December 29, 2022

Throwback: How to Win BOR's Through Better NEGOTIATION with Underwriters

32 minutes

Most insurance brokers don't have a "Plan of Attack" when it comes to representing their prospects/clients in the marketplace.

In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains that the producers who get the most signed BOR's are those brokers who can effectively explain, to the insured, how they will handle the renewal process with each of the carriers and, specifically, how they will be a fierce negotiator on their behalf to ensure the best T&C's and the lowest premiums possible.

Episode Highlights:

Charles recalls what he has discussed in his previous episodes. (1:03)

Charles shares the reasons why insurance buyers, predominantly construction companies, hire him to manage the insurance renewal process on their behalf. (7:05)

Charles explains why getting broker record letters and winning has become difficult. (8:53)

Charles describes the super producers who have a million-dollar book of business. (11:34)

Charles explains why you need to do different things when sitting down with your client at the very first meeting (18:07 )

Charles mentions the major aspects of time on services that you need to spend time talking about with your insured. (21:32)

Charles explains the importance of explaining to the insured your time on services, the things that you will do to ensure the best result for the prospect. (22:29)

Charles mentioned that one of the things that he does is go out to all the markets that are writing your business. (25:11)

Charles explains why most insurance producers have no plan. (29:40)

Key Quotes:

“When you're sitting down with your insurer in that very first meeting, you need to do a few different things in that meeting. You need to build that rapport. You need to make sure that the insurer feels fairly comfortable with you to start talking.” - Charles Specht

“Once you have found out a number of problems with your competition, then you start to open up your timeline of services, you start explaining what you're going to provide to them over the course of a 12 month period, you're explaining to them what it is that you're going to actually provide.” - Charles Specht

“There is a much better plan to build a $1 million or more book of business and it is in the art of persuasion. It's in negotiation. And specifically, it's for those who are flat out terminators when it comes to renegotiation. Not too difficult to do, but potentially difficult for some to begin implementing. ” - Charles Specht

Resources Mentioned:

Reach out to Charles Specht

Permission Network Insurance Agency, Inc.

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By Charles Specht

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