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Millionaire Insurance Producer
34 minutes | Oct 18, 2021
Win More Clients by Being Transparent and Educational
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.
36 minutes | Oct 14, 2021
How to Be Better Than a "Block the Markets" Broker
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.
35 minutes | Oct 11, 2021
How a Superior Submission to the Marketplace Will Win You More Clients
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.
28 minutes | Oct 7, 2021
Win More BOR’s by Ensuring Strict Competition by the Underwriters
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.
30 minutes | Oct 4, 2021
Get More Signed BOR’s Through Superior Customer Service
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.
32 minutes | Sep 30, 2021
How to Win BOR's Through Better NEGOTIATION with Underwriters
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.
38 minutes | Sep 16, 2021
How to Get Your Prospects to Trust You (Part 1)
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.
21 minutes | Sep 9, 2021
Reasons Why You May Be an Unethical Agent (or not)
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.
17 minutes | Sep 6, 2021
Why Writing Small Accounts Will Make You Poor
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.
34 minutes | Sep 2, 2021
The Millionaire Producer's "Power of 1"
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.
27 minutes | Aug 30, 2021
The Storyline of a Successful Insurance Agent
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.
37 minutes | Aug 26, 2021
The Broker of Record Letter Process
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.
35 minutes | Aug 12, 2021
Stop Offering Quotes and Focus on Winning Permission, Instead
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.
33 minutes | Aug 5, 2021
Stop Playing Games and Start Producing New Business
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.
35 minutes | Jul 22, 2021
How to Write Larger Revenue-Generating Accounts
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.
34 minutes | Jul 15, 2021
How to Cold Call to Set More Appointments with Prospects
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.
36 minutes | Jul 12, 2021
How to Get the Incumbent Agent Fired and You Hired
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.
32 minutes | Jul 8, 2021
How To Win New Clients With a 12-Month Timeline of Services
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.
32 minutes | Jul 5, 2021
7 Steps to a Million-Dollar Book of Business
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.
39 minutes | Jul 1, 2021
The Riches are in the Micro-Niches
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.
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