling your renewals in a very structured and strategic way so that you are indeed an advisor and not necessarily someone who is quasi unethical when it came down to delivering that bad news.” - Charles Specht
“If there is one thing that will ensure your prospects start to meet with you and maybe consider options and even consider doing business with you is if you somehow were able to give them the information that it's likely their insurance rates are going to be increasing significantly, because that's what's happening in the rest of the marketplace across the United States of America and beyond. “ - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
32 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…