Millionaire Insurance Producer

By Charles Specht

Hosted by Charles Specht, the Millionaire Insurance Producer podcast is the top podcast for insurance producers who want to quote less and win more often. Charles was a producer with a $1,000,000+ Boo... more

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FAQs about Millionaire Insurance Producer:

How many episodes does Millionaire Insurance Producer have?

The podcast currently has 202 episodes available.

Millionaire Insurance Producer episodes:

August 26, 2024Throwback: How to Present Your Quote Proposal to a PROSPECT
Definitely, getting the signed Broker of Record is the better approach to winning new clients. But there are times when the BOR is not an option and so the only way to win that client is by quoting. No worries, because in this episode of the Millionaire Insurance Producer podcast, host Charles Specht is going to explain to you the three things YOU NEED TO GET from the insured before quoting, and then what to include in your final Proposal in order to strengthen your position to win that new client.

Moreover, at the end of the episode, Charles will explain how to hire him to do a virtual sales motivation summit for your agency, or bring him in for a live, in-person sales training with your producers.

Episode Highlights:
Charles explains that quoting for insurance policies is a weak move because incumbents have a 92% chance of retaining the business, so agents need to position themselves strategically and not rely solely on quotes. (3:18)
Charles discusses three key factors that are crucial in the insurance quoting process: gaining exclusive access to desired carriers, establishing a clear agreement with the insured, and preventing the incumbent agent from re-quoting the account. (5:28)
According to Charles, agents should avoid meeting with prospects 10 days before policy renewal because insurance carriers' Broker record letter process prevents payment if signed and submitted within 10 days. (14:50)
Charles mentions that it is advised not to meet with a prospect to provide quotes before the incumbent agent has given their renewal quotes. This is because it is important to have strong positioning and the ability to make a decision on the spot when meeting with the insured. (17:52)
Charles emphasizes the importance of positioning oneself to win business and increase the hit ratio when offering quotes to non-clients. (26:26)
Charles offers his services as a motivational speaker and trainer for insurance agencies, promising to teach the Broker of Record letter process and help agents build a $1 million or more book of business. (29:17)
Key Quotes:
“I have to be wise as a serpent and as innocent as a dove when I go through this whole process so that I am doing a good job for my underwriters, my agency, my wife, my children, my family, my bank account… because I'm in the sales business. And sales is about positioning.” - Charles Specht
“There are things that you can do in this whole process when you are offering quotes to non-client prospects who don't yet fully trust you. It comes down to positioning. If you position yourself to win, you're much more likely to win. If you position yourself just to play, well, guess what? You'll get used.” - Charles Specht
“Quoting is weak, but quoting works if you can put yourself in a stronger position. Do those things that we talked about and you’re going to put yourself in a much stronger position. I guarantee it.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
...more
33min
August 12, 2024Throwback: Is Being an Insurance Consultant Right for You?
You may or may not be an agent looking to shift your career away from slinging policies and throwing mud against the walls to see what sticks. And, I get that. Or, you may not be an agency owner looking to add "Consulting" to your list of services provided. And, again, I get that. But .... it might just be the absolute PERFECT CHOICE for you going forward, and that's what this episode is also about.

In this throwback episode, Host Charles Specht explains and breaks down the two primary business models you can choose from, to help you earn $100k - $350k annually. And, Charles begins to unpack "Phase 2" which will be released later in Q4 of this year that will be specific to insurance agencies who want to take over the policies (via BOR) of mine and the other consultant's client's policies. Get ready, because we're getting ready to disrupt the entire insurance industry!

Episode Highlights:
Charles mentions that his first approach to prospecting as an independent consultant in the insurance industry is to offer unbiased advice and guidance to small to medium-sized business owners for a fee, without directly involving their brokers or agents. (8:09)
Charles discusses his transition to a new business model where he works as an agency retainer, providing ongoing support and advice to clients for a higher fee, and he refers smaller accounts to other consultants in different states. (18:28)
Charles discusses how the constructive risk network is a good fit for individuals with insurance backgrounds and experience, including insurance agents, carrier people, sales reps, underwriters, claims people, risk managers, and insurance agency owners, particularly those with small to medium-sized agencies looking to transition into insurance consulting. (22:58)
Charles explains that phase one of his Constructive Risk Network involves bringing in insurance consultants under the Constructive Risk Network with exclusive assignments for each state, initially limiting it to three consultants per state. (27:05)
Charles mentions that the goal is to revolutionize the insurance industry by bringing in exclusive insurance agencies and consultants, focusing on the success of both the insurance buyer and the agent broker, and eliminating the quoting process. (28:54)
Key Quotes:
“Getting referrals as an insurance consultant is so easy, it's so easy. You're not competing against other agents, they've already got an agent, you're different.” - Charles Specht
“The goal then, is that we're going to be bringing in insurance agencies in each of the states. Again, very exclusive. We're not bringing in everybody, we're just going to be focused on a number of agencies that have some desire to write certain industries, certain classes of business, and there's no commission split here. You write the policy, you keep 100%. That's it.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
...more
36min
August 05, 2024Throwback: How to Become an Insurance Consultant
I know, I know. This is a different kind of episode than you're used to. But, it just might be one that changes your life for the better!

In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will begin teaching you about how to exit the "rat race" of selling insurance policies and -- instead -- become a wholly independent, fee-based insurance consultant where you will likely make between $100,000 - $350,000 in personal "take home" income every single year. I've created an exclusive group with assigned territories and this is available for both P&C agents as well as EB agents. If you're interested in that, keep listening. If you're VERY INTERESTED in it and want to learn more, send me an email by first visiting my website at: www.constructiverisk.com

Episode Highlights:
Charles shares that he is making a pivot in his business by creating a network of insurance consultants who are hired by insurance buyers to provide unbiased advice for a flat fee. (2:41)
Charles discusses the challenges in selling insurance, including time-consuming data gathering and unresponsive marketing departments, and the benefits of being an insurance consultant. (5:53)
Charles mentions that an insurance consultant offers unbiased counsel and negotiates premiums down, typically saving clients 11-17% and potentially up to 55% of annual insurance costs, with fees ranging from $2,500 to $20,000. (9:39)
Charles explains that insurance agents can save clients money and provide value by representing multiple carriers, allowing them to be unbiased advisors and counselors to insured individuals. (13:48)
Charles discusses that having an insurance consultant instead of just trusting an agent can result in better outcomes and higher profits, with minimal expenses and no need for a physical office or additional staff. (18:40)
Charles discusses the downside of not having residuals like an insurance agent and the benefits of saving clients time and money through handling negotiations, managing policies, and providing risk management services. (20:56)
Charles mentions that an insurance consultant helps insurance buyers navigate the insurance process and ensures that agents have a fair opportunity to win business, benefiting both the buyer and the agents involved. (25:26)
Charles shares that he will be giving exclusivity in regards to the territory for insurance agents, with a focus on creating programs, obtaining endorsements, and providing marketing support to generate wealth and achieve personal goals. (29:13)
Key Quotes:
“I am creating a network of insurance consultants that are no longer having to sell insurance. They're now being hired by the insurance buyer and paid a flat fee to give them unbiased advice.” - Charles Specht
“As an insurance consultant, what I have to get the insurance buyer to understand is that I don't sell insurance, I'm not a competitor with their agent... I am completely separate from the entire placing of insurance, I am completely unbiased.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Constructive Risk
Permission Network Insurance Agency, Inc.
...more
36min
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
...more
29min
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.
...more
42min
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
...more
31min
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.
...more
35min
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.
...more
27min
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
...more
34min
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.
...more
26min

FAQs about Millionaire Insurance Producer:

How many episodes does Millionaire Insurance Producer have?

The podcast currently has 202 episodes available.

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