Millionaire Insurance Producer: Recent Episodes
Charles Specht
Hosted by Charles Specht, the Millionaire Insurance Producer podcast is the top podcast for insurance producers who want to quote less and win more often. Charles was a producer with a $1,000,000+ Book of Business, before starting a consulting company working directly with insurance buyers. Charles understands what your prospects both want and need and will give you the tools of how to package your services in such a way that your prospects will fire their current agent and sign your Broker of Record Letter…during the very first appointment!
QUESTION: Are you 12X? Professional insurance agents aren't throwing mud against the wall to see what sticks. Super producers are in the right mindset, they have a plan, and they go for the jugular. They ask for the business, they demand attention, they require the insured's permission, they get awarded a signed Broker of Record Letters, and they build a $1,000,000 or more Book of Business. In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will explain how to become 12X.
Episode Highlights:
Charles explains what 12x is all about, where it is used, and how important it is. (2:10)
Charles says there is no reason not to be able to prospect greatness. (05:20)
Charles explains that productivity is an aspect of being successful in almost anything we do. (9:18)
Charles discusses the importance of knowing your numbers. (10:58)
Charles shares that he always loves hearing stories about Brokers of Record. (12:57)
Charles explains that in the insurance industry, permission is one of the most important things to keep in mind. (14:21)
Charles shares you can get more accomplished with a very tight relationship with one underwriter than you could ever get with a very strategic plan. (17:37)
Charles explains the importance of the 12x mindset and focusing on your micro-niche. (20:31)
Charles shares that sometimes business owners don't know exactly what's in their own best interest. (24:19)
Key Quotes:
"Lot of people can show up. But not a lot of people can show up and deliver. If you can show up and deliver, you are essentially writing yourself a blank check for the future. Sky's the limit if you're 12x." - Charles Specht
"I also know that you can get more accomplished with a very tight relationship with one underwriter than you could ever get with a very strategic plan." - Charles Specht
"You're not in the insurance business. You're in your micro-niche, your unique industry, of your prospect. And that's 12x. That is the mindset that you are in." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Do you lack the Motivation to prospect for new business? Most insurance agents say they have a difficult time maintaining Motivation. However, I think the real culprit is something different and that it's because producers lack Confidence that they, therefore, lack the Motivation to prospect. But -- if the truth is known -- In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht feels that something else is the real reason you lack Confidence and therefore lack Motivation and therefore lack results. And, in this episode, he'll explain what it is and how you can get it!
Episode Highlights:
Charles asks the question of which comes first, is it the motivation or is it the confidence? (1:28)
Charles shares that he wants people in the industry to have both motivation and confidence. (4:01)
Charles shares that you need to have a lifetime goal and a destination so that plans can be made to make it to that destination. (8:29)
Charles mentions that Confidence comes from the plan, and motivation is the fruit. (11:20)
Charles shares that when you have the structure in order, process and strategy, you are going to have results. (15:12)
Charles explains how you're going to use your social media strategy. (19:53)
Charles shares that you should keep in mind what's the one thing that you can do that makes everything else easier or unnecessary. (22:48)
Charles talks about a message that he got from someone on LinkedIn. (25:08)
Charles explains that we lack true accountability, and it causes us not to follow through. (28:15)
Key Quotes:
"When you have confidence, you get motivation, I don't think that you can have motivation that is any kind of motivation, certainly, that's going to last any amount of time if you don't have the confidence to follow through." - Charles Specht
"Confidence comes from the plan, when the plan is established motivation is the fruit." - Charles Specht
"If you lack true accountability, then it's quite likely, you're not going to follow through with the things that you want to actually do. You're just not." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Most insurance agents fail at selling insurance because they started on the wrong foot. They never achieved traction and so they failed. What I've found is that many agents lack traction because they don't know what they're selling or to whom they're selling. They are "generalists" and they achieve mediocrity every single day. If you want to become more successful at selling insurance, figure out who your ideal prospect is (with absolute clarity) and prospect with diligence. In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will teach you how to do exactly that.
Episode Highlights:
Charles shares that articulating or defining your ideal client is the foundation of prospecting. (1:59)
Charles explains that if your message is that of the one you were focused on, it will tilt up towards the client you are messaging. (6:22)
Charles defines every agent as being very unique in every way in your own agency. (10:19)
Charles shares his experience with a shooting gun and how it relates it to the industry. (11:44)
Charles discusses instances where an agent will likely start to flounder. (15:06)
Charles shares a story of an agent that he knows and how it went with the agent's client. (17:02)
Charles explains that it's amazing what happens when you get clearly defined about who you're trying to attract, and who you're trying to repel. (20:17)
Charles shares one of the more difficult things for an insurance agent to do. (21:53)
Charles explains that the key to being successful in your niche is ultimately to decide to go all-in on the type of account that you want. (26:25)
Key Quotes:
"Those insurance agents who lack clarity and understanding or being able to articulate and define your ideal client are the ones who are going to fail." - Charles Specht
"If you don't have a script that is focused on your ideal client, you are basically playing luck, you're gambling." - Charles Specht
"If you don't have a clear idea of what you're trying to accomplish and who you're trying to resonate with, then you're likely going to sort of flounder." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
You may or may not be an agent looking to shift your career away from slinging policies and throwing mud against the walls to see what sticks. And, I get that. Or, you may not be an agency owner looking to add "Consulting" to your list of services provided. And, again, I get that. But .... it might just be the absolute PERFECT CHOICE for you going forward, and that's what this episode is also about.
Host Charles Specht explains and breaks down the two primary business models you can choose from, to help you earn $100k - $350k annually. And, Charles begins to unpack "Phase 2" which will be released later in Q4 of this year that will be specific to insurance agencies who want to take over the policies (via BOR) of mine and the other consultant's client's policies. Get ready, because we're getting ready to disrupt the entire insurance industry!
Episode Highlights:
Charles mentions that his first approach to prospecting as an independent consultant in the insurance industry is to offer unbiased advice and guidance to small to medium-sized business owners for a fee, without directly involving their brokers or agents. (8:09)
Charles discusses his transition to a new business model where he works as an agency retainer, providing ongoing support and advice to clients for a higher fee, and he refers smaller accounts to other consultants in different states. (18:28)
Charles discusses how the constructive risk network is a good fit for individuals with insurance backgrounds and experience, including insurance agents, carrier people, sales reps, underwriters, claims people, risk managers, and insurance agency owners, particularly those with small to medium-sized agencies looking to transition into insurance consulting. (22:58)
Charles explains that phase one of his Constructive Risk Network involves bringing in insurance consultants under the Constructive Risk Network with exclusive assignments for each state, initially limiting it to three consultants per state. (27:05)
Charles mentions that the goal is to revolutionize the insurance industry by bringing in exclusive insurance agencies and consultants, focusing on the success of both the insurance buyer and the agent broker, and eliminating the quoting process. (28:54)
Key Quotes:
“Getting referrals as an insurance consultant is so easy, it's so easy. You're not competing against other agents, they've already got an agent, you're different.” - Charles Specht
“The goal then, is that we're going to be bringing in insurance agencies in each of the states. Again, very exclusive. We're not bringing in everybody, we're just going to be focused on a number of agencies that have some desire to write certain industries, certain classes of business, and there's no commission split here. You write the policy, you keep 100%. That's it.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Excuses never made anyone any money. People who go bankrupt always have an excuse as to why. Salespeople who don't win an account always have an excuse for their failure. That goes for insurance producers as well. There are reasons and excuses for all failures. But insurance agents who hold onto excuses are the ones who live paycheck to paycheck.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will teach you how to eliminate excuses, how to execute a plan, and how to set S.M.A.R.T. goals that achieve success.
Episode Highlights:
Charles talks about excuses being the reason for us not achieving our goals in life. (1:14)
Charles provides some examples of the excuses that we commonly have in the industry. (3:45)
Charles tells us what excuses are going to do to our life. (7:52)
Charles says that a lack of execution on actual prospecting will cause failure. (11:25)
Charles shares that we have to have 12x goals, not only get out of the box but destroy the box. (16:47)
Charles gives us the S.M.A.R.T. goal strategy that we can apply to our daily actions. (19:21)
Charles shares that lack of execution results in excuses. (22:38)
Charles tells us to be S.M.A.R.T. (Sizable, Measurable, Actionable Reachable, Time-sensitive) about our goals. (24:36)
Charles says if we continue to hold on to excuses and reasoning and grudges we will ruin relationships. (26:37)
Key Quotes:
"A lack of prospects in the pipeline, a lack of execution on the actual prospecting activity will cause you to starve. Period." - Charles Specht
"The problem, however, is that we have a vast amount of times throughout the year where we do not take action. There's no execution. - Charles Specht
"If you begin to execute, rather than have excuses, you're probably going to be much more likely to succeed, not merely in the long term, but also right now in the short term." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
I know, I know. This is a different kind of episode than you're used to. But, it just might be one that changes your life for the better!
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will begin teaching you about how to exit the "rat race" of selling insurance policies and -- instead -- become a wholly independent, fee-based insurance consultant where you will likely make between $100,000 - $350,000 in personal "take home" income every single year. I've created an exclusive group with assigned territories and this is available for both P&C agents as well as EB agents. If you're interested in that, keep listening. If you're VERY INTERESTED in it and want to learn more, send me an email by first visiting my website at: www.constructiverisk.com
Episode Highlights:
Charles shares that he is making a pivot in his business by creating a network of insurance consultants who are hired by insurance buyers to provide unbiased advice for a flat fee. (2:41)
Charles discusses the challenges in selling insurance, including time-consuming data gathering and unresponsive marketing departments, and the benefits of being an insurance consultant. (5:53)
Charles mentions that an insurance consultant offers unbiased counsel and negotiates premiums down, typically saving clients 11-17% and potentially up to 55% of annual insurance costs, with fees ranging from $2,500 to $20,000. (9:39)
Charles explains that insurance agents can save clients money and provide value by representing multiple carriers, allowing them to be unbiased advisors and counselors to insured individuals. (13:48)
Charles discusses that having an insurance consultant instead of just trusting an agent can result in better outcomes and higher profits, with minimal expenses and no need for a physical office or additional staff. (18:40)
Charles discusses the downside of not having residuals like an insurance agent and the benefits of saving clients time and money through handling negotiations, managing policies, and providing risk management services. (20:56)
Charles mentions that an insurance consultant helps insurance buyers navigate the insurance process and ensures that agents have a fair opportunity to win business, benefiting both the buyer and the agents involved. (25:26)
Charles shares that he will be giving exclusivity in regards to the territory for insurance agents, with a focus on creating programs, obtaining endorsements, and providing marketing support to generate wealth and achieve personal goals. (29:13)
Key Quotes:
“I am creating a network of insurance consultants that are no longer having to sell insurance. They're now being hired by the insurance buyer and paid a flat fee to give them unbiased advice.” - Charles Specht
“As an insurance consultant, what I have to get the insurance buyer to understand is that I don't sell insurance, I'm not a competitor with their agent... I am completely separate from the entire placing of insurance, I am completely unbiased.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Constructive Risk
Permission Network Insurance Agency, Inc.
There are a number of things you can do to increase the likelihood of winning new clients from signed Broker of Record Letters. Some are more difficult to accomplish initially and may require experience, but others are things you can start doing immediately to win more signatures.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will begin to itemize the ABCs of what you need to do to win more signed Broker of Record Letters from your prospects.
Episode Highlights:
Charles tells us that this episode is about how to win Broker of Record Letters. (2:17)
Charles shares that the Broker of Record Letter is an insurance tool to ensure proper service from incumbent agents. (5:00)
Charles explains that the insurers' best interest is to gain a reputation in the marketplace. (8:34)
Charles states that most agents do not even mention the Broker of Record Letter to insurance buyers. (11:43)
Charles shares the ABCs of Broker of Record Letters, which will revolutionize your entire career. (16:10)
Charles shares the call experience that he had with a company that makes high-end treehouses. (20:00)
Charles explains that he will be putting up mini-courses that answer particular issues that will help agents. (23:44)
Charles tells us that advisors get more signed Broker of Record Letters than producers. (26:43)
Charles says that a Broker of Record Letter is the fastest, smartest, most ethical approach to building a $1 million or more book of business. (28:31)
Key Quotes:
"I really believe that the insurance industry is turning a corner and we're going to be accelerating towards a particular direction." - Charles Specht
"The Broker of Record Letters is not something that we talk about or that we wield. It is not to be a hammer in your hand and you beat the insurance buyer of your prospects into submission until they finally sign that thing." - Charles Specht
"You do not receive it if you do not ask. If you do not ask, you do not receive. If you ask, you will receive what you asked for." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
What if you could win 12-15 signed Broker of Record Letters from your prospects in the next six months? How profitable would that be for you? Well, that's what one of my "12X Commission Mastermind" members accomplished for his agency in just the first six months of 2023, and since becoming a Mastermind member now only a total of seven (7) months ago. In this episode of the Millionaire Insurance Producer podcast, my guest is Illinois-based agency owner Ryan Cox and he shares what he's doing to prospect, to set appointments, and to win new business via BOR. And ... if you're interested in learning more about the "12X Commission Mastermind" then visit either www.12X.Club or go directly to: https://permissiongroup.com/mastermind/
Episode Highlights:
Ryan discusses his involvement in the management of employee benefit plans and medical insurance for small and midsize businesses. (2:19)
Ryan shares what led him to shift his attention to the Denver area and what made it so successful. (4:31)
Ryan mentions their outsourcing of telemarketing and email marketing, viewing it as an investment rather than a cold call and he believes this approach not only generates new clients and fuels growth but also helps address healthcare expenses. (17:13)
Ryan shares that SLI Benefits allocates 15-20% of its revenue to marketing campaigns, which has seen significant growth since its establishment. (19:01)
Ryan highlights that SLI Benefits' programs revolve around innovative concepts aimed at solving the complexities of healthcare. (26:56)
Ryan shares about the benefits of the “12X Commission Mastermind” program ane explains that it places great importance on having a well-defined process and unwavering conviction in one's work. (37:02)
Key Quotes:
“I outsource all of my telemarketing, email marketing, absolutely everything at great expense. But I look at it much more as an investment. If I know I'm going to have 15 conversations in a week, I'm probably going to get one or two new clients out of those conversations.” - Ryan Cox
“We really pride ourselves on offering those newer innovative types of concepts to crack the health care code.” - Ryan Cox
Resources Mentioned:
Ryan Cox LinkedIn
SLI Benefits
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Are you a crusty old insurance agent who hates BORs? If you are, then, goodbye. (I doubt you'd be reading this anyway if you were). However ... If you're a savvy, hungry, passionate insurance agent who wants to win and not lose, then today's topic is for you. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will explain to you why going after the BOR makes more sense than offering quotes, but also why there is nothing wrong with quoting ... so long as you're being wise about getting what you want out of the relationship. And, if you're interested in leveling up your sales game, visit www.12x.club and consider joining the 12X Commission Mastermind to learn how to build a $1,000,000 or more Book of Business through a signed Broker of Record Letters.
Episode Highlights:
Charles discusses the importance of both quoting and pursuing the Broker of Record letter in the insurance industry. (3:38)
Charles explains that when presenting quotes, insurance producers must focus on bringing less expensive options to policyholders, as bringing good quotes likely leads to more business. (6:44)
Charles mentions that quoting is still an important part of the process but offering quotes without the client’s permission is a weak move. (10:32)
Charles explains that it is important to have a bucket system to categorize accounts based on commission to determine how much time and effort to put into them. (15:55)
Charles recommends using time wisely to prospect on other accounts and find unhappy clients who may be willing to take over their policy instead of going through a quoting process without a Broker of Record letter. (22:52)
Charles mentions that accounts are merit-based, so learning persuasion, asking the right questions, prospecting, and following up is crucial for making business decisions. (25:58)
Key Quotes:
“I'm not saying that you should go through a quoting process if you don't have the broker of record letter. I'm definitely not saying that. In fact, I would normally caution you not to. But every account is different. And so you have to look at every account based upon its merits.” - Charles Specht
“Every single insurance producer, every single one of you needs to have buckets. And in your buckets, those buckets are going to have some kind of a label on them based upon what it is that you're going to do on that account.” - Charles Specht
“Every account stands on its own merit. You have to make a business decision on every single account. Therefore, you must always be learning, you must always be learning in order to understand how persuasion works. You must always be learning so that you can see what the relationship is like. You must always be asking the right questions so that you can penetrate deep into the relationship to figure out what exactly is there and what is not.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency
Are you ready to finally figure out how to use LinkedIn for prospecting so that you can dominate in new business sales in 2022? If yes, then this episode is for you. In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht will explain to you how to get your LinkedIn Profile figured out by first determining your "Intent" and also your "Micro-Niche" focus. It's time to take action and not waste another year. LinkedIn is a superior tool, if you use it strategically.
