December 19, 2022

Throwback: Reasons Why You May Be an Unethical Agent (or not)

22 minutes

You may or may not be an unethical insurance agent, but your prospects don't know how to tell the difference. In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht hopes you won't "break up with him" as he bullet points a number of reasons both your prospects and your clients don't trust insurance agents, and what you can do to change it.

Episode Highlights:

Charles explains why insurance buyers, most of whom were construction corporations, recruited him as an independent consultant. (5:45)

Charles discusses the first reason which is: insurance agents show up with quotes that have inflated premiums. (7:38)

Charles believes that the average insurance buyer out in the United States is paying about 15% more for their insurance than they really need to. (9:20)

Charles mentions that, on average, whenever he works with insurance buyers, he usually reduces their costs between 11%-17%. (9:55)

Charles talks about hidden broker fees as well as other hidden fees. (10:49)

Charles shares why a commission relationship with insurance agents is not necessarily in the insured's best interest. (11:59)

Unqualified agents who give poor service, according to Charles, are also a problem. (12:51)

Charles talks about agents who are accessing the wrong carrier points. (13:39)

Charles explains why most insurance agents do a terrible job marketing their current clients to carriers at renewal. (14:38)

Charles discusses two more issues that he sees with the insurance agent. (17:05)

Key Quotes:

“I really feel that the average insurance buyer out there is paying about 15% more because on average whenever I work with insurance buyers, I usually get them down between 11% and 17%, based upon their quotes just by asking the underwriter” - Charles Specht

“If you've got a client who you know that there was no competition on, you are less likely to cross your T's and dot your I's and really push the underwriter for more credit. I'm not saying you're bad. I'm not saying you are unethical. I'm saying it is what it is.” - Charles Specht

“If you can get it across to your insured, your prospect, that you are open, that you are transparent, that you are going to educate them in the process. If you show them how you can be trusted, you will not only get more signed broker record letters, you will write bigger accounts, your book of business will continue to grow. You will become a millionaire insurance producer if you can do those things. And so that's why I wanted to talk about this issue.” - 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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