In this episode, James talks with a commercial insurance expert and the host of the Millionaire Insurance Producer podcast, Charles Specht.

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Episode Highlights:

Charles shares that he coaches insurance agents and works with insurance businesses and that he enjoys the opportunity to help people. (3:30)
Charles believes that around 50% of the businesses who engage him do not want to leave their agent and make it plain that they do not want to transfer agents; they only want to ensure that they are getting the best deal. (6:16)
Charles discusses the two most important things an incumbent can do to save their seat and go in the right direction. (9:08)
Charles mentions that the majority of his clients hire him on an annual retainer and he works with their agents, but approximately 25% hire him and never have him speak with their agent. (14:47)
Charles explains a few things that the competing agent may do to improve his or her chances of getting the incumbent dismissed. (17:12)
Charles mentions that his main concern when it comes to the idea of bringing in competing agents in the bid process is not to muddy the water. (22:25)
Charles explains that the concept of the final look is one of the reasons he has a consultancy company. (28:13)
Charles mentions the importance of having open communication with the insured on how the whole process will operate, what you will accept, and what you will not allow. (31:25)
Charles discusses another factor to consider when thinking about how to win business. (39:22)
Charles shares why 2023 will be an exciting year for him and his company. (47:25)

Key Quotes:

“My main focus, when it comes to the renewal of bringing in competing agents in the bid process, is to not muddy the water. And I tell the agents that if any of my markets get a double submission from you, we will take all the markets away from you and give it back to the incumbent.” - Charles Specht
“The last thing I'm ever going to allow to happen is an incumbent agent who has no plan and will not represent my account to the wholesale market. It is a different world altogether.” - Charles Specht
“The standard markets are good at writing what they want to write, they are terrible at writing things outside of their normal appetite hitlist.” - Charles Specht

Resources Mentioned:

The 97th Annual World's Championships of Most Weird Toy

Remember Everything You Learn from Podcasts