Episode Highlights:
Charles introduces a new digital course called “12X Your Book with LinkedIn”. (1:06)
Charles tells us that LinkedIn is an underutilized secret when it comes to prospecting for new business. (3:13)
Charles explains that LinkedIn is more than just an online resume. (5:10)
Charles explains that the intent of what you're using LinkedIn for will dictate what type of connections you need to have. (10:45)
Charles explains that a vast majority of your competitors are not using LinkedIn, which presents an opportunity for you. (15:40)
Charles says that if you become micro-niched using LinkedIn, clients will see you as the best choice to do business with. (20:59)
Charles explains that focusing your profile on a specific category will not affect anything. (21:52)
Charles shares other alternatives to micro-niching your LinkedIn profile. (23:58)
Charles tells us that his new digital course comes with free content to be used on your actual feed. (28:18)
Charles shares that he is going to be the personal LinkedIn coach for people who sign up for the course. (32:20)
Key Quotes:
"Your profile is going to dictate what your content is. Your profile is going to be dictated by who you're trying to attract." - Charles Specht
'I'm not here to say anything is wrong. You just have to be okay with it. You just have to also realize there are consequences to using social media just socially, rather than using it for a business purpose. " - Charles Specht
"To attract, you need to repel. You need to repel the people you don't want in order to attract the people you do want." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Do you struggle with "follow-up" for your prospects? Or, maybe you struggle because you only do follow-up in one form (e.g. cold calls or emails)? If yes, then welcome to the club! We all struggle with it. Prospecting is difficult and confusing and most agencies don't have someone to teach you how to do it because no one else there knows how to do it, either! In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will explain not only why having a systematized "follow-up" is both wise and necessary to growing your Book of Business, but he'll take you through a step-by-step prospecting follow-up program he recommends to many people in his 12X Commission Mastermind. PS: If you're interested in learning more about the 12X Commission Mastermind, visit my website at: www.12x.club
Episode Highlights:
Charles discusses the 12x Commission Mastermind. (1:47)
Charles believes that a significant portion of insurance producers and agents lack an established follow-up program when they're engaged in prospecting. (3:40)
Charles explains the significance of choosing the right strategies for your prospects to avoid overconcentration on a segment that may not align with your business interests. (08:00)
Charles discusses the process of setting up a follow-up program, which includes methods such as cold calls, emails, and social media engagement, along with participation in networking events, soliciting referrals, and incorporating additional elements. (12:01)
Charles shares a scenario showcasing diverse ways to prospect, including through cold calls and emails. (15:52)
Charles mentions that layering the prospecting follow-up leads to exponential results, as they follow a systematic process, ensuring long-term, measurable results. (29:27)
Key Quotes:
“Your prospect will respond to you in the time and in the platform that is most comfortable and convenient for them, not you. ” - Charles Specht
“You need to have at least three ways in which you're prospecting, but more than that is better. And they have to be effective, based upon the type of prospect that you're going after.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
12x Commission mastermind
Permission Network Insurance Agency, Inc.
No, I'm not talking about this podcast. I'm talking about you prospecting for new business! How you utilize "time" and the availability of it will have a direct correlation to your success in sales. If your prospect doesn't feel a need to move forward, to get things done, to understand how important it is to move quickly, you will not only struggle at setting new business appointments but you'll have a hard time winning. Why? Because, sales is war! And, because people (prospects) are lazy and unmotivated.
So, In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will give you some practical tips and suggestions about how to incorporate a "drop dead date" in your prospecting in order to win more new clients.
Episode Highlights:
Charles discusses procrastination and the role of time limits. (2:46)
Charles mentions the advantages of including timeframes in emails and calls when reaching out to potential clients. (8:49)
Charles explains that successful prospecting involves handling multiple prospects at once, adjusting proofs as needed, and respecting deadlines without applying excessive pressure. (14:39)
Charles discusses the crucial role of setting clear timelines and deadlines for prospects in reinforcing the position of an insurance agent. (20:55)
Charles believes that timing is a key factor to success in prospecting. (22:24)
Charles shares his view on the importance of incorporating time frames in sales, prospecting, and marketing procedures to enhance responses and boost business. (24:01)
Key Quotes:
“For us to win business, for you to win a new client, means somebody or other people are who are going to have to lose in order for you to win. If you're going to win a new client, at least one person, maybe more, has to lose in order for you to win.” - Charles Specht
“Sales is war. And if we don't give the insured some kind of a time period in which to have a decision done, they will continue to push it off, push it off, push it off, push it off. And before you know it, you are no longer at the top of their to-do list.” - Charles Specht
“Timing is so important to success. Timing is so important to prospecting. Giving your prospect a certain amount of time in which to get something done is very important.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
You don't need more 'time' on your calendar in order to be more successful. What you need is better 'usage' of your time. In others, stop doing whatever is keeping you from getting the results you ultimately want to achieve. To summarize it even more .... JUST SHUT UP AND START PROSPECTING!
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht breaks down the prospecting numbers (both weekly and annually) for you to demonstrate what is needed in order to start having the financial success you want for yourself.
Episode Highlights:
Charles shares why you need to stop doing whatever else you are doing and start focusing on prospecting, or in other words, shut up and prospect. (1:53)
Charles discusses why prospecting is the most important thing you can do as an insurance agent. (6:35)
Charles mentions that prospecting can take many forms; you may be able to prospect current clients by gathering references and having them make phone calls or send emails on your behalf. (9:19)
Charles explains why producers should generally spend 30 minutes to an hour every day on LinkedIn. (16:05)
Charles mentions that prospecting is a numbers game and we work the numbers to get what we want while selling is a relationship game. (22:21)
Charles shares that while you're branding yourself, you'll be able to advertise yourself as the go-to expert in that industry. (24:57)
Charles explains that producers have been hired to prospect, make appointments, and convert those prospects into customers, with everything else being secondary. (29:05)
Key Quotes:
“Prospecting is your number one focus as a producer. If you are not focused on prospecting, something is wrong.” - Charles Specht
“Prospecting is a numbers game; Selling insurance is a relationship game.” - Charles Specht
“Make your money. Build your book. Become a millionaire insurance producer. There's no reason why you can't do it.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains the two main reasons why writing small accounts is a terrible strategy for an insurance agent and why THINKING BIGGER and writing larger accounts makes everyone happier. "Small Thinking" is a plague that may allow you to pay your monthly electric bill but it will never allow you to build wealth.
Episode Highlights:
Why is thinking small, a major problem? (2:55)
How does Charles' approach to work differ from that of 20 years ago? (5:30)
Charles explains how to compensate for inexperience, as a young agent. (6:56)
Is there a difference in the process when prospecting large accounts versus smaller ones? (8:14)
What happens when you’re successful at writing small accounts? (9:37)
Charles details a conversation he recently had with the service team. (13:00)
What should your target goal be, as a starting point? (13:02)
Charles shares his message for agency principals. (14:44)
Key Quotes:
“You have to stop thinking small. And, you have to start going big. That's what you have to do. You really have to. I can give you all the tools, I can give you everything that you need to do, if you will, to make that leap to make that jump...But, you have to step off the plane.” - Charles Specht
“You'll make enough money to pay the electric bill, to pay the rent, or the mortgage or whatever it is. And you know what? Maybe every once in a while, go out to a nice little restaurant with your wife and your kids, and so forth. But, you're not going to build wealth.” - Charles Specht
“I have had a chance to talk with lots of different insurance agents. They message me on LinkedIn, they call me, they shoot me an email, whatever it is. I have a chance to talk to a bunch of the vast majority of them out there. I know their problems could be solved, if they would simply start thinking bigger.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains the five key areas you need to implement the "Power of 1" in order to build your Book of Business to $1,000,000 or more. Staying focused on one path of success is difficult for most producers, but getting better at it is what separates the pro's from the amateurs.
Episode Highlights:
Charles explains the power and importance of following through. (3:30)
What does Charles look for when predicting a new agent’s success or failure? (4:58)
Charles details his first piece of advice: have one mission. (6:55)
Charles shares a story from college to illustrate his second piece of advice. (12:16)
What should your only goal be at the end of your first appointment with a client? (15:29 )
What’s something that takes time and makes it more difficult to win? (19:12)
Charles shares his third piece of advice: how to approach micro niching. (21:22)
Charles explains his fourth piece of advice: one policy expertise. (23:26)
Charles details his fifth piece of advice: the one activity that will put gold in your pocket. (28:44)
Charles tells listeners why it’s so important to have a process and a plan. (32:48)
Key Quotes:
“The problem with us as producers, as insurance agents, as human beings, frankly, we're not very good at staying focused. We lose focus, therefore, very often, we're off the path. We're off the path of success. Sometimes we just lose our focus on what we're supposed to be doing.” - Charles Specht
“There's definitely certain characteristics of insurance producers that I see...that person is going to be a success, or that person is going to be out of this business in six months. And, it comes down to the power of one.” - Charles Specht
“If you are singularly focused...you are going to get more broker of record letters, period, hands down from the prospects that you meet with, because you are the obvious choice.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses how to find success as an insurance agent. It's not about you. It's not about the insurance agent. The Hero of the "insurance story" is your prospect. Marketing, branding, and selling is best performed when you position your prospect as the Hero and you as the Guide. Give your prospect a plan for success and they'll do whatever you (the Guide) tell them to do!
Episode Highlights:
Which two stories should insurance agents have? (4:10)
Charles shares a story of how helpful life insurance is. (4:54)
Charles mentions the book, called, Building a StoryBrand, by Donald Miller. (8:21)
Charles explains why your sales process needs a script. (11:28)
Charles shares who the hero is when it comes to the storyline of a successful insurance agent. (13:18)
Charles explains who the villain is when it comes to the insurance process. (15:16)
As a producer, what do you need to remind the insured of? (16:58)
Charles details the key responsibilities of a guide and a producer. (17:54)
Charles explains why most insurance producers don't discuss what victory looks like. (22:44)
Key Quotes:
“You have to bring your prospect into the story, otherwise, you are white noise. You're just white noise in the background. You're just a buzzing in people's ears, and they're not really coming along with you in the story.” - Charles Specht
“The villain is the entire quoting process. You as the guide show up and what your responsibility to do in this whole process is to somehow be able to formulate a plan or a strategy so that the insured can actually see what they're supposed to do, and that will show them how to be victorious in the end.” - Charles Specht
“The storyline of a successful producer, you as a new guide have to come in and get the hero, the prospect, the insurer, to realize that the guide they have right now can't take them to the next level.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses how quoting is for the weak! This is a truism. But if you're not going to offer quotes, what should a producer do, exactly? That's what Charles Specht breaks down for us today. Instead of offering quotes, use this process instead to win signed BOR’s!
Episode Highlights:
Charles shares a story about a poll he recently did on LinkedIn. (1:45)
Charles explains why he disagrees that the broker of record letter is unethical. (2:56)
Charles mentions one important thing that insurance agents should do. (7:30)
Charles shares what insurance agents prospecting goals should be. (8:29)
Charles explains some of the reasons why insurance buyers don’t trust insurance agents. (12:32)
Charles explains how to get more signed broker record letters and how to build your book of business. (16:53)
Charles mentions some of the goals you should have when meeting with your prospect. (19:45)
Charles mentions why being micro niche is key. (26:08)
Charles shares another part of the broker of record letter process: the written timeline of services. (27:54)
Charles explains the definition of winning. (33:49)
Key Quotes:
“Let me just tell you, I do not at all like or agree with insurance carriers that have a problem with a broker of record letter. It exists for your policyholder. That's what it exists for.” - Charles Specht
“I do believe that the broker of record letter again is not only ethical, I also feel it is in the insurance’s best interest to know that it exists, to know that it is something that they can use at any one time. And, I also feel that it is in the insurance agent’s best interest to have the broker of record letter as the trophy of what they're trying to accomplish.” - Charles Specht
“A lot of this process is a process of switching your thinking. You need to rethink your strategy for prospecting new business. That's what we have to do, we have to rethink our strategy for prospecting new business.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses how competing insurance agents only win new business an average of 8% of the time in a normal quoting process. Incumbent agents win 92%. So, who has it better? That's really the issue. Incumbent agents retain their clients because they have access and currently control the insured's permission. Therefore, let's focus on winning permission rather than blind quoting.
Episode Highlights:
Charles shares what is the problem with the normal quoting process in the insurance industry. (3:16)
Charles shares why he likes the books of Seth Godin. (5:44)
Charles explains his definition of permission. (8:48)
Charles tells listeners why it’s so important to get permission. (9:46)
What kind of quoting is Charles trying to get rid of? (14:31)
What’s one of the most difficult things for insurance agents to start figuring out? (18:30)
Charles shares one of the most important strategies to use. (21:10)
Charles gives an overview of different areas of permission. (27:48)
Charles shares the final tip which is to start going after broker of record letters. (28:39)
Charles mentions a dirty little secret about the insurance industry. (30:07)
Key Quotes:
“We need to make sure that we have the access to go forward before we actually do go forward.” - Charles Specht
“You’ve got to get that permission. Because if you don't have it, you ain't winning. I'm sorry to tell you, you are not going to win if you do not have insurance permission. There's a lot of insurance buyers out there who are using you for information.” - Charles Specht
“Having that mindset that you do not offer quotes going forward...Probably one of the more difficult things to do. But let me just tell you, you do that and the insured will never forget you.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
There are one-owner shops, small agencies, medium-sized agencies, large alphabet houses, and everything else in between. The question is: Which one can you make more money at as a producer? In this episode of the Millionaire Insurance Producer podcast, host Charles Specht walks you through the pros and cons of each, tells you which type/size agency he would work at today if he was planning to pick one to work at, and an option for you if you're considering making a switch.
Episode Highlights:
Charles mentions that he learned more at a large agency than at any other agency he has worked for. (4:41)
Charles explains why, after learning so much at a bigger agency, he would never work for one again. (6:48)
Charles discusses that, after 20 years of business, he already knows what to do if he is approached by an agency for consultation or assistance with their operations. (7:34)
Charles mentions that all of the producers he knows that have to have some form of servicing role for whatever they do in their everyday operations have smaller books of business. (10:42)
Charles explains that if you're the owner of the agency, having a one-man shop is fine as long as you're writing some business. (12:06)
Charles believes that a tiered system that rewards constant activity, building a book of business, and bringing on more new clients throughout the year would make a lot more sense for an agency. (14:26)
Charles explains that if your agency is unwilling to give you the opportunity to own a stake in the business, it may be in your best interest to look into other options because there are other options. (17:06)
Charles believes that you don't have to make a habit or build a large book of business to be fairly wealthy as an agent in the United States of America. (20:01)
Charles believes that if you are looking for a new agency, you should go to one that puts money into training, sales, and other similar things. (23:30)
Charles mentions that if you're considering changing agencies, reach out to him and he'll try to give you some advice on what to do or look for. (28:19)
Key Quotes:
“I've been in the business now for over 20 years, I understand a lot of these different things, I would know what to do tomorrow if I went to work with an agency, if an agency brought me on, for some consulting, consulting, to help them with operations, and their producers and so forth.” - Charles Specht
“There are other options out there, there is no shortage of opportunities out there in regards to the agencies that you might be a really good fit for. So, if you don't feel like your agency is a long-term play for you, then maybe make a switch.” - Charles Specht
“If you're thinking about switching the agency where you're at, you know what, reach out to me. And I'll try to give you some advice maybe on what to do or what to look for, I might even be able to give you a referral in a few different agencies if you're willing to work remotely.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
A weak mindset is often what most of your competitors possess. But what about you? Do you have a robust and competitive mindset when it comes to sales? Are you afraid to ask for the signed Broker of Record Letter? Are you nervous about telling the insured what you require from them in order to move forward?
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains the seven things insurance producers need to have in order to possess a Millionaire Producer Mindset.
Episode Highlights:
Charles shares that he is developing his own producer school that will be launching very soon, which will go from A to Z on the entire sales process. (2:07)
Charles explains that the first thing to having a Millionaire Producer Mindset is to understand that sales are both a sprint and a marathon. (3:58)
Charles shares that prospecting is your primary daily function, and there really isn't a way in which to set appointments without prospecting. (8:27)
Charles explains that insurance agents should consider themselves both advisors and producers. (10:31)
Charles reminds us that agents need to remember that prospects want three things, to save money, save time, and have peace of mind. (12:18)
Charles shares that, as an agent, competitive dethronement is the business you are in. (16:18)
Charles explains that, as an agent, offering quotes to non-clients is a waste of time and not a very nice strategy. (17:47)
Charles explains that the last thing on the list to having a Millionaire Producer Mindset is to ask for a sale. (21:09)
Charles shares that everything is a sale, and to be human is to sell. (23:35)
Charles wraps up the episode by reminding listeners of the seven things to know in order to have a Millionaire Producer Mindset. (26:43)
Key Quotes:
"What you do for your prospects is serve happiness and collect signatures. Let me say it again, serve happiness and collect signatures. Did you hear me because I need to say it again, you need to serve happiness and collect signatures. That's what you are doing." - Charles Specht
"Always be closing. I just think there's truth to it. The truth of the matter is that yeah, you always need to be closing. Everything is a close. To be human is to sell. Everything is a strategy." - Charles Specht
"We need to ask for the business, we need to hold people's hand and take them down the path we want them to go. If you don't have that kind of a mindset. I would venture to guess that you're not very successful in sales." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Could you write $250k of new business commission in the next twelve months? I think you can ... And here's how!
