January 11, 2024

Throwback: Strategies for Winning the Broker of Record Letter

30 minutes

It's one thing to agree that targeting BOR's is a smart move but it's another thing altogether to develop a step-by-step process to winning signed Broker of Record Letters on a consistent basis.

In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will "build you a house" by explaining what the foundation is, what the four walls are, and what the roof is to winning more signed Broker of Record letters from your prospects.

Episode Highlights:

Charles explains why winning in a standard quoting procedure is quite difficult. (3:24)

Charles demonstrates how a Broker of Record letter is a better option than the quoting process. (7:05)

Charles believes that one of the main strategies in regards to the Broker of Record letter is asking for it. (9:13)

Charles explains that every single prospect meeting you have with an insured person needs to have a goal. (10:43)

Charles explains the advantages of being aggressive in your requests in order to persuade others to do what you want them to do. (13:50)

Charles explains that it is impossible to train individuals to be successful at selling anything if they are not aggressive in asking for the business. (17:10)

Charles discusses why the micro-niche, the foundation for your house, is so important in obtaining a signed Broker of Record letter. (17:49)

One of the ways to create a wall when building your house, according to Charles, is to plan out how you're going to prospect. (20:20)

Charles mentions that if you have a very powerful message that includes both the pricing side and a significant service side, you'll have a very excellent hit ratio on prospecting and setting appointments. (23:34)

The fourth wall, according to Charles, is how we lead that appointment to ask for the business. (24:17)

Charles discusses how the follow-up program will be the roof of the construction that binds the four walls together. (25:57)

Charles explains that the foundation is everything; it is the micro-niche, and everything is constructed on top of that; you can't have walls or a roof until it is completed. (27:45)

Key Quotes:

“You have to be aggressive in regards to what you're asking for in order to get them to do what you want them to do.” - Charles Specht

“If you have a very strong message that has both the price side as well as the significant service side, you're going to have a very good hit ratio on prospecting to setting appointments.” - Charles Specht

“Foundation is everything it is the micro niche, everything is built on top of it, you can't have walls and you can't have the roof until you get that done.” - 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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