May 06, 2024

Millionaire Insurance Producer: Throwback: Get Off My Lawn!

30 minutes

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.

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By Agency Intelligence

4.7

5050 ratings