There are three main things you need to do in order to successfully write a quarter of a million dollars in commission this next year. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht breaks down the step-by-step process of how you can do this and how you can get every agent at your agency to do the same thing as well.
Episode Highlights:
Charles explains that the reason why he loves prospecting is that this activity results in having money in his pocket. (3:47)
Charles elaborates on how he fell into writing for subcontractors and other types of accounts. (5:02)
Charles explains why he decided that the first policy to write for an account was going to be $20,000 of commission or more because he was only writing for small accounts. (9:35)
Charles shares that the thing that is stopping you from writing $250,000 of the new commission is the blockage that you have in your mindset. (11:47)
Charles discusses how the size of the accounts that your agency goes after determines your path. (13:47)
Charles shares that if you go after whatever classes of business you are most competitive in, you are going to be successful. (17:38)
Charles explains why it is important to focus your time on carriers that are choosing to write certain classes of business to be competitive. (23:25)
Charles mentions that the only thing that is stopping you from writing $250k of revenue is your mindset. (25:30)
Charles explains how he helps people be able to achieve this goal, as he was able to do the same thing, in his 2nd year in business (29:37)
Key Quotes:
"The thing is, is that all I want you to understand when we're talking about you writing $250,000, of new commission over the course of a full year is that the thing that is stopping you from doing that is the blockage that you have in your mindset, period." - Charles Specht
"If you have a process, a system in which you are prospecting the type of business that your carriers want to write and are most competitive, then you are going to be successful." - Charles Specht
"The main thing that is stopping you from writing to under 250 grand of revenue over the next 12 months, is a limited mindset that is doing something that you've always done because you've gotten the same result." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Yes, indeed, your clients get solicited by other insurance agents all the time. During this policy renewal year, they are more likely to meet with those agents (your competitors!) to see if there are alternative options available to them to cut costs. Why? Because inflation, a lack of workers, and a hardening insurance market are forcing them to look at options in order to do nothing more than stay in business.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains the THREE things you can do to ensure your clients renew with you rather than one of your competitors.
Episode Highlights:
Charles shares that the reality is that clients have almost no plan to leave you and yet they still talk to other agents. (2:11)
Charles explains that it is becoming difficult for insurance buyers and business owners to make a profit and stay in business. (4:41)
Charles elaborates on the industry's current situation and what people need to be careful of at this time. (7:31)
Charles explains that clients do not normally tell their agents that they are talking to their competitors. (10:21)
Charles explains how the challenge of maintaining clients can be turned into an asset in converting prospects into clients. (12:52)
Charles discusses three reasons why clients speak with other agents and what triggers these situations. (16:54)
Charles explains that clients meet other agents and competitors because of a lack of peace of mind. (21:34)
Charles explains how to create a significant amount of peace of mind in the minds and consciences of your clients. (23:45)
Charles explains that if you are able to provide clients with a renewal strategy and assurance, then they will most likely meet with you. (26:53)
Key Quotes:
"For the most part, most business owners or leaders in an organization do not tell their current providers of whatever the service or product is that they are getting quotes, and they are meeting with other vendors. " - Charles Specht
"Your clients are going to be meeting with competitors, other agents, other brokers, they're going to be meeting with direct writers, captives, other independent agents, and so forth, because they don't have peace of mind with anything that's happening right now." - Charles Specht
"We need to be able to create a significant amount of peace of mind in the minds and the consciences of our clients." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
You don't have to be the "best" insurance agent out there. (Please, read that again!) There are literally tens of thousands of insurance agents out there who prospect in your very own geographic territory. You don't need to be the best out of all of them. In fact, all you have to be is the better CHOICE of whichever agent the prospect is using to get quotes on their behalf for that renewal. That's it.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how you can get your prospect to perceive you as the best CHOICE out of three agents, and fire their current agent in order to hire you!
Episode Highlights:
Charles shares that in any line of business, you do not have to be the best, but remember that you are unique. (2:10)
Charles explains that the main struggle that most agents have, regardless of whether they are new or experienced, is mindset. (4:30)
Charles discusses that there are a lot of agents that are also contacting your clients and prospects, and you do not have to be better than those agents. (9:15)
Charles shares that you only have to be better than a handful of other agents that are your competitors. (12:43)
Charles explains that the strongest position for you to be in is to be the best option based on who your prospects are meeting with. (17:59)
Charles explains that if you create a strategy and do it right, you will be able to eliminate the other competing agents. (20:26)
Charles elaborates on forcing your thinking to be positive, telling yourself that there is no reason why prospects should pick other agents other than yourself. (23:35)
Charles shares the new things that will be coming in for 12x Mastermind, as well as putting together actual microniches for exclusive members. (27:43)
Key Quotes:
"I just want to tell you that there are a lot of agents out there who are calling on not only your own clients but your prospects' lot. You don't even have to be better than those 100." - Charles Specht
"I know how to make super producers. And so what I'm doing now is I'm taking that information and I'm going to be bringing it down now to an exclusive few those who become members of my 12x Mastermind."- Charles Specht
"You don't have to be the best insurance agents that's out there. You just have to be the best choice for whichever prospect you're talking about." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Delivering bad news to current clients is an art. So is uncovering bad news from your prospects. In fact, the best and most wealthy insurance agents out there are typically the ones best at advising their current clients on industry trends, and uncovering pains/problems with their competition. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will explain how to do this for better client retention and for winning more signed Broker of Record Letters from your prospects.
Episode Highlights:
Charles explains that giving bad news and uncovering bad news are critical aspects of building a $1 million or more book business since it all comes down to winning and retaining clients. (3:30)
Charles discusses why delivering bad news to current clients is challenging. (9:21)
Charles explains the three most important strategies for maintaining a strong and loyal relationship with current clients and how to deliver bad news and get good results. (11:39)
Charles mentions that insurance agents must handle renewals in a very planned and strategic way in order to be considered an advisor. (17:20)
Charles believes that being able to spot pain is one of the most significant things insurance agents can do to win new clients. (24:54)
Charles discusses the significance of taking advantage of the hardening market in order to make more appointments and win more Broker of Record Letters. (25:36)
Charles encourages insurance agents to focus on being professional advisors in delivering bad news to current clients and becoming expert persuaders by identifying their pain points and issues with their present agents and then informing them about the superior services. (28:53)
Key Quotes:
“Delivering bad news and uncovering bad news are very, very important aspects to building a $1 million or more book business, because it all has to do with being successful at winning and retaining.” - Charles Specht
“You need to make sure that you are handling your renewals in a very structured and strategic way so that you are indeed an advisor and not necessarily someone who is quasi unethical when it came down to delivering that bad news.” - Charles Specht
“If there is one thing that will ensure your prospects start to meet with you and maybe consider options and even consider doing business with you is if you somehow were able to give them the information that it's likely their insurance rates are going to be increasing significantly, because that's what's happening in the rest of the marketplace across the United States of America and beyond. “ - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Writing small accounts may help you pay the bills, but, you'll never achieve wealth writing small accounts. In today’s throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht teaches you how to determine what size account you should prospect and how to be more successful at building a Book of Business. Writing small accounts may help you pay the bills but, you'll never achieve wealth writing small accounts.
Episode Highlights:
Charles shares a story about his conversation with an insurance agent, who has been very successful over the last 5 years getting lots of new clients. (2:06)
Charles explains why producers should stop going after small accounts. (5:26)
Charles mentions what the agency principle should not allow their producers to do. (12:53)
Charles shares what could happen if you allow your producers to go after small accounts. (13:44)
Charles teaches you how to set prospecting goals with your producers. (14:34)
Charles explains what could happen if producers go after bigger accounts. (15:20)
Charles shares the advice he normally gives to his agents, regarding new accounts. (18:50)
Charles lays out the basic questions that you have to answer. (26:09)
Charles shares his takeaway from today’s episode. (27:21)
Key Quotes:
“There's a lot of things that I can say to insurance agents that help them become more successful. But, there are not too many things that I can do to help anyone be successful if they're just going to continue to play small, period.” - Charles Specht
“You don't have to go out for small accounts. You just have to make a decision that you're not going to be going after small accounts. You're going to go after bigger accounts. You have to actually come to a decision in your own mind about what is the size of the account that you're going to go after.” - Charles Specht
“If you stop going small and start going after the size of the account that you want to go after, you will make more money, you will likely have more joy in your business, and you will have more fun in what you do in your career.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Please .... do not be one of those insurance agents who have no strategy or process when it comes to presenting renewal quotes/proposal to the prospect! If you do that, you're more likely to lose than win. Why? Because, if you do that you're wingin' it and throwing mud against the wall to see what sticks. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will give you some options to consider to put you in a stronger position to win the business at the time you present your proposal, even if you can't get the signed BOR.
Episode Highlights:
Charles explains that many consumers do not make the decision to switch to a big provider with a single signature on a piece of paper. (5:40)
Charles discusses how to determine the best timing to offer a quote to the insured. (7:26)
Charles discusses the benefits of presenting a quote proposal to a prospect a week or two before the renewal date. (10:29)
Charles explains that submitting a renewal quote is a competitive bid situation, and it's war, and you must put yourself in a stronger position. (18:44)
Charles mentions that he prefers to give a quote within 10 days because most carriers have a Broker of Record letter policy that states that if something is not received within 10 days, the new agent will not be paid. (20:16)
Charles explains why you should not send your quotes to the insured by email and then let them decide. (26:14)
Charles mentions that many insurance brokers will present their proposals, but they have no knowledge of how the insurance buyer decides which quote to go with. (27:54)
According to Charles, millionaire insurance producers are professionals, they are strategic and have processes and systems which they follow for a reason. (29:19)
Key Quotes:
“Do not ever send your quotes to the insured by email and then let them make a decision.” - Charles Specht
“A lot of insurance agents will offer their proposal, but they have no idea how an insurance buyer goes about to actually deciding which quote to go with.” - Charles Specht
“I'm telling you that one of the more foolish things you can do is not having a step by step process or strategy for presenting your proposal to the insured right before their renewal window. If you don't have the insurance buy-in, you are hurting yourself. And I don't want you to do that. Why? Because you're better than that.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
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 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.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how cold calling still works and it works very well for those who use the right script. Charles Specht will teach you what your script could be and how to effectively cold call in order to set more appointments with your prospects.
Episode Highlights:
Charles shares a poignant story from when he first got into the insurance business. (2:36)
Charles mentions why being a debt collector on the telephone was one of the more difficult things he’s done in the business world. (3:48)
Charles explains what a “C3” is. (8:39)
Charles shares why leaving voice messages is necessary. (9:13)
What’s one of the main reasons why insurance agents don’t get a lot of value out of the time they spend cold calling? (11:05)
Charles explains how to create an impressive script when cold calling prospects. (14:25)
What are the two things your script must contain to be successful? (19:10)
Charles shares a strategy that can help you understand what the best case scenario is going to be. (22:09)
Key Quotes:
“If you do not have cold calling right now in your prospecting strategy, you are losing out. I want you to think about it this way...Prospecting works really well when you are communicating to somebody in the time and the platform that they feel comfortable with.” - Charles Specht
“Do not waste your time, do not waste their time talking about just general type stuff. Get into it. You should be able to give your absolute pitch that at the end, you ask a question where you're expecting a yes or a no to it.” - Charles Specht
“If they don't meet with you for one reason, they're probably going to meet with you for another reason. And, once you're there at the appointment, then it's all about relationship. But prior to that, it's a numbers game. Cold calling is a numbers game.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Referrals, referrals, referrals! You've probably heard that referrals are great to get and have the highest win percentage when compared to other forms of prospecting. And, you'd be right to think that because it's true. However, most insurance agents and agencies do either a very poor job at systematically asking for (and receiving) referrals from their client base or COIs, or they have no process for referrals at all. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will give you a step-by-step process you can use to get more profitable referrals from your clients and COIs.
Episode Highlights:
Charles reveals that while he was a producer for almost 10 years, he wasn't very good at getting references. And it was partly because the kind of company he was pursuing was not one that relied heavily on referrals. (2:01)
Charles explains that when it comes to requesting referrals, you must be careful what you ask. (5:56)
Charles discusses the reasons why it is critical to have prospects prepared ahead of time. (9:04)
Charles mentions that if you are comfortable with your customers and your circle of influence, the recommendation will be substantially better. (12:00)
Charles explains that when you work with clients and centers of influence, you highlight possible opportunities that can be powerful for prospecting. (14:47)
Charles suggests that if you've saved 30 customers in various places, you can create Excel lists for different prospects you're analyzing and identifying as possibly good prospects to go after in those geographic territories. (16:37)
Charles believes you should invest heavily in referral prospecting. (18:46)
Charles explains that when he asks his coaching clients, who are insurance agents, about their methods of prospecting, very rarely do they mention referrals. (21:57)
Charles mentions that we are severely lacking in getting referrals, an excellent method of prospecting but that it shouldn't be too tough to improve. (25:04)
Key Quotes:
“If referrals are important to you, then choose wisely.” - Charles Specht
“When you work with each of your clients, and your centers of influence and you're going through the list of these potential prospects and they're highlighting them, you need to utilize that information because you're going to have multiples. You're going to have multiples. And that becomes very, very strong information to use when you're prospecting.” - Charles Specht
“I encourage you to start looking into getting better at doing referral prospecting. And then thank me later.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
One of the biggest reasons insurance agents don't achieve success as a producer is due to the QUANTITY of accounts on their prospect list. But the biggest reason overall is no doubt the QUALITY of the accounts on their prospect list. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will teach you how to increase the QUALITY of the accounts you are prospecting in order to close more deals and make more money!
Episode Highlights:
Charles explains that most insurance brokers are inexperienced and have a large number of accounts to call. (3:57)
According to Charles, insurance brokers might have 1000 different prospects on their database. However, if none of them are truly qualified to the point that they are likely to conduct business with you, calling them to set up appointments would be the largest waste of your time. (4:35)
Charles discusses the three most important things that insurance agents should have in terms of their database quantity. (9:21)
According to Charles, the quality of the prospect list is the difference between being a millionaire insurance producer and always spinning your wheels and not achieving the results you want. (10:51)
Charles believes that the reason people are not achieving the financial status and the results they desire, is that they have a deficient prospect list. (14:00)
Charles explains that if you contact customers that are coming up in the buying window, the number of set appointments you have will significantly increase. (18:27)
Charles mentions that your database should include the most profitable micro-niches. (19:37)
Charles discusses that there are lots of different ways in which to find lists of prospects. (22:21)
Charles explains that when your book of business and profession develops, you may not need the quantity as much since the quality will be there. (29:37)
Key Quotes:
“The quality of your prospect list is the difference between you becoming a millionaire insurance producer versus you continually spinning your wheels and not getting the results that you want.” - Charles Specht
“The reason that you are not achieving the financial status, the results that you want the amount of commission money in your own bank account right now, the reason why you're not winning as many clients gathering enough broker record letters and so forth is because you likely have a deficient prospect list.” - Charles Specht
“As you're maturing in your book of business, as you're maturing in your career, you might not need the quantity any longer because the quality will be there. But, as of right now if you don't have either, it must be very difficult for you to actually keep going and to have the success that you want.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Setting appointments with new prospects is hard. But it's also one of the most important things a producer needs to improve at in order to win new clients. "Scripting" (what you say or write to your prospects) is the difference maker for all of it. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht outlines what is potentially the best prospecting script in the entire insurance industry, as well as how you can personally edit it to make it your own.
