Agency Freedom E85: Podcaster Series - Charles Specht
Jan 13, 2023
55:56
In this episode, James talks with a commercial insurance expert and the host of the Millionaire Insurance Producer podcast, Charles Specht.
To hear more from Charles, visit his show at https://podcasts.apple.com/us/podcast/millionaire-insurance-producer/id1567947856
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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: