May 20, 2024

Millionaire Insurance Producer: Throwback: Admit it. You sell on price!

30 minutes

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.

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By Agency Intelligence

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