Episode Highlights:
One of the most difficult challenges, according to Charles, is getting over the point of hesitancy. (2:37)
Charles explains that the insurance industry's best prospecting script is the one that works for your unique prospect. (3:40)
Charles mentions that anything you provide your prospect in return for an hour of their time must be meaningful and simply understood. (5:55)
Prospecting, according to Charles, is not easy, is not pleasant, and is challenging. However, if you want to establish a million-dollar book of business, you'll need to persuade individuals to meet with you. (07:29)
Charles provides samples of the top prospecting scripts in the insurance industry. (11:23)
Charles explains that everything is constructed on the micro-niche, and you must start there. (17:04)
Charles discusses why he typically encourages insurance salespeople to have their first script be fairly price sensitive, so that it resonates with everyone. (29:48)
Charles mentions that the finest prospecting script for the insurance sector must fit the needs of the individual you're interacting with at the time. (30:42)
Key Quotes:
“If you don't have many different scripts to use for your prospects, you are probably not getting the results you want.” - Charles Specht
“Focusing on how to set appointments is probably the smartest thing you will ever do in your career.” - Charles Specht
“As you're figuring out what your script and your pitch and your cold call carrot is, you have to really understand what is one of the main problems they're dealing with. Because whatever you're saying has to be a solution to that problem. And if you don't understand your prospect's problems, the solution that you have to offer really isn't going to be that great.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
If you're like most insurance agents out there, you're not getting the new business commission results you know you're capable of. You're either not prospecting enough, prospecting inefficiently, not setting enough appointments, not sure how to transition to asking for the signed Broker of Record Letter, or how to close the business if you go through a quoting process. Usually, this boils down to doing things over and over and over again that do not work or do not get a high enough ROI.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will talk about how you should Pivot, what to Pivot to/from, and how to determine if the Pivot you make will be profitable or not for you or your agency.
Episode Highlights:
Charles explains that a common issue that people have is that they can't stop doing one thing and start doing something else. (4:53)
Charles shares that pivoting starts at the very beginning of the building process. (7:02)
Charles talks about his experience working with a very large agency over the last three years. (10:23)
Charles advises listeners to start utilizing some of the technologies that are out there, such as InsurTech. (14:50)
Charles explains that you need to have more prospects in your database than you think is necessary. (19:17)
Charles explains that the pivot and the database are important as you cannot call the same account every couple of weeks. (23:38)
Charles shares that it does not make sense for you to keep doing something that doesn't get you results. (25:36)
Charles shares some of the things that would cost you zero dollars but still help you in your success. (28:20)
Charles explains that you need to step back and begin to list the things you need to pivot and go through them one at a time. (29:14)
Key Quotes:
"You need to take a step back, begin to look around at the things that you need to pivot, and make that change today." - Charles Specht
"Tech really doesn't help you to sell; that's completely different. You need to be able to persuade, you need to be able to ask for the business, you need to be able to prospect, you need to be able to do all of that." - Charles Specht
"If you're actually you're able to do certain things in certain ways, and you can help yourself by including technology into your entire process, then I would say it would probably make financial sense for you to actually do that." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses the biggest problem insurance agents have. It’s not around prospecting or messaging. The biggest problem insurance agents have is their lack of success at getting their prospects to fire the incumbent agent in order to hire them. That is what this episode is all about.
Episode Highlights:
Charles explains the process of competitive dethronement. (2:56)
Charles shares how insurance is war. In sales, you either win or lose. (4:21)
Charles explains how to get the incumbent agent fired, to get you hired. (9:19)
Charles shares a story about speaking to an insurance agent, who sent him a message on LinkedIn. (11:43)
What’s the second thing you want to do to get the incumbent agent fired? (13:30)
Charles shares how to get the insured to realize that their agent hasn't fulfilled their services. (18:31)
Charles explains another way of identifying significant problems that the insured has with their incumbent agent. (20:28)
Charles shares what you need to do to help the insurer take away the pain. (25:50)
Charles mentions why it’s important to remember that insurance buyers have the insurance mentality of a four-year-old child. (29:33)
Key Quotes:
“If you can't get the incumbent agent fired, you will never get another client. If you can't get the incumbent agent fired, you will never get hired, period. And so, we don't have a prospecting problem, we have a firing problem, that is the issue.” - Charles Specht
“If you can begin creating that killer mindset, so that you understand what this is, I do believe that everything else will become easier. I do believe that you'll be more focused, that you will understand the process more, that you will start creating strategies and systems, and a process that is going to work yourself through the situation with the insured, so that at the end, you are more likely to ask for the broker of record letter, and get awarded the broker of record letter.” - Charles Specht
“If you don't win, you lose. And, there is somebody else right now sitting in your chair, on your throne, the other incumbent agent. Unless you can get the insured to willfully fire, terminate that relationship, you will never get another client, period. If you can't get people fired, you can never get a new client. It is that simple.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht teaches you how to determine what type of business you should target for prospecting. In other words, Charles will teach you the step-by-step process he takes his 1-on-1 coaching clients through to determine their own most profitable micro-niche focus. This is the topic Charles gets asked about most, which is why he gets very detailed in the process of it in this episode.
Episode Highlights:
Charles explains the difference between a niche and a micro-niche. (1:48)
Charles shares that if you do not know what you are targeting, then everything is a target. (5:00)
Charles explains that you can be passionate about other things, but it does not necessarily have to be your micro-niche. (7:30)
Charles shares that micro-niching means you are focusing only on a specific area of a niche and not different areas. (11:16)
Charles explains that it is important to consider your geographic territory when creating a micro-niche. (15:42)
Charles explains that every agency is different and should have a minimum revenue threshold, which can also help you determine your micro-niche. (20:26)
Charles talks about the importance of having access to carriers to be competitive. (22:14)
Charles shares that he personally wants to go after classes of business that are ugly and nasty that most insurance carriers don't want. (26:12)
Charles explains that it is important to know your competition and to start to ask yourself if it is the best area for you to spend your time. (30:09)
Charles shares that micro-niching means being seen by your prospects as exactly what they need. (33:42)
Key Quotes:
"Being a micro-niche means you're focused in that area. And you can't be focused in that area if you're torn between too many different areas." - Charles Specht
"It's a whole lot easier to win the race if you're driving the fastest car, riding the fastest horse, whatever, it's just a whole lot easier to win when you have the best." - Charles Specht
"The thing about a micro-niche is that you get so dialed in, that you become the most obvious choice of which agent to do business with." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht interviews one of his sales training clients, Man Phung. Man only started writing commercial accounts about three years ago but has been implementing the things Charles has been teaching, such as Thinking BIGGER, micro-niching down, utilizing the 12-Month Timeline of Services, etc. The result is that he's writing much bigger accounts today. Charles and Man share tips in this episode about what is working and what Man changed in order to be successful.
Episode Highlights:
Man shares his background story and how he got started in the industry. (6:35)
Man shares that their agency has over one hundred commercial accounts both in Indiana and Texas. (8:58)
Man talks about the two biggest accounts that they are writing, which are construction and manufacturing. (9:45)
Man explains that he does a little bit of everything as a business owner, from cold calling to social selling to managing a team. (11:49)
Man shares understanding the size of the account and class of business helped him to choose the accounts that contribute to the success of his business. (13:08)
Man talks about the first big account he had in his agency and what he did to be able to write that account. (20:33)
Man advises everyone to believe in their perspective and never to hold themselves back. (23:52)
Man shares how he was able to win a new account with a good broker of record, which was by accident. (26:06)
Man advises listeners not to let themselves hold themselves back and to change the way they think about their limiting beliefs. (29:34)
Key Quotes:
"You can only write so many accounts. No matter how good you are, you can only write so many accounts." - Man Phung
"We are our worst enemy. We hold ourselves back. And it's true. And I used to think the same way like I couldn't do it because I'm playing against the biggest broker in the world" - Man Phung
"So if you're starting some something new like me three years ago, start high and and hone in. So, figure out the revenue and then figure out what markets you have." - Man Phung
Resources Mentioned:
Man Phung Linkedin
Brightway Insurance
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Most insurance agents don't know how to clearly articulate their value or adequately differentiate themselves in their prospect's minds. In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how to best differentiate yourself with a written, objective, and strategic 12-Month Timeline of Services.
Episode Highlights:
Charles explains what should happen when you’re trying to get a prospect to schedule an appointment with you. (2:18)
Charles mentions what most insurance agents do when they're in a meeting with a prospect. (3:31)
Charles recommends the book called, Building a StoryBrand, by Donald Miller. (5:50)
Charles mentions one of the most fascinating things about the book. (6:12)
Charles shares how the timeline of services could get you more business. (8:47)
Charles explains why differentiating yourself from the competition could be the biggest problem. (12:01)
Charles explains the timeline of services in detail. (13:10)
Charles shares a story about his client that has the largest broker of record in his curriculum. (18:23)
Charles explains why the timeline of services is so important. (20:17)
Charles mentions the three things you need to focus on with your 12-month timeline of services. (27:24)
Key Quotes:
“All of these things that we tell a prospect about... what it is that makes us better, all it really does is put us in the same bucket as everybody else. Because, the vast majority of your competitors out there are doing just that.” - Charles Specht
“You have to be able to teach your prospects how to get the things that they want. You have to be able to explain to your prospect what it is that you're going to be able to do for them, so that they can achieve the things they want.” - Charles Specht
“If you can't differentiate yourself from the competition, then you are the very epitome of mediocrity. Nobody is going to make a switch to get some more mediocrity. So, you need to really figure out how to differentiate yourself in the marketplace.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses how the Jack-of-all-Trades is dead. The "generalist" producer is a thing of the past. Insurance agents who become experts in a specific area (Micro-Niche) get more clients more quickly and win significantly more signed Broker of Record Letters.
Episode Highlights:
Charles shares a story about a man named Jack. (2:07)
Charles explains what a micro-niche is. (2:55)
Charles mentions the problem with being a generalist. (4:07)
What would Charles recommend to insurance producers? (5:04)
Charles shares the story of when he first understood the power of micro-niches. (5:16)
Why are the riches in the micro-niches? (11:21)
What’s something Charles often hears from the employee health benefits producers? (13:21)
Is micro-niching about more than just types of accounts? (14:04)
Charles mentions some of the factors that you need to consider when you first start exploring micro-niches. (24:54)
Key Quotes:
“The insurance producer, who is micro-niche, is the one who wins the day. Period. And, so the riches are in the micro-niches.” - Charles Specht
“Being micro-niched allows you to write significantly larger accounts. If you are a generalist, that's not necessarily true. You're not going to be able to write larger accounts all the time. But, being micro niched separates you from the competition.” - Charles Specht
“The focus is that the riches are in the micro-niches. If you get that... you are going to have a book of business that will explode. - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht breaks down what those seven steps are and how you can do it, too!
Episode Highlights:
Charles mentions his book called, The Millionaire Producer. (1:49)
Charles shares the first step: collect signatures and serve happiness. (3:00)
What’s one of the most important and most expensive pieces of paper in the insurance business? (4:44)
Charles walks us through the second step. (7:28)
Charles details the third step: think bigger. (12:38)
Charles shares the crucial fourth step in building your book of business. (15:17)
Charles explains the fifth step: riches are in the micro-niches. (17:16)
Charles mentions the sixth step. (21:17)
Charles shares the final step, which is accountability. (26:40)
Key Quotes:
“Our clients need to be happy. They want to be joyful, they want to be satisfied, they would like to stay loyal, they want to be happy that they chose you. And so, we have to provide services that provide solutions to the bigger problems that they have. You do that…your client will remain happy.” - Charles Specht
“You're not necessarily a salesperson, you are a persuader. You need to work on your persuasion. As you work on your persuasion, your tact, your delivery, how you actually message things, you're gonna see your book of business actually increase significantly.” - Charles Specht
“That's what an insurance agent does...collect signatures, serve happiness. Stop offering quotes to people who have not yet given you their permission to represent you in the marketplace. That's not what pros do.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht talks about the five things insurance producers do each week that will guarantee them success. Stay committed to these five things and you'll be well on your way to building a $1,000,000 or more Book of Business!
Episode Highlights:
Charles explains a problem that he sees with far too many producers. (2:42)
Charles mentions what he would’ve done if insurance didn't work out for him. (8:57)
Charles lists the five things that successful producers do each week. (10:29)
Charles shares why sometimes he needs a kick in the pants. (11:16)
Charles shares a story about a producer he’s been working with for quite some time. (13:27)
How many phone calls should you be able to take in an hour? (15:27)
Charles explains why the vast majority of insurance producers are not good at administration and data management. (17:43)
Charles shares why ideal prospecting is like building a house. (22:15)
Key Quotes:
“I really hope you understand how important each and every day is... Monday, Tuesday, Wednesday, Thursday, Friday. You know, Friday is not a day in which to take off. Friday is a day in which to sell some insurance.” - Charles Specht
“What you sow, you will reap. If you sow rest, you're going to reap poverty. But, if you go out and you plant the seeds, and you water the seeds and you tend the soil, you are going to reap the fruit. You absolutely will. All the work that you put into your insurance career is going to come back to you tenfold… a hundredfold.” - Charles Specht
“The fortune is in the follow-up. Consistency is key, and you need to do things that calculate toward profit. If you're not doing things that calculate toward profit, guess what? You're calculating towards poverty, and that's not a recipe for success.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Most insurance agents out there don't really know what they are supposed to be doing, as far as prospecting and selling are concerned. They have little training and often they're trained to do what the person before them has done, even if that person didn't achieve A+ results.
In today's episode of the Millionaire Insurance Producer podcast, host Charles Specht will detail seven things insurance agents need to do to become Millionaire Insurance Producers.
Episode Highlights:
Charles explains why he wrote the book, The Millionaire Producer, about permission, and why it matters. (2:49)
Charles elaborates on the first aspect of the book, which is collecting signatures and serving happiness. (05:44)
Charles explains that when you create enough value and solve major problems, your insured would be happy to sign all your broker letters. (08:18)
Charles shares that you have to think bigger than you think is already big. (10:25)
Charles advises everyone to start targeting larger revenue-generating accounts. (13:30)
Charles explains the 4th chapter, which is to stop quoting insurance renewals. (14:36)
Charles explains why rich people are always in micro-niches. (20:18)
Charles shares that insurance agencies should create fee-based products. (23:57)
Charles elaborates on Chapter 7 that it is very important to have your accountability group. (30:25)
Charles shares about the 12x group coaching mastermind program. (33:45)
Key Quotes:
"My philosophy of insurance sales is centered around the idea of permission. Some call it sales, others refer to it as persuasion. But I firmly believe that what matters most to you is that you secure your prospect's permission." - Charles Specht
"Think bigger, not merely big, not what you think is big but bigger than that. The best learning moment is the idea, the concept, and the reality of what it means to think bigger." - Charles Specht
"The issue comes down to whether or not you're going to need to do what you know you need to do to be successful."
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In order to attract new clients, you must repel those who are not ideal for you. The right messaging will attract the right people, and you'll win more new clients with very attractive marketing that repels everyone you don't want. It works, but most agents haven't figured it out quite yet. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains what you need to do in order to repel bad (not ideal) prospects to attract and win the best and most profitable clients.
Episode Highlights:
Charles shares that the success rate of attracting your ideal client comes from being able to repel those who are not. (1:53)
Charles explains how to attract a level of comfort with prospects. (04:51)
Charles discusses how you can repel prospects that you do not want by starting with a particular message. (06:44)
Charles elaborates on how you can focus and figure out who your ideal prospect is. (10:43)
Charles shares that he is articulating a certain message that is going to resonate with those people that are trying to sell new business. (14:50)
Charles explains that people will get the absolute best results by being more specific in what they want to write. (19:40)
Charles shares that everybody wants a specialized brand and nobody wants a generic brand. (21:00)
Charles shares that individualizing is what prospects want for their businesses. (23:34)
Charles talks about an agent he met, and the lesson we can learn from them. (27:19)
Charles explains the idea of winning more clients through the competitive quoting process. (31:49)
Key Quotes:
"I truly believe that the success rate of being able to attract your ideal client comes from being able to repel those who are not." - Charles Specht
"I'm trying to articulate a certain message that's going to resonate with those who are trying to actually sell new business period, and it's called millionaire insurance producer podcast because it has nothing to do with account managers." - Charles Specht
"I truly believe that the entire industry and society as a whole is becoming less generalist and much more interested in finding the brand that that really speaks to them and writing something that really speaks to them." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses THREE things you absolutely need to get from your prospect if you decide to offer quotes, instead of being awarded a signed Broker of Record Letter on the current policies. Doing these three things will significantly strengthen your position to win, while not doing them is a dagger of death.
Episode Highlights:
Charles mentions why constructive risk exists. (2:55)
What issues does Charles face, when working with insurance agents? (5:44)
Charles explains why he needs to invest more in stocks. (8:03)
Charles shares the three things you need to do to better position yourself. (12:37)
Charles mentions why being micromanaged is very important. (16:24)
Charles explains why it’s unethical to go through a quoting process with multiple agents. (20:51)
Charles shares why precision is important to guarantee a business relationship. (23:09)
Charles mentions what happens when you can't get those three things. (34:05)
Key Quotes:
“When we go through a quoting process, we don't actually dictate any terms with the insured with the prospect. In other words, we don't establish the rules of the game.” - Charles Specht
“You have a stock price with your prospects. It's going up and down, based upon a lot of circumstances that not only you do directly, but also, based on what's happening behind the scenes.” - Charles Specht
“Everybody has to come in with their best rate. Otherwise, it's just a free for all and you're not in a very strong position there. You’ve got a weak stock price.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
QUESTION: Are you 12X? Professional insurance agents aren't throwing mud against the wall to see what sticks. Super producers are in the right mindset, they have a plan, and they go for the jugular. They ask for the business, they demand attention, they require the insured's permission, they get awarded a signed Broker of Record Letters, and they build a $1,000,000 or more Book of Business. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will explain how to become 12X.
Episode Highlights:
Charles explains what 12x is all about, where it is used, and how important it is. (2:10)
Charles says there is no reason not to be able to prospect greatness. (05:20)
Charles explains that productivity is an aspect of being successful in almost anything we do. (9:18)
Charles discusses the importance of knowing your numbers. (10:58)
Charles shares that he always loves hearing stories about Brokers of Record. (12:57)
Charles explains that in the insurance industry, permission is one of the most important things to keep in mind. (14:21)
Charles shares you can get more accomplished with a very tight relationship with one underwriter than you could ever get with a very strategic plan. (17:37)
Charles explains the importance of the 12x mindset and focusing on your micro-niche. (20:31)
Charles shares that sometimes business owners don't know exactly what's in their own best interest. (24:19)
Key Quotes:
"Lot of people can show up. But not a lot of people can show up and deliver. If you can show up and deliver, you are essentially writing yourself a blank check for the future. Sky's the limit if you're 12x." - Charles Specht
"I also know that you can get more accomplished with a very tight relationship with one underwriter than you could ever get with a very strategic plan." - Charles Specht
"You're not in the insurance business. You're in your micro-niche, your unique industry, of your prospect. And that's 12x. That is the mindset that you are in." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Do you lack the Motivation to prospect for new business? Most insurance agents say they have a difficult time maintaining Motivation. However, I think the real culprit is something different and that it's because producers lack Confidence that they, therefore, lack the Motivation to prospect. But -- if the truth is known -- our host Charles Specht feels that something else is the real reason you lack Confidence and therefore lack Motivation and therefore lack results. And, in this episode, he'll explain what it is and how you can get it!
Episode Highlights:
Charles asks the question of which comes first, is it the motivation or is it the confidence? (1:28)
Charles shares that he wants people in the industry to have both motivation and confidence. (4:01)
Charles shares that you need to have a lifetime goal and a destination so that plans can be made to make it to that destination. (8:29)
Charles mentions that Confidence comes from the plan, and motivation is the fruit. (11:20)
Charles shares that when you have the structure in order, process and strategy, you are going to have results. (15:12)
Charles explains how you're going to use your social media strategy. (19:53)
Charles shares that you should keep in mind what's the one thing that you can do that makes everything else easier or unnecessary. (22:48)
Charles talks about a message that he got from someone on LinkedIn. (25:08)
Charles explains that we lack true accountability, and it causes us not to follow through. (28:15)
Key Quotes:
"When you have confidence, you get motivation, I don't think that you can have motivation that is any kind of motivation, certainly, that's going to last any amount of time if you don't have the confidence to follow through." - Charles Specht
"Confidence comes from the plan, when the plan is established motivation is the fruit." - Charles Specht
"If you lack true accountability, then it's quite likely, you're not going to follow through with the things that you want to actually do. You're just not." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht teaches you exactly what you should say, and ask your prospect during your first meeting and -- specifically -- why you should ask for the signed BOR. Doing so tells you absolutely everything you need to know about your position in the process as well as how strong of a position the incumbent agent has with the insured.
Episode Highlights:
Charles explains why it’s better to ask for business during the first appointment. (2:33)
Charles mentions one of the nice things about being a micro-niche. (3:42)
Charles shares what you should find out from your prospect during the first meeting. (5:31)
Charles mentions the type of questions you should be asking your prospect. (7:50)
Charles shares one of the ways he shows a lot of value to his clients. (9:25)
Why should you ask for the broker of record letter during the first appointment? (13:19)
Charles mentions what happens when you ask for the broker of record letter before the first appointment. (16:58)
Charles shares what millionaire insurance producers do. (29:08)
Key Quotes:
“You need to find lots and lots and lots of problems during that actual appointment. You need to have specific questions already written down, sitting on a piece of paper. One that you're actually holding in front of you so that you can ask your prospects those questions. If you don't have those questions written down in front of you, you are an amateur and you deserve not to win.” - Charles Specht
“Every single point of communication is about positioning, positioning, positioning, positioning. You are always trying to position yourself better every point of communication either strengthens or weakens the relationship with your prospect. You are either gaining ground or you are losing ground.” - Charles Specht
“If you show up to the place of business, sitting down with a business owner who has decided to give you an hour of his or her life, to talk about something that is not really interesting to them, that they don't like... that causes frustration.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Most insurance agents fail at selling insurance because they started on the wrong foot. They never achieved traction and so they failed. What I've found is that many agents lack traction because they don't know what they're selling or to whom they're selling. They are "generalists" and they achieve mediocrity every single day. If you want to become more successful at selling insurance, figure out who your ideal prospect is (with absolute clarity) and prospect with diligence. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will teach you how to do exactly that.
Episode Highlights:
Charles shares that articulating or defining your ideal client is the foundation of prospecting. (1:59)
Charles explains that if your message is that of the one you were focused on, it will tilt up towards the client you are messaging. (6:22)
Charles defines every agent as being very unique in every way in your own agency. (10:19)
Charles shares his experience with a shooting gun and how it relates it to the industry. (11:44)
Charles discusses instances where an agent will likely start to flounder. (15:06)
Charles shares a story of an agent that he knows and how it went with the agent's client. (17:02)
Charles explains that it's amazing what happens when you get clearly defined about who you're trying to attract, and who you're trying to repel. (20:17)
Charles shares one of the more difficult things for an insurance agent to do. (21:53)
Charles explains that the key to being successful in your niche is ultimately to decide to go all-in on the type of account that you want. (26:25)
Key Quotes:
"Those insurance agents who lack clarity and understanding or being able to articulate and define your ideal client are the ones who are going to fail." - Charles Specht
"If you don't have a script that is focused on your ideal client, you are basically playing luck, you're gambling." - Charles Specht
"If you don't have a clear idea of what you're trying to accomplish and who you're trying to resonate with, then you're likely going to sort of flounder." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses the 12X Mindset, which results in one new client per month via Broker of Record Letter. Charles talks about the basic foundation of the 12X Mindset which is, 1) Stop offering quotes to non-clients; 2) Develop a Micro-Niche, 3) Target larger revenue-generating accounts, and 4) Target signed Broker of Record Letters.
Episode Highlights:
Charles explains the goal of this episode. (2:20)
What are some of the things insurance producers should do to win prospects? (5:34)
Charles gives a significant piece of advice to help you with prospecting. (7:58)
Charles shares some statistics from his experience as an insurance producer. (12:30)
When did Charles really start to understand the power of the broker of record letter? (21:33)
Charles mentions the 12X Club website. (22:10)
Charles gives the four keys you need to have a 12X mindset. (22:27)
Charles explains how to create services within your niche. (31:29)
Key Quotes:
“You can’t articulate to your prospect about what makes you different, and what makes you better. Please understand, your prospect will never be able to figure it out for themselves, ever.” - Charles Specht
“Prospecting is a numbers game. Selling insurance is a relationship game. Don't make the mistake of thinking that you can just walk into somebody's office and ask for the sign broker of record letter, and expect to get it.” - Charles Specht
“Everything that you do, every question you ask, every telephone call, every email is a point of positioning. You're trying to position yourself in a better light, in a better position, stronger position, so that you can win the business.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht gives the back story of his first ten years in the insurance industry as a producer. Charles explains why he stopped selling insurance and became a fee-based consultant to insurance buyers, how insurance buyers choose an agent, and how he eventually transitioned into teaching insurance producers how to win signed Broker of Record Letters.
Episode Highlights:
Charles mentions the three things that an insurance buyer is looking for. (1:32)
Charles gives a brief background of his consulting company. (3:03)
Charles mentions the reason why insurance buyers hire him as their insurance consultant. (5:56)
Charles shares the skill sets you’ll need when it comes to prospecting. (10:01)
Charles walks us through his career background. (11:42)
Charles mentions why he loves to hear the word ‘yes’. (13:48)
Charles explains what a minimum revenue threshold is. (16:33)
Charles shares one of the big decisions he made in his career. (23:22)
Charles mentions the website Broker of Record Letter Group Mastermind. (29:17)
Key Quotes:
“What I do is work with insurance agents to actually help them become more successful. It's a lot more fun, it's a lot more exciting than having to actually put together apps and so forth. Personally, I'd love to be able to see the producers actually get that win, to be able to see that smile that they heard somebody say ‘yes’.” -Charles Specht
“I love to hear the word ‘yes’, because I know that when I hear the word ‘yes’, that means they have said no to the incumbent and that they have chosen to actually begin doing business with me. And so, I love prospecting. I love being able to meet with people. I love being able to talk to people. And, so, you know what? I was just a prospecting machine.” -Charles Specht
“I focus on working with insurance agents to help them get more broker record letters. You wonder why? Because, that's what my client, the contractor, wants. They want to be able to pick one agent. I don't focus on the broker of record letter just because I think it's an awesome, interesting way with the prospect, no. I focus on the broker record letter because it's what the prospect wants.” -Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Excuses never made anyone any money. People who go bankrupt always have an excuse as to why. Salespeople who don't win an account always have an excuse for their failure. That goes for insurance producers as well. There are reasons and excuses for all failures. But insurance agents who hold onto excuses are the ones who live paycheck to paycheck.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will teach you how to eliminate excuses, how to execute a plan, and how to set S.M.A.R.T. goals that achieve success.
Episode Highlights:
Charles talks about excuses being the reason for us not achieving our goals in life. (1:14)
Charles provides some examples of the excuses that we commonly have in the industry. (3:45)
Charles tells us what excuses are going to do to our life. (7:52)
Charles says that a lack of execution on actual prospecting will cause failure. (11:25)
Charles shares that we have to have 12x goals, not only get out of the box but destroy the box. (16:47)
Charles gives us the S.M.A.R.T. goal strategy that we can apply to our daily actions. (19:21)
Charles shares that lack of execution results in excuses. (22:38)
Charles tells us to be S.M.A.R.T. (Sizable, Measurable, Actionable Reachable, Time-sensitive) about our goals. (24:36)
Charles says if we continue to hold on to excuses and reasoning and grudges we will ruin relationships. (26:37)
Key Quotes:
"A lack of prospects in the pipeline, a lack of execution on the actual prospecting activity will cause you to starve. Period." - Charles Specht
"The problem, however, is that we have a vast amount of times throughout the year where we do not take action. There's no execution. - Charles Specht
"If you begin to execute, rather than have excuses, you're probably going to be much more likely to succeed, not merely in the long term, but also right now in the short term." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
There are a number of things you can do to increase the likelihood of winning new clients from signed Broker of Record Letters. Some are more difficult to accomplish initially and may require experience, but others are things you can start doing immediately to win more signatures.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will begin to itemize the ABCs of what you need to do to win more signed Broker of Record Letters from your prospects.
Episode Highlights:
Charles tells us that this episode is about how to win Broker of Record Letters. (2:17)
Charles shares that the Broker of Record Letter is an insurance tool to ensure proper service from incumbent agents. (5:00)
Charles explains that the insurers' best interest is to gain a reputation in the marketplace. (8:34)
Charles states that most agents do not even mention the Broker of Record Letter to insurance buyers. (11:43)
Charles shares the ABCs of Broker of Record Letters, which will revolutionize your entire career. (16:10)
Charles shares the call experience that he had with a company that makes high-end treehouses. (20:00)
Charles explains that he will be putting up mini-courses that answer particular issues that will help agents. (23:44)
Charles tells us that advisors get more signed Broker of Record Letters than producers. (26:43)
Charles says that a Broker of Record Letter is the fastest, smartest, most ethical approach to building a $1 million or more book of business. (28:31)
Key Quotes:
"I really believe that the insurance industry is turning a corner and we're going to be accelerating towards a particular direction." - Charles Specht
"The Broker of Record Letters is not something that we talk about or that we wield. It is not to be a hammer in your hand and you beat the insurance buyer of your prospects into submission until they finally sign that thing." - Charles Specht
"You do not receive it if you do not ask. If you do not ask, you do not receive. If you ask, you will receive what you asked for." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
The "content strategy" you use on LinkedIn is almost as important as your profile page itself. But, there's also a sense in which you don't have to create any unique content at all and still be ultra-successful at prospecting with LinkedIn. However, insurance agents who create quality content are the ones who are thought leaders in their fields.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will teach you about the three main forms of content strategy you need to focus on to write more new business using LinkedIn, and which one is the most effective.
Episode Highlights:
Charles starts the episode by thanking all the listeners that have been listening throughout the year. (1:07)
Charles continues to discuss the basics of what your LinkedIn profile should look like. (4:33)
Charles advises us that if we become micro-niched, we should also be aware of our potential. (9:45)
Charles shares some examples of topics that you can talk about in your LinkedIn content. (12:35)
Charles tells us how he creates his content. (16:35)
Charles gives out an example of how struggles in cold calling can be turned into content. (20:47)
Charles shares when to know that you have become an interactive person on LinkedIn. (23:40)
Charles advises us to become "content creators" rather than "content curators" but just being social and interacting is also helpful. (26:40)
Charles shares that using LinkedIn strategically can lead to a lot of business opportunities. (27:57)
Charles talks about the value and benefits of being able to get his digital course. (28:47)
Key Quotes:
"Your LinkedIn account is not for you. It's for the people you're trying to reach out to. It's for the people you're trying to attract." - Charles Specht
"I think that the rate of return on LinkedIn is so much greater than cold calling. Don't get me wrong. I'm not saying cold calling doesn't work. It works. It has its place, but it doesn't work as effectively as LinkedIn, period." - Charles Specht
"I would advise you, don't be a curator of content, you should be a creator of content because you become an instant thought leader in the entire space." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Are you ready to finally figure out how to use LinkedIn for prospecting so that you can dominate in new business sales in 2022? If yes, then this episode is for you. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will explain to you how to get your LinkedIn Profile figured out by first determining your "Intent" and also your "Micro-Niche" focus. It's time to take action and not waste another year. LinkedIn is a superior tool, if you use it strategically.
Episode Highlights:
Charles introduces a new digital course called “12X Your Book with LinkedIn”. (1:06)
Charles tells us that LinkedIn is an underutilized secret when it comes to prospecting for new business. (3:13)
Charles explains that LinkedIn is more than just an online resume. (5:10)
Charles explains that the intent of what you're using LinkedIn for will dictate what type of connections you need to have. (10:45)
Charles explains that a vast majority of your competitors are not using LinkedIn, which presents an opportunity for you. (15:40)
Charles says that if you become micro-niched using LinkedIn, clients will see you as the best choice to do business with. (20:59)
Charles explains that focusing your profile on a specific category will not affect anything. (21:52)
Charles shares other alternatives to micro-niching your LinkedIn profile. (23:58)
Charles tells us that his new digital course comes with free content to be used on your actual feed. (28:18)
Charles shares that he is going to be the personal LinkedIn coach for people who sign up for the course. (32:20)
Key Quotes:
"Your profile is going to dictate what your content is. Your profile is going to be dictated by who you're trying to attract." - Charles Specht
'I'm not here to say anything is wrong. You just have to be okay with it. You just have to also realize there are consequences to using social media just socially, rather than using it for a business purpose. " - Charles Specht
"To attract, you need to repel. You need to repel the people you don't want in order to attract the people you do want." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Most insurance agents don't know how to clearly articulate their value or adequately differentiate themselves in their prospect's minds. In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how to best differentiate yourself with a written, objective, and strategic 12-Month Timeline of Services. Episode Highlights:
Charles explains what should happen when you’re trying to get a prospect to schedule an appointment with you. (2:18)
Charles mentions what most insurance agents do when they're in a meeting with a prospect. (3:31)
Charles recommends the book called, Building a StoryBrand, by Donald Miller. (5:50)
Charles mentions one of the most fascinating things about the book. (6:12)
Charles shares how the timeline of services could get you more business. (8:47)
Charles explains why differentiating yourself from the competition could be the biggest problem. (12:01)
Charles explains the timeline of services in detail. (13:10)
Charles shares a story about his client that has the largest broker of record in his curriculum. (18:23)
Charles explains why the timeline of services is so important. (20:17)
Charles mentions the three things you need to focus on with your 12-month timeline of services. (27:24)
Key Quotes:
“All of these things that we tell a prospect about... what it is that makes us better, all it really does is put us in the same bucket as everybody else. Because, the vast majority of your competitors out there are doing just that.” - Charles Specht
“You have to be able to teach your prospects how to get the things that they want. You have to be able to explain to your prospect what it is that you're going to be able to do for them, so that they can achieve the things they want.” - Charles Specht
“If you can't differentiate yourself from the competition, then you are the very epitome of mediocrity. Nobody is going to make a switch to get some more mediocrity. So, you need to really figure out how to differentiate yourself in the marketplace.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Most insurance agents don't know how to clearly articulate their value or adequately differentiate themselves in their prospect's minds. In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how to best differentiate yourself with a written, objective, and strategic 12-Month Timeline of Services.
Episode Highlights:
Charles explains what should happen when you’re trying to get a prospect to schedule an appointment with you. (2:18)
Charles mentions what most insurance agents do when they're in a meeting with a prospect. (3:31)
Charles recommends the book called, Building a StoryBrand, by Donald Miller. (5:50)
Charles mentions one of the most fascinating things about the book. (6:12)
Charles shares how the timeline of services could get you more business. (8:47)
Charles explains why differentiating yourself from the competition could be the biggest problem. (12:01)
Charles explains the timeline of services in detail. (13:10)
Charles shares a story about his client that has the largest broker of record in his curriculum. (18:23)
Charles explains why the timeline of services is so important. (20:17)
Charles mentions the three things you need to focus on with your 12-month timeline of services. (27:24)
Key Quotes:
“All of these things that we tell a prospect about... what it is that makes us better, all it really does is put us in the same bucket as everybody else. Because, the vast majority of your competitors out there are doing just that.” - Charles Specht
“You have to be able to teach your prospects how to get the things that they want. You have to be able to explain to your prospect what it is that you're going to be able to do for them, so that they can achieve the things they want.” - Charles Specht
“If you can't differentiate yourself from the competition, then you are the very epitome of mediocrity. Nobody is going to make a switch to get some more mediocrity. So, you need to really figure out how to differentiate yourself in the marketplace.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
You probably didn't write as much new business this year as you could have. Nope. Not even close. You probably could have doubled it. Easily doubled it. Maybe even tripled it? You already have the tools to do it. You don't need better scripts, better prospects, or anything like that. You just need better accountability. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht shares how both insurance producers and agency principals can double their new business revenue in just one year.
Episode Highlights:
Charles tells us that in this episode he is going to talk about how to multiply your business. (1:14)
Charles teaches about multiplying time to multiply your outcome. (5:43)
Charles explains that you need to write down all of the different things that you do in your business. (9:22)
Charles mentions that prospecting in December can make a huge difference. (13:59)
Charles shares that people need to ask themselves the question, "Where do I waste my time?" (18:10)
Charles reminds everyone that your biggest competition out there has nothing on you. (20:38)
Charles shares that you are your biggest enemy. (22:43)
Charles asks the "why" questions to stop mediocrity. (24:24)
Charles reminds listeners to be accountable to themselves and use their time wisely. (28:20)
Key Quotes:
"There's no reason why you can't succeed, there's no reason why you can't competitively dethrone every single competitor that ever comes in front of your path." - Charles Specht
"My lack of production is my fault, just like your lack of production is your fault." - Charles Specht
"I truly believe that the only thing that really stops us is whatever is going on in these thick skulls of ours." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
It's that time of the year again. It's the end of the year and it's time to create our goals and expectations for next year. But do you have any? Or, are you just throwing together the same expectations as you have the last couple of years? If that's you or it's what you're allowing as either a Sales Manager or Agency Principal, then this episode will prove to be tremendously helpful because our host, Charles Specht, will give you the essential topics/questions you need to figure out answers to set achievable, wealthy sales expectations for 2022 ... and hit them!
Episode Highlights:
Charles asks all the listeners of this episode how they did this year. (2:00)
Charles states that now is the perfect time to plan for your goals for 2022. (4:07)
Charles shares the mindset of setting wealthy sales expectations for next year. (7:50)
Charles reminds everyone that every agency is different. (9:45)
Charles shares his story of talking to a couple of producers and how it went for both of them. (12:10)
Charles shares the basics of what you need to figure out as an Agency. (20:47)
Charles provides accurate numbers as a guide for agents in order to meet their daily expectations. (24:55)
Charles states that in order to achieve your goals, you need to manage your numbers. (29:11)
Charles says that the point of this episode is to focus is what we need to do in the future and not what happened in the past. (30:16)
Key Quotes:
"The issue is, what is the strategy you're setting up for yourself? Is it one that's going to help you create success? Or is it one that's just going to help you coast through the year." - Charles Specht
"If the numbers that you're creating are bent towards being small and comfortable, sorry, you're not going to achieve wealth, you're just going to make enough money to pay the electric bill. That's the difference." - Charles Specht
"You want to go small, you'll get small results, you want to pick it up, then pick it up, you want to go big, go big, you want to be wealthy, then you better start taking a look at your numbers." - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Anyone can just show up and -- sadly -- that's all most producers do. The real question to answer should be: What am I accomplishing when I actually do show up and do the work? In other words, are you achieving the results you really want for yourself, or are you doing just enough to get by? Are you merely hitting your "safe goals" or are you doing so much work you're making those old goals look like child's play? That's what host Charles Specht talks about today as he dives deep into the topic of "Showing Up Big to Put Up Big."
Episode Highlights:
Charles opens the episode by explaining that we all need to show up. (1:20)
Charles states that there is a difference between being able to produce and being able to talk about what is in the policy. (5:09)
Charles asks the listeners how many hours they put into the insurance business? (7:38)
Charles explains that prospecting is a numbers game and selling insurance is a relationship game. (14:00)
Charles states that if you are not spending that much time prospecting then you are not doing the extra mile. (18:19)
Charles asks listeners to examine the impact that showing up and leveling up could have on their success. (25:57)
Charles shares a story of a conversation he had with a producer. (27:02)
Charles ends the show with the question: “Are you actually showing up and doing the work?” (32:47)
Key Quotes:
“The nice thing about the insurance business is you get to build whatever it is you want to build.” - Charles Specht
“You don't necessarily need to change a lot of things in your entire prospecting strategy. You just need to use your time wisely.” - Charles Specht
“If you actually began to show up and began to put up and began to level up, I wonder how much you could actually write a new business this year? I wonder if we began stringing years together like that year after year after year? How much business could you possibly write?” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Prospecting for new business isn't usually "fun" and making cold calls is often even less exciting. In fact, many insurance agents don't cold call at all. And, those who do either don't leave voice messages whatsoever or they leave messages that are terrible and get zero results, meaning no one ever calls them back. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will explain not only why you SHOULD leave voice messages when you do cold calling but he gives you at least three real and usable scripts of what your voice message should be.
Episode Highlights:
Charles opens the episode by saying that he does not think too many people like prospecting. (1:20)
Charles explains that you should have a good message when prospecting. (5:14)
Charles explains why he recommends leaving a voice message but also why it should be the last-ditch effort. (8:57)
Charles provides tips and samples of how to speak with gatekeepers. (9:34)
Charles provides samples of what he thinks might be some of the best voice messages sound like. (15:30)
Charles shares an example of how most of the agents leave their voice messages. (24:00)
Charles gives out more samples from his script that he uses in cold calling. (28:00)
Charles states that it is very important to relay the importance of your message in a cold call voice message.
Key Quotes:
“I want you to understand, prospecting is a numbers game. Selling insurance is not a numbers game. Selling insurance is a relationship game. Prospecting is a numbers game. In other words, how many people are you actually contacting?” - Charles Specht
“Always try and look at it from the perspective of how can I help this person? What can I say that's going to sort of flip the scenario here, so that I'm not merely somebody who's soliciting, but someone who's offering value.” - Charles Specht
“As soon as they realize that this voice message is from an insurance agent, they stopped listening to you in the same way that a receptionist stopped listening.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
It's your fault. It's all your fault. Don't blame me and don't blame anyone else. You're building what you want to build so look in the mirror and own it. The size of your Book of Business is your own business but if you don't like what you're building then STOP AND BUILD SOMETHING ELSE. In this episode of the Millionaire Insurance Producer podcast, Charles Specht will tell you what you need to do to stop thinking small, how to start thinking BIGGER, and what you need to change in order to achieve the new business revenue growth you want.
Episode Highlights:
Charles opens the episode by sharing with his listeners why he is angry. (1:39)
Charles shares his experience with the two agents that he has encountered. (2:55)
Charles mentions that sometimes you just have to take a step back and ask yourself, “What are you building?” (8:53)
Charles talks about advising an agent to increase the size of the account that they prospect. (12:36)
Charles explains that he wants people to realize that there is no reason to stay small. (14:31)
Charles shares that the best business lesson he learned was the power of thinking bigger. (17:38)
Charles shares another story of an insurance agent that he has worked with and the power of thinking bigger. (20:00)
Charles shares the reasons that keep him going, and keep him motivated to continue. (25:15)
Charles closes the episode with the question, Are you choosing or just allowing things to happen. (27:37)
Key Quotes:
“I'm going to tell you why I'm not happy. I'm not happy because I am sick and tired of insurance agents thinking small, period.” - Charles Specht
“Sometimes you just have to take a step back and ask yourself, ‘What am I building here? What actually am I putting into place? What am I creating?’ You have to take a step back and do that every once in a while, because you just don't realize what you're doing in the middle of it.” - Charles Specht
“There's no reason why you have to stay small. It doesn't matter, whatever the case is, if your agency isn't used to those types of accounts, it doesn't matter, write them, prospect them, you'll figure it out.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Permission is everything. The Broker of Record Letter is not everything. Permission is the goal; the BOR is a tool. Spend more time gaining the insured's PERMISSION and you'll be able to collect a lot more signatures on BOR's. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will teach you how to win your prospect's PERMISSION in order to win more new business.
Episode Highlights:
Charles explains that everything about the Broker of Record letter has to be focused on a specific word which is: Permission. (1:40)
Charles shares why the idea of gathering the insured’s permission is necessary in order for you to actually have success in the entire outcome. (4:14)
Charles mentions that gaining the insured’s permission is one of the wisest things you can do. (6:10)
Charles shares the focus of everything that he teaches and does. (10:37)
Charles discusses that the Broker of Record letter is the most valuable tool and piece of paper in the insurance business. (13:07)
Charles mentions that if you can't get the incumbent agent fired, you cannot get hired. (15:20)
Charles believes that there are some services that you can provide to the insured that actually help them to understand the value that you provide. (17:00)
Charles mentions that the Broker of Record letter literally is everything. (21:32)
Charles discusses the things that you can do to put yourself in a stronger position to win the business. (22:58)
Charles mentions that it is important to provide a valid reason to the client on why they should give you permission. (27:46)
Key Quotes:
“The Broker of Record letter is the fastest, smartest, most ethical approach to building a $1 million or more book of business.” - Charles Specht
“Don't actually begin doing free work, don't work for free. If they do not give you permission, you do not have a client, you do not have a prospect, you have a suspect.” - Charles Specht
“Gaining the insured’s permission is one of the wisest things you can do. Gaining the insured’s permission will allow you to get more signed broker record letters.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
LinkedIn is one of the absolute most potent tools out there for prospecting, whether in B2B or B2C. Unfortunately for most insurance producers, they either don't use LinkedIn at all, they use it poorly, or they come across as spammy. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will begin teaching you how to use LinkedIn to prospect better, close more deals, and build your Book of Business.
Episode Highlights:
Charles explains how he utilizes each social networking platform. (1:57)
Charles considers LinkedIn as a fantastic tool to network and prospect. (10:05)
Charles believes that it’s tough to utilize LinkedIn as a prospecting tool if you're not actively engaging with your prospects. (12:14)
Charles discusses the value of micro-niching. (13:10)
Charles believes that focusing on one area will help you succeed. (16:22)
Charles shares that he will be releasing content on how to utilize LinkedIn soon. (18:02)
Charles says that if we can give prospects free information that helps people. That's the know, like, and trust factor. (21:24)
Charles invites anybody interested in learning more about LinkedIn to contact him. (25:27)
Charles explains that if you are not visible on LinkedIn, you are missing out on one of the best opportunities to prospect. (29:02)
Key Quotes:
“LinkedIn can be your absolute best way to prospect out there. It literally can, it can change and revolutionize everything you do.” - Charles Specht
“You will be able to win more business, you will be able to resonate with your insurance buyer, if they see you as somebody who understands them.” - Charles Specht
“I decided to become the go-to agent when it comes to the broker of record letters. That is my predominant focus.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
No, your prospects don't really HATE you. Nope, they don't LIKE you, either. Moreover, they probably don't KNOW you from Adam (whoever that guy is). The real issue, however, is that your prospects don't TRUST you. And, why don't they trust you? The answer to that question -- as well as how to fix it -- is what host Charles Specht will teach you in today's episode ... which is all about Mastering the Art of Persuasion.
Episode Highlights:
Charles shares how to turn prospects into clients. (1:03)
Charles talks about rude prospects and making them do business with you. (4:19)
Charles shares tips on how to understand phrases from prospects and what they really meant to say during a call. (10:04)
Charles shares about the C3 or the Cold Call Carrot. (12:04)
Charles talks about mergers and acquisitions. (16:21)
Charles states that the size of your book of business is dependent upon your ability to persuade. (20:12)
Charles elaborates on the advantage of being able to persuade. (23:40)
Charles shares how to gain the prospect’s trust. (25:46)
Key Quotes:
“If we do our cold calls, and people respond negatively, we did not persuade them. If we present a quote, and they don't buy from us, we didn't persuade them. If the underwriter does not actually give us a quote, even though we're begging, we haven't persuaded them. There's a lot of things that we have to do. And persuasion is probably at the top of the list of the things that we must” - Charles Specht
“The size of your book of business is dependent upon your ability to persuade.” - Charles Specht
“We need to become not just merely producers, we need to become people who are experts in the art of persuasion.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Most insurance producers don't work on their personal development, let alone their sales development.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will teach you how to achieve 1% weekly growth in various areas of your selling process in order to be 50% better at selling insurance, just one year from today.
Episode Highlights:
Charles gives some tips on how producers might double their commission winnings next year. (3:50)
Charles discusses the concept of compound interest. (6:0b6)
Charles discusses where you should start working on improving 1% per week. (8:39)
Charles explains the significance of micro-niche selection. (10:23)
Charles discusses the creation of your value differentiator. (11:42)
Charles talks about scripting and messaging. (14:11)
Charles discusses the seventh way for generating a 1% rise every week and generating 50% more revenue. (16:51)
Charles mentions that most insurance salespeople do not have a strategy for leading a prospect down the route that they want them to take. (20:31)
Charles highlights the need not to give the incumbent agent the last look. (24:04)
Charles talks about the 19th method, which is asking for the final sale. (29:13)
Charles mentions that a producer is an amateur if they do not manage their personal development. (34:15)
Key Quotes:
“If you could get better at your sales process by just 1% every single week, you'd be 50% improved at winning new business after just one year.” - Charles Specht
“In order for you to actually get much better at it, you have to really start being proactive at it. You need to learn, you need to have education, you need to really start thinking from a forward perspective on where do I want to be one year from now?” - Charles Specht
“If you don't handle your personal development, you are an amateur. And amateurs only make enough money to pay the bills and they don't make a lot in life.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Mastermind
Permission Network Insurance Agency, Inc.
Many insurance agents do a poor job of clearly explaining to their prospects and clients about what the insurance program covers or excludes. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how you can transition prospects into loyal, paying clients by being ultra-transparent and educational.
Episode Highlights:
Charles mentions that many insurance agencies do not have a formalized proposal. (2:05)
Charles explains why you will lose clients and prospects if you confuse them. (4:47)
Charles discusses a different way of meeting with prospects in order to win their business. (7:30)
According to Charles, if you can explain how you'll be able to produce a better positive outcome, clients and prospects will be much more inclined to desire to do business with you. (12:58)
Charles explains that you can win more clients by being more transparent and advocating for education. (15:36)
Charles gives an example of how you could do a much better job of making your prospect or insured feel more comfortable with you. (17:16)
Charles explains that prospects want to know that they purchased insurance from the right broker and that they have coverage with the finest provider at the lowest possible cost. (22:25)
Charles makes a special offer to those who want to join the Permission Group Mastermind. (25:47)
Charles discusses what's going on with Permission Group Mastermind. (26:37)
Key Quotes:
“The lack of education, the lack of understanding that the insurance buyer has about the entire insurance process is not your friend, it's your enemy.” - Charles Specht
“This whole idea of how you can win more clients is by being more transparent, by being much more of an advocate for education, helping them actually see what they have what they don't have, rather than doing what lots of agents tend to do is they win a new client, and then they ghost that client.” - Charles Specht
“I do believe that when you go into the mastermind, you're going to be in a much stronger position to actually win” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Group Mastermind
Permission Network Insurance Agency, Inc.
Most of your competitors out there are throwing mud against the wall to see what sticks. They slap together a "bare bones submission" and blanket the marketplace. Those agents do not experience great results and they tend to have smaller Books of Business. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how (and why) to win more clients by overcoming mediocrity and being the more professional insurance advisor, compared to your competition.
Episode Highlights:
Charles tells the story of how he first got into the insurance business. (5:02)
Charles discusses the concept of the inferior submission. (7:03)
Charles explains the importance of having the entire process written before meeting with a prospect or current client. (11:15)
Charles explains why blocking the market is not in the best interest of insurance. (13:20)
Charles believes that to be better than a “block the markets” broker, brokers must be able to explain to the insured why they are better. (20:48)
Charles explains why many workers' compensation insurance underwriters will not or cannot quote a prospect who does not offer health benefits to their employees. (23:16)
Charles mentions that bare-bones submissions rarely receive quotes from underwriters. (25:31)
Charles explains the importance of educating the prospect on how a bare-bones submission actually harms them. (28:29)
Charles mentions that if brokers follow the process he highlights, they will receive significantly more broker record letters than they have in the past. (31:47)
Key Quotes:
“Put together a submission that will knock the socks off of your underwriter. A bare bones submission handcuffs the underwriter to not be able to work with another agent, maybe even agents that they would choose to work with. ” - Charles Specht
“The insurance industry is not set up for your success. The insurance industry is set up for your failure. It is not set up in a way that is going to help you in the trust process with your prospects.” - Charles Specht
“We need to educate the prospect on how a bare bones submission actually hurts them, how it hinders them, we need to explain to the insured that we are not going to be doing that on their behalf.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Yes, indeed, how you represent your prospects to the marketplace will either make you a winner or guarantee your failure. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht demonstrates how you can construct a new business or renewal submission to your carriers that will not only cause the underwriters to want to quote your submission but will encourage them to give you a better quote!
Episode Highlights:
Charles discusses how important it is to present the insured to the marketplace. (3:02)
Charles explains the two things that a business owner may do to ensure success. (4:59)
Charles shares a story about when he was still figuring out his consulting practice. (5:59)
Charles discusses the responses he received from his LinkedIn question for underwriters. (9:05)
Charles explains the significance of a superior submission. (25:54)
Charles believes that a good submission will get you more broker record letters if you can demonstrate to the prospect that you would be marketing them like a Ferrari in the market. (30:30)
Key Quotes:
“If I can help you be more successful in your career, whether you're on the carrier side or the agency side or in loss control, or whatever it is, doesn't matter if you're doing personal lines or employee benefits, property and casualty life insurance, I don't care, I want to be able to help you. ” - Charles Specht
“If you can put together a superior submission and give reason, detailed description and reason to the underwriter, what they've done for certain things, and why credits should be given. You're much more able to justify those credits with the underwriter and likely to get them” - Charles Specht
“If the insured knew how poorly so many agents out there are representing them to the marketplace right now, based upon their renewal submission, let alone the new business submission. I believe those insured's would fire their agent immediately and sign a broker of record letter to anyone else who's willing to put together a good submission.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Unless you have the "pen" for one of the carriers, you don't determine price or rates. The underwriter has all of the control for that. So, the competition really takes place at the "underwriting level" and not at the "retail agent" level. Why do your prospects think they can get better quotes by working with multiple agents? ANSWER: Because they don't know any better. If you can clearly articulate to the prospect that you will ensure competition will take place with the underwriters, you should be able to BOR all of the markets you want.
That's what host Charles Specht talks about in this episode of the Millionaire Insurance Producer podcast.
Episode Highlights:
Charles discusses the factors that lead to a lack of trust in the insurance relationship. (2:06)
Charles explains why a lack of qualified competition to motivate the current broker is not in the insured's best interests. (6:13)
Charles discusses his responsibilities to an insured who likes the current agent. (10:04)
Charles shares several ways to motivate individuals to work hard. (12:06)
Charles believes that competition should take place at the underwriting level rather than the retail agent level. (13:45)
Charles mentions that it is important to explain to the insured how the procedure ensures competition, not at the agency level, but at the carrier level. (16:07)
Charles explains why micro-niching is so significant. (17:50)
Charles discusses the need for educating the insured on how insurance works. (19:28)
Charles explains why insurance producers must be able to tell underwriters exactly what they want. (24:39)
Key Quotes:
“I have no plans to move the business away from the incumbent agent. Because the incumbent agent might not necessarily be doing a bad job, it's just that the insurer doesn't know if they're doing a good job. And the insurer doesn't know if the agent who they like is actually getting them the best deal. That's normally why I'm hired, when the insured kind of likes their agent.” - Charles Specht
“This is why micro-niching becomes so important because the more that you are entrenched in the insurance industry, the more you will know what's happening in the insurance marketplace for that industry.” - Charles Specht
“If you can help your prospects see why you would be better. They might actually give you everything you want.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Many insurance brokers "ghost" their clients once the dust of the policy binding process settles. They move on to other things and conveniently "forget" to implement the services they promised the insured in exchange for their business. Or, they just flat out provide poor customer service after the sale. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how you can win more signed BOR's from your prospects by proving you provide superior customer service.
Episode Highlights:
Charles mentions that there is an issue with trust in the insurance industry, and it is the result of things that insurance agents have done in the past. (3:42)
Charles explains that his goal is to assist insurance agents in knowing how to produce a better customer service product and experience in order to win more business. (4:56)
Charles believes that when people grow more successful in the insurance business and get more clients, it becomes more difficult to provide excellent customer service. (5:59)
Charles explains the reasons why clients distrust insurance agents and insurance companies. (7:47)
Charles mentions Chris Paradiso and his agency as an example of a company that does an excellent job of onboarding clients and staying in touch with them. (13:04)
Charles discusses strategies for agencies to enhance their onboarding process. (13:47)
Charles discusses the steps that insurance agents may take to show prospects what it's like to do business with them in the future. (15:46)
Charles mentions that a 12-month timeline of services helps producers to get more signed broker record letters than anything else. (20:51)
Charles explains how to present an excellent 12-month service timeline. (23:58)
Charles explains that one of the main reasons prospects don't trust brokers is that they make lofty promises but provide poor after-sales service. (28:00)
Key Quotes:
“As insurance agents, we have done things over the course of time that have hindered our trust with prospects, insurance buyers, in the marketplace, and our reputation out there in the world. And a lot of it is because we provide a lot of verbal exercise and not a lot of follow-through.” - Charles Specht
“If we can alleviate this particular problem. If we can address it right up front, then we can provide a solution to overcome it, we can implement something that will cause the insured to actually see that you are the more obvious choice of which agent to do business with, you will collect more signatures on signed broker of record letters, you will then serve happiness, and you will have a lot of happy clients going forward.” - Charles Specht
“Brokers who promise a lot, but provide poor customer service after the sale is one of the main reasons why your prospects don't trust you. You have to have a solution to that problem. And I'm telling you that the 12 month written timeline of services is probably one of the best ways to overcome this problem.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Most insurance brokers don't have a "Plan of Attack" when it comes to representing their prospects/clients in the marketplace. In this 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.
The biggest problem insurance agents struggle with is not market access or even a lack of services provided by their agency. The biggest problem is a lack of trust from your prospects. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht breaks down ten of the main reasons why insurance buyers don't trust you -- and then gives you the answer of how to overcome the first one!
Episode Highlights:
Charles discusses why the insurance business lacks trust. (3:35)
Charles discusses why he started a consulting company called "Constructive Risk". (6:32)
Charles expresses his hope to see the insurance business improve. (11:28)
Charles discusses the main reasons why your prospect shouldn't trust you. (12:15)
Charles mentions that most insurance customers are surprised when they discover how much insurance agents are paid vs how little assistance they actually receive. (15:04)
Charles explains why inexperienced brokers pursuing quotes from the incorrect market access points is an issue. (21:42)
Charles explains how to earn your prospect's trust. (26:49)
Charles emphasizes the necessity of clarifying the renewal procedure. (28:49)
Charles mentions that it is important to remember that the underwriter does not have your best interests in mind. (30:40)
Charles explains why sometimes underwriters don't tell you everything. (32:08)
Charles mentions another way to win a lot of business. (36:43)
Key Quotes:
“It is wrong to try and sell on price or product when you could be selling by solving a problem” - Charles Specht
“I would love to change the insurance industry in the future, I would personally love to have all policies be written at a 0% commission and insurance agents establish a set rule for the service fee, a fee for the services that they provide.” - Charles Specht
“I believe that if we were really honest with ourselves, we would probably come to the conclusion that it is not in the insured's best interest to work with me solely on their insurance renewal, that they would probably be better off if they worked with different agents and agencies, got quotes from them, from different carriers based upon their relationship with those carriers and how much premium they have with them, their relationship with the underwriters, what services they provide, and so forth.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht, CIC, CDA
Permission Network Insurance Agency, Inc.
You may or may not be an unethical insurance agent, but your prospects don't know how to tell the difference. In this 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.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains the two main reasons why writing small accounts is a terrible strategy for an insurance agent and why THINKING BIGGER and writing larger accounts makes everyone happier. "Small Thinking" is a plague that may allow you to pay your monthly electric bill but it will never allow you to build wealth.
Episode Highlights:
Why is thinking small, a major problem? (2:55)
How does Charles' approach to work differ from that of 20 years ago? (5:30)
Charles explains how to compensate for inexperience, as a young agent. (6:56)
Is there a difference in process when prospecting large accounts versus smaller ones? (8:14)
What happens when you’re successful at writing small accounts? (9:37)
Charles details a conversation he recently had with the service team. (13:00)
What should your target goal be, as a starting point? (13:02)
Charles shares his message for agency principals. (14:44)
Key Quotes:
“You have to stop thinking small. And, you have to start going big. That's what you have to do. You really have to. I can give you all the tools, I can give you everything that you need to do, if you will, to make that leap to make that jump...But, you have to step off the plane.” - Charles Specht
“You'll make enough money to pay the electric bill, to pay the rent, or the mortgage or whatever it is. And you know what? Maybe every once in a while, go out to a nice little restaurant with your wife and your kids, and so forth. But, you're not going to build wealth.” - Charles Specht
“I have had a chance to talk with lots of different insurance agents. They message me on LinkedIn, they call me, they shoot me an email, whatever it is. I have a chance to talk to a bunch of the vast majority of them out there. I know their problems could be solved, if they would simply start thinking bigger.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains the five key areas you need to implement the "Power of 1" in order to build your Book of Business to $1,000,000 or more. Staying focused on one path of success is difficult for most producers, but getting better at it is what separates the pro's from the amateurs.
Episode Highlights:
Charles explains the power and importance of following through. (3:30)
What does Charles look for when predicting a new agent’s success or failure? (4:58)
Charles details his first piece of advice: have one mission. (6:55)
Charles shares a story from college to illustrate his second piece of advice. (12:16)
What should your only goal be at the end of your first appointment with a client? (15:29 )
What’s something that takes time and makes it more difficult to win? (19:12)
Charles shares his third piece of advice: how to approach micro niching. (21:22)
Charles explains his fourth piece of advice: one policy expertise. (23:26)
Charles details his fifth piece of advice: the one activity that will put gold in your pocket. (28:44)
Charles tells listeners why it’s so important to have a process and a plan. (32:48)
Key Quotes:
“The problem with us as producers, as insurance agents, as human beings, frankly, we're not very good at staying focused. We lose focus, therefore, very often, we're off the path. We're off the path of success. Sometimes we just lose our focus on what we're supposed to be doing.” - Charles Specht
“There's definitely certain characteristics of insurance producers that I see...that person is going to be a success, or that person is going to be out of this business in six months. And, it comes down to the power of one.” - Charles Specht
“If you are singularly focused...you are going to get more broker of record letters, period, hands down from the prospects that you meet with, because you are the obvious choice.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses how to find success as an insurance agent. It's not about you. It's not about the insurance agent. The Hero of the "insurance story" is your prospect. Marketing, branding, and selling is best performed when you position your prospect as the Hero and you as the Guide. Give your prospect a plan for success and they'll do whatever you (the Guide) tell them to do!
Episode Highlights:
Which two stories should insurance agents have? (4:10)
Charles shares a story of how helpful life insurance is. (4:54)
Charles mentions the book, called, Building a StoryBrand, by Donald Miller. (8:21)
Charles explains why your sales process needs a script. (11:28)
Charles shares who the hero is when it comes to the storyline of a successful insurance agent. (13:18)
Charles explains who the villain is when it comes to the insurance process. (15:16)
As a producer, what do you need to remind the insured of? (16:58)
Charles details the key responsibilities of a guide and a producer. (17:54)
Charles explains why most insurance producers don't discuss what victory looks like. (22:44)
Key Quotes:
“You have to bring your prospect into the story, otherwise, you are white noise. You're just white noise in the background. You're just a buzzing in people's ears, and they're not really coming along with you in the story.” - Charles Specht
“The villain is the entire quoting process. You as the guide show up and what your responsibility to do in this whole process is to somehow be able to formulate a plan or a strategy so that the insured can actually see what they're supposed to do, and that will show them how to be victorious in the end.” - Charles Specht
“The storyline of a successful producer, you as a new guide have to come in and get the hero, the prospect, the insurer, to realize that the guide they have right now can't take them to the next level.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses how quoting is for the weak! This is a truism. But if you're not going to offer quotes, what should a producer do, exactly? That's what Charles Specht breaks down for us today. Instead of offering quotes, use this process instead to win signed BOR’s!
Episode Highlights:
Charles shares a story about a poll he recently did on LinkedIn. (1:45)
Charles explains why he disagrees that the broker of record letter is unethical. (2:56)
Charles mentions one important thing that insurance agents should do. (7:30)
Charles shares what insurance agents prospecting goals should be. (8:29)
Charles explains some of the reasons why insurance buyers don’t trust insurance agents. (12:32)
Charles explains how to get more signed broker record letters and how to build your book of business. (16:53)
Charles mentions some of the goals you should have when meeting with your prospect. (19:45)
Charles mentions why being micro niche is key. (26:08)
Charles shares another part of the broker of record letter process: the written timeline of services. (27:54)
Charles explains the definition of winning. (33:49)
Key Quotes:
“Let me just tell you, I do not at all like or agree with insurance carriers that have a problem with a broker of record letter. It exists for your policyholder. That's what it exists for.” - Charles Specht
“I do believe that the broker of record letter again is not only ethical, I also feel it is in the insurance’s best interest to know that it exists, to know that it is something that they can use at any one time. And, I also feel that it is in the insurance agent’s best interest to have the broker of record letter as the trophy of what they're trying to accomplish.” - Charles Specht
“A lot of this process is a process of switching your thinking. You need to rethink your strategy for prospecting new business. That's what we have to do, we have to rethink our strategy for prospecting new business.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses how competing insurance agents only win new business an average of 8% of the time in a normal quoting process. Incumbent agents win 92%. So, who has it better? That's really the issue. Incumbent agents retain their clients because they have access and currently control the insured's permission. Therefore, let's focus on winning permission rather than blind quoting.
Episode Highlights:
Charles shares what is the problem with the normal quoting process in the insurance industry. (3:16)
Charles shares why he likes the books of Seth Godin. (5:44)
Charles explains his definition of permission. (8:48)
Charles tells listeners why it’s so important to get permission. (9:46)
What kind of quoting is Charles trying to get rid of? (14:31)
What’s one of the most difficult things for insurance agents to start figuring out? (18:30)
Charles shares one of the most important strategies to use. (21:10)
Charles gives an overview of different areas of permission. (27:48)
Charles shares the final tip which is to start going after broker of record letters. (28:39)
Charles mentions a dirty little secret about the insurance industry. (30:07)
Key Quotes:
“We need to make sure that we have the access to go forward before we actually do go forward.” - Charles Specht
“You’ve got to get that permission. Because if you don't have it, you ain't winning. I'm sorry to tell you, you are not going to win if you do not have insurance permission. There's a lot of insurance buyers out there who are using you for information.” - Charles Specht
“Having that mindset that you do not offer quotes going forward...Probably one of the more difficult things to do. But let me just tell you, you do that and the insured will never forget you.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht is here to tell you that it's time to make a decision, and to make the decision to be a Producer. You're not a CSR. You're not an Account Manager. You are a Producer. Producers produce. Period. That's what producers do. So, let's get serious and decide to play smart rather than play safe!
Episode Highlights:
Charles explains why he’s glad to have the opportunity to be in the insurance industry. (3:34)
Charles gives the two actions to take if there are areas where you're not getting the results that you want. (5:59)
Charles mentions one of the beautiful things about the insurance business. (9:48)
Charles shares what his thoughts were during his recent battle with COVID-19. (12:16)
Charles explains the importance of having the right mindset. (14:38)
Charles mentions one of the major problems that he often sees in producers and servicing teams. (17:24)
Charles shares a story about his conversation with an insurance agent before he started recording this podcast. (23:09)
Charles shares the process of how to stop producers from servicing and make them start producing. (24:58)
Key Quotes:
“I truly believe that the insurance industry is probably one of the best industries that anyone could be in, whether they are 65 years old, or 25 years old, just out of college. It doesn't matter. I love the insurance industry. There are so many different things that you can do.” - Charles Specht
“Let's create a process that is actually going to guarantee to ensure the results that you want going forward that you are going to build the book of business that you want, not something that's just going to fall together, or happen by chance.” - Charles Specht
“You need to find what works for you and then stop playing games, and go all in. You go all in. You need to have a killer mindset, you need to have a killer attitude, you need to make sure that the line of producer and servicing is very clear, and you do not cross over.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Writing small accounts may help you pay the bills, but, you'll never achieve wealth writing small accounts. In today’s episode of the Millionaire Insurance Producer podcast, host Charles Specht teaches you how to determine what size account you should prospect and how to be more successful at building a Book of Business. Writing small accounts may help you pay the bills but, you'll never achieve wealth writing small accounts.
Episode Highlights:
Charles shares a story about his conversation with an insurance agent, who has been very successful over the last 5 years getting lots of new clients. (2:06)
Charles explains why producers should stop going after small accounts. (5:26)
Charles mentions what the agency principle should not allow their producers to do. (12:53)
Charles shares what could happen if you allow your producers to go after small accounts. (13:44)
Charles teaches you how to set prospecting goals with your producers. (14:34)
Charles explains what could happen if producers go after bigger accounts. (15:20)
Charles shares the advice he normally gives to his agents, regarding new accounts. (18:50)
Charles lays out the basic questions that you have to answer. (26:09)
Charles shares his takeaway from today’s episode. (27:21)
Key Quotes:
“There's a lot of things that I can say to insurance agents that help them become more successful. But, there are not too many things that I can do to help anyone be successful if they're just going to continue to play small, period.” - Charles Specht
“You don't have to go out for small accounts. You just have to make a decision that you're not going to be going after small accounts. You're going to go after bigger accounts. You have to actually come to a decision in your own mind about what is the size of the account that you're going to go after.” - Charles Specht
“If you stop going small and start going after the size of the account that you want to go after, you will make more money, you will likely have more joy in your business, and you will have more fun in what you do in your career.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how cold calling still works and it works very well for those who use the right script. Charles Specht will teach you what your script could be and how to effectively cold call in order to set more appointments with your prospects.
Episode Highlights:
Charles shares a poignant story from when he first got into the insurance business. (2:36)
Charles mentions why being a debt collector on the telephone was one of the more difficult things he’s done in the business world. (3:48)
Charles explains what a “C3” is. (8:39)
Charles shares why leaving voice messages is necessary. (9:13)
What’s one of the main reasons why insurance agents don’t get a lot of value out of the time they spend cold calling? (11:05)
Charles explains how to create an impressive script when cold calling prospects. (14:25)
What are the two things your script must contain to be successful? (19:10)
Charles shares a strategy that can help you understand what the best case scenario is going to be. (22:09)
Key Quotes:
“If you do not have cold calling right now in your prospecting strategy, you are losing out. I want you to think about it this way...Prospecting works really well when you are communicating to somebody in the time and the platform that they feel comfortable with.” - Charles Specht
“Do not waste your time, do not waste their time talking about just general type stuff. Get into it. You should be able to give your absolute pitch that at the end, you ask a question where you're expecting a yes or a no to it.” - Charles Specht
“If they don't meet with you for one reason, they're probably going to meet with you for another reason. And, once you're there at the appointment, then it's all about relationship. But prior to that, it's a numbers game. Cold calling is a numbers game.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses the biggest problem insurance agents have. It’s not around prospecting or messaging. The biggest problem insurance agents have is their lack of success at getting their prospects to fire the incumbent agent in order to hire them. That is what this episode is all about.
Episode Highlights:
Charles explains the process of competitive dethronement. (2:56)
Charles shares how insurance is war. In sales, you either win or lose. (4:21)
Charles explains how to get the incumbent agent fired, to get you hired. (9:19)
Charles shares a story about speaking to an insurance agent, who sent him a message on LinkedIn. (11:43)
What’s the second thing you want to do to get the incumbent agent fired? (13:30)
Charles shares how to get the insured to realize that their agent hasn't fulfilled their services. (18:31)
Charles explains another way of identifying significant problems that the insured has with their incumbent agent. (20:28)
Charles shares what you need to do to help the insurer take away the pain. (25:50)
Charles mentions why it’s important to remember that insurance buyers have the insurance mentality of a four-year-old child. (29:33)
Key Quotes:
“If you can't get the incumbent agent fired, you will never get another client. If you can't get the incumbent agent fired, you will never get hired, period. And so, we don't have a prospecting problem, we have a firing problem, that is the issue.” - Charles Specht
“If you can begin creating that killer mindset, so that you understand what this is, I do believe that everything else will become easier. I do believe that you'll be more focused, that you will understand the process more, that you will start creating strategies and systems, and a process that is going to work yourself through the situation with the insured, so that at the end, you are more likely to ask for the broker of record letter, and get awarded the broker of record letter.” - Charles Specht
“If you don't win, you lose. And, there is somebody else right now sitting in your chair, on your throne, the other incumbent agent. Unless you can get the insured to willfully fire, terminate that relationship, you will never get another client, period. If you can't get people fired, you can never get a new client. It is that simple.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
Most insurance agents don't know how to clearly articulate their value or adequately differentiate themselves in their prospect's minds. In this episode of the Millionaire Insurance Producer podcast, host Charles Specht explains how to best differentiate yourself with a written, objective, and strategic 12-Month Timeline of Services.
Episode Highlights:
Charles explains what should happen when you’re trying to get a prospect to schedule an appointment with you. (2:18)
Charles mentions what most insurance agents do when they're in a meeting with a prospect. (3:31)
Charles recommends the book called, Building a StoryBrand, by Donald Miller. (5:50)
Charles mentions one of the most fascinating things about the book. (6:12)
Charles shares how the timeline of services could get you more business. (8:47)
Charles explains why differentiating yourself from the competition could be the biggest problem. (12:01)
Charles explains the timeline of services in detail. (13:10)
Charles shares a story about his client that has the largest broker of record in his curriculum. (18:23)
Charles explains why the timeline of services is so important. (20:17)
Charles mentions the three things you need to focus on with your 12-month timeline of services. (27:24)
Key Quotes:
“All of these things that we tell a prospect about... what it is that makes us better, all it really does is put us in the same bucket as everybody else. Because, the vast majority of your competitors out there are doing just that.” - Charles Specht
“You have to be able to teach your prospects how to get the things that they want. You have to be able to explain to your prospect what it is that you're going to be able to do for them, so that they can achieve the things they want.” - Charles Specht
“If you can't differentiate yourself from the competition, then you are the very epitome of mediocrity. Nobody is going to make a switch to get some more mediocrity. So, you need to really figure out how to differentiate yourself in the marketplace.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht breaks down what those seven steps are and how you can do it, too!
Episode Highlights:
Charles mentions his book called, The Millionaire Producer. (1:49)
Charles shares the first step: collect signatures and serve happiness. (3:00)
What’s one of the most imporant and most expensive pieces of paper in the insurance business? (4:44)
Charles walks us through the second step. (7:28)
Charles details the third step: think bigger. (12:38)
Charles shares the crucial fourth step in building your book of business. (15:17)
Charles explains the fifth step: riches are in the micro-niches. (17:16)
Charles mentions the sixth step. (21:17)
Charles shares the final step, which is accountability. (26:40)
Key Quotes:
“Our clients need to be happy. They want to be joyful, they want to be satisfied, they would like to stay loyal, they want to be happy that they chose you. And so, we have to provide services that provide solutions to the bigger problems that they have. You do that…your client will remain happy.” - Charles Specht
“You're not necessarily a salesperson, you are a persuader. You need to work on your persuasion. As you work on your persuasion, your tact, your delivery, how you actually message things, you're gonna see your book of business actually increase significantly.” - Charles Specht
“That's what an insurance agent does...collect signatures, serve happiness. Stop offering quotes to people who have not yet given you their permission to represent you in the marketplace. That's not what pros do.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses how the Jack-of-all-Trades is dead. The "generalist" producer is a thing of the past. Insurance agents who become experts in a specific area (Micro-Niche) get more clients more quickly and win significantly more signed Broker of Record Letters.
Episode Highlights:
Charles shares a story about a man named Jack. (2:07)
Charles explains what a micro-niche is. (2:55)
Charles mentions the problem with being a generalist. (4:07)
What would Charles recommend to insurance producers? (5:04)
Charles shares the story of when he first understood the power of micro-niches. (5:16)
Why are the riches in the micro-niches? (11:21)
What’s something Charles often hears from the employee health benefits producers? (13:21)
Is micro-niching about more than just types of accounts? (14:04)
Charles mentions some of the factors that you need to consider when you first start exploring micro-niches. (24:54)
Key Quotes:
“The insurance producer, who is micro-niche, is the one who wins the day. Period. And, so the riches are in the micro-niches.” - Charles Specht
“Being micro-niched allows you to write significantly larger accounts. If you are a generalist, that's not necessarily true. You're not going to be able to write larger accounts all the time. But, being micro niched separates you from the competition.” - Charles Specht
“The focus is that the riches are in the micro-niches. If you get that... you are going to have a book of business that will explode. - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht talks about the five things insurance producers do each week that will guarantee them success. Stay committed to these five things and you'll be well on your way to building a $1,000,000 or more Book of Business! Episode Highlights:
Charles explains a problem that he sees with far too many producers. (2:42)
Charles mentions what he would’ve done if insurance didn't work out for him. (8:57)
Charles lists the five things that successful producers do each week. (10:29)
Charles shares why sometimes he needs a kick in the pants. (11:16)
Charles shares a story about a producer he’s been working with for quite some time. (13:27)
How many phone calls should you be able to take in an hour? (15:27)
Charles explains why the vast majority of insurance producers are not good at administration and data management. (17:43)
Charles shares why ideal prospecting is like building a house. (22:15)
Key Quotes:
“I really hope you understand how important each and every day is... Monday, Tuesday, Wednesday, Thursday, Friday. You know, Friday is not a day in which to take off. Friday is a day in which to sell some insurance.” - Charles Specht
“What you sow, you will reap. If you sow rest, you're going to reap poverty. But, if you go out and you plant the seeds, and you water the seeds and you tend the soil, you are going to reap the fruit. You absolutely will. All the work that you put into your insurance career is going to come back to you tenfold… a hundredfold.” - Charles Specht
“The fortune is in the follow-up. Consistency is key, and you need to do things that calculate toward profit. If you're not doing things that calculate toward profit, guess what? You're calculating towards poverty, and that's not a recipe for success.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses THREE things you absolutely need to get from your prospect if you decide to offer quotes, instead of being awarded a signed Broker of Record Letter on the current policies. Doing these three things will significantly strengthen your position to win, while not doing them is a dagger of death.
Episode Highlights:
Charles mentions why constructive risk exists. (2:55)
What issues does Charles face, when working with insurance agents? (5:44)
Charles explains why he needs to invest more in stocks. (8:03)
Charles shares the three things you need to do to better position yourself. (12:37)
Charles mentions why being micromanaged is very important. (16:24)
Charles explains why it’s unethical to go through a quoting process with multiple agents. (20:51)
Charles shares why precision is important to guarantee a business relationship. (23:09)
Charles mentions what happens when you can't get those three things. (34:05)
Key Quotes:
“When we go through a quoting process, we don't actually dictate any terms with the insured with the prospect. In other words, we don't establish the rules of the game.” - Charles Specht
“You have a stock price with your prospects. It's going up and down, based upon a lot of circumstances that not only you do directly, but also, based on what's happening behind the scenes.” - Charles Specht
“Everybody has to come in with their best rate. Otherwise, it's just a free for all and you're not in a very strong position there. You’ve got a weak stock price.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht teaches you exactly what you should say, and ask your prospect during your first meeting and -- specifically -- why you should ask for the signed BOR. Doing so tells you absolutely everything you need to know about your position in the process as well as how strong of a position the incumbent agent has with the insured.
Episode Highlights:
Charles explains why it’s better to ask for business during the first appointment. (2:33)
Charles mentions one of the nice things about being a micro-niche. (3:42)
Charles shares what you should find out from your prospect during the first meeting. (5:31)
Charles mentions the type of questions you should be asking your prospect. (7:50)
Charles shares one of the ways he shows a lot of value to his clients. (9:25)
Why should you ask for the broker of record letter during the first appointment? (13:19)
Charles mentions what happens when you ask for the broker of record letter before the first appointment. (16:58)
Charles shares what millionaire insurance producers do. (29:08)
Key Quotes:
“You need to find lots and lots and lots of problems during that actual appointment. You need to have specific questions already written down, sitting on a piece of paper. One that you're actually holding in front of you, so that you can ask your prospects those questions. If you don't have those questions written down in front of you, you are an amateur and you deserve not to win.” - Charles Specht
“Every single point of communication is about positioning, positioning, positioning, positioning. You are always trying to position yourself better every point of communication either strengthens or weakens the relationship with your prospect. You are either gaining ground or you are losing ground.” - Charles Specht
“If you show up to the place of business,sitting down with a business owner who has decided to give you an hour of his or her life, to talk about something that is not really interesting to them, that they don't like... that causes frustration.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht discusses the 12X Mindset, which results in one new client per month via Broker of Record Letter. Charles talks about the basic foundation of the 12X Mindset which is, 1) Stop offering quotes to non-clients; 2) Develop a Micro-Niche, 3) Target larger revenue-generating accounts, and 4) Target signed Broker of Record Letters.
Episode Highlights:
Charles explains the goal of this episode. (2:20)
What are some of the things insurance producers should do to win prospects? (5:34)
Charles gives a significant piece of advice to help you with prospecting. (7:58)
Charles shares some statistics from his experience as an insurance producer. (12:30)
When did Charles really start to understand the power of the broker of record letter? (21:33)
Charles mentions the 12X Club website. (22:10)
Charles gives the four keys you need to have a 12X mindset. (22:27)
Charles explains how to create services within your niche. (31:29)
Key Quotes:
“You can’t articulate to your prospect about what makes you different, and what makes you better. Please understand, your prospect will never be able to figure it out for themselves, ever.” - Charles Specht
“Prospecting is a numbers game. Selling insurance is a relationship game. Don't make the mistake of thinking that you can just walk into somebody's office and ask for the sign broker of record letter, and expect to get it.” - Charles Specht
“Everything that you do, every question you ask, every telephone call, every email is a point of positioning. You're trying to position yourself in a better light, in a better position, stronger position, so that you can win the business.” - Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.
We're so excited to introduce you to the newest series on the AI Podcast Network: the Millionaire Producer Podcast, hosted by Charles Specht, national sales director and keynote speaker.
Charles was a producer with a $1,000,000+ Book of Business, before starting a consulting company working directly with insurance buyers. Now, he’s taking over the podcasting world to give you tools to package your services in such a way that your prospects will fire their current agent and sign your Broker of Record Letter…during the very first appointment!
In this first episode of the Millionaire Insurance Producer podcast, host Charles Specht gives the back story of his first ten years in the insurance industry as a producer. Charles explains why he stopped selling insurance and became a fee-based consultant to insurance buyers, how insurance buyers choose an agent, and how he eventually transitioned into teaching insurance producers how to win signed Broker of Record Letters.
Episode Highlights:
Charles mentions the three things that an insurance buyer is looking for. (1:32)
Charles gives a brief background of his consulting company. (3:03)
Charles mentions the reason why insurance buyers hire him as their insurance consultant. (5:56)
Charles shares the skill sets you’ll need when it comes to prospecting. (10:01)
Charles walks us through his career background. (11:42)
Charles mentions why he loves to hear the word ‘yes’. (13:48)
Charles explains what a minimum revenue threshold is. (16:33)
Charles shares one of the big decisions he made in his career. (23:22)
Charles mentions the website Broker of Record Letter Group Mastermind. (29:17)
Key Quotes:
“What I do is work with insurance agents to actually help them become more successful. It's a lot more fun, it's a lot more exciting than having to actually put together apps and so forth. Personally, I'd love to be able to see the producers actually get that win, to be able to see that smile that they heard somebody say ‘yes’.” -Charles Specht
“I love to hear the word ‘yes’, because I know that when I hear the word ‘yes’, that means they have said no to the incumbent and that they have chosen to actually begin doing business with me. And so, I love prospecting. I love being able to meet with people. I love being able to talk to people. And, so, you know what? I was just a prospecting machine.” -Charles Specht
“I focus on working with insurance agents to help them get more broker record letters. You wonder why? Because, that's what my client, the contractor, wants. They want to be able to pick one agent. I don't focus on the broker of record letter just because I think it's an awesome, interesting way with the prospect, no. I focus on the broker record letter because it's what the prospect wants.” -Charles Specht
Resources Mentioned:
Reach out to Charles Specht
Permission Network Insurance Agency, Inc.