The Preeminent Producer Podcast
Discover how to become a Preeminent Producer in the commercial insurance industry with The Preeminent Producer Podcast! Join the Preeminent Coaches as they dive deep into the world of commercial insurance and discuss the strategies and tactics needed to stand out from the competition and grow a successful book of business. From marketing tips, prospecting, commercial insurance producer sales training and so much more. You’ll get the knowledge and insights needed to build a lasting and fulfilling career in the commercial insurance world. You will learn how to get unstuck and earn a game changing increase in income.Tune in now for the latest episode of The Preeminent Producer Podcast!
The Preeminent Producer Podcast
Can I Grow My Book Of Business To $1M Dollars In Less Than 3 Years?
The BIG question is... Can I build a book of business to $1M within 3 years? That is what we are tackling in this episode of The Preeminent Producer Podcast.
If you are a commercial insurance producer and looking to grow your book of business to $1M, you will want to join us for our upcoming LIVE Webinar, where we will do a deeper dive into this topic!
Register Here ➡️ https://webinar.thepreeminentproducer.com/register
See you there!
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Are you a commercial insurance producer struggling to stand out from the competition? Do you find it challenging to grow your book of business and create a fulfilling career?
Then welcome to The Preeminent Producer Podcast! Each week, we'll be tackling important topics, sharing proven strategies and insights from successful producers that are in the trenches and have traveled the journey to becoming a Preeminent Producer.
You'll discover what it really takes to become Preeminent & build your book of business, in a way that isn’t being taught anywhere else. Our hosts are experts in the field and have built thriving businesses by becoming the most trusted adviser to their clients. Welcome to your journey to becoming a Preeminent Producer.
Let’s dive in!
Ready To Grow Your Book Of Business?
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Is it possible to build your book of business up to a million dollars within three years? That is the question that we are going to be answering in this episode of the Paramount Producer Podcast. Stay tuned to the end because I have some important information about an upcoming webinar that you may be interested in. But we're going to kick things off. Rick Gregson is going to start the conversation by answering the very question of is it possible to build that book of business to a million dollars within three years? Let's go.
Speaker 2:Are you a commercial insurance producer struggling to stand out from the competition? Do you find it challenging to grow your book of business and create a fulfilling career? If so, then welcome to the Preeminent Producer Podcast. Each week, we'll be tackling important topics, sharing proven strategies and insights from successful producers that are in the trenches and have traveled the journey to becoming a preeminent producer. You'll discover what it really takes to become preeminent and build your book of business in a way that isn't being taught anywhere else. Our hosts are experts in the field and have built thriving businesses by becoming the most trusted advisor to their clients. Welcome to your journey to becoming a preeminent producer. Let's dive in.
Speaker 3:Absolutely, and I say that with confidence because I've seen it done. We had a young man in our agency that did just exactly that. You built a book of a million dollars. Now it's a little unusual. It takes a great deal of work and a great deal of dedication. In many cases, a faster way to get there a proven way, is to be in a niche, or a vertical as we call it, where you become an expert in that field, not only in the insurance side of the field, but in that field and you become really a critical knowledge piece for people in that industry.
Speaker 3:We've got people working verticals right now. One of them is a cannabis vertical and everybody laughs when you say cannabis vertical. I know in some of the names of our clients are absolutely hilarious. But the producer and that's not a million dollar book of business yet, but it will be the producer in that and I think this is one of the key things knows the cannabis industry inside and out the transportation regulations, the THC regulations, all of those things outside of insurance. So she is a product knowledge person in that industry as well as insurance there are rules and regulations. So she is a real source of knowledge. We've seen it happen and I think that will at some point become a million dollar vertical for us.
Speaker 4:I might just add to that. I agree with that. I have not personally gone from zero to zero. I have not gone from zero to a million in three years. I did build up a book of a million that I sold many years ago and I'm in the process of getting back to a million right now, just to be clear. But I did not do it in three years.
Speaker 4:I think the niching is a great idea because it strikes me that that would put you on a fast track to get there. My book has always been more of a generalist. The other power of the niching is that it would lend itself to getting more referrals within that industry or niche, and referrals is kind of a key component too, I think, if you're going to get to that but just to finish up my thoughts, so Christian can chime in real quick. Rick, I think you touched on this it definitely would take the right attitude that there's hard work, the determination, the commitment to do it. But in this industry it's a realistic potential goal and there's some advantages to our industry we talked about before, where we have recurring income. So it's something you know. This is an industry that that that is accomplishable, if that's a real word.
Speaker 1:And that it can be accomplished Now. What you, or if you knew back then what you knew now, how much more realistic would that be? So when you were starting out, you were figuring out as you went as well. So if you, if you had all the knowledge right now, back then, would that be more realistic to do in three years?
Speaker 4:Yeah, I think it's a realistic goal you have to have and, as I would, having been in the business for quite a while, you have to have a correct realization of what that's going to take, you know, but it's definitely achievable in this, in this industry.
Speaker 3:You know, one of the things that and sorry, Christian, I'll do this quickly and like one of the things that exists now is exactly what we're doing. Coaching exists now. When I first got into the insurance business, believe me, coaching from anywhere, any place, was really not available. You were lucky if you got paired with a successful producer who was particularly a good coach. You're trying to stay out of his or her way, but I think now there is, there is, there's what we're doing right here that's going to make things go faster. If you follow good coaching, you're going to get better. Professional athletes follow good coaching. They get better. So I think that's one of the things that'll help propel people, christian.
Speaker 5:Yeah, I was going to say I absolutely think it's doable. I think it's doable now, more than 20, 30 years ago, because of the fact that there are a lot of coaching programs available, this particular group of guys were in it. I mean, I'm, I have a book of business, my personal book of business is greater than a million dollars and I'm continuing to grow it and fight for it. But I will say that. Back to the question.
Speaker 5:You know, being a niche expert, rick, is absolutely one path of doing it. It's probably the most traditional path of becoming that million dollar producer within a very short period of time. Because you are that expert, you can talk the talk, you understand what their problems are, you can bring solutions. But I also think that now, as a generalist, which is kind of where we are I mean, we do have our different niches or or verticals, and we have producers, that's, that play in just those verticals and niches. But you can also do it as a generalist.
Speaker 5:I believe now more than ever, because of the fact that the stars have lined up in our industry. We talked about acquisitions that have happened recently. That's really opened up the lane for differentiation. That matters, that we'll talk about later. But you can absolutely become a million dollar producer. It takes a lot of hard work, obviously, a lot of dedication, a lot of practice, but If you have superior coaches that have done it and can talk with you and share with you the tools that have been successful, that really do make a difference. With that, coupled with the internet, the information that's out there on the internet about businesses, I believe you can go into an account, land that account, choose who you want to go after and that way you can incrementally build your book of business to that million dollar producer level very quickly.
Speaker 1:Yes, that's great, christian. You mentioned differentiation. So, as I the listeners know, inside the preeminent producer program you guys have laid out a 12 step success path, but in today we're really kind of, I think, going to cover four primary pillars on in this conversation of building a million dollar book of business in three years. So differentiation let's talk about that for a moment. How important is that when you know, I know there's a saying, if you're not blending it or if you're not standing out, you're blending in. How true is that inside of the insurance industry?
Speaker 5:Well, I couldn't bet that that couldn't be more apropos anywhere, I think, than the insurance industry. I mean, it's so spot on, Paul, because insurance, when people ask me what I do, I'm an insurance, you know I always hesitate. You know what I want to tell them. And the reality is, you know, we can talk about what we really do, about helping businesses and helping clients manage risk and stay in business and all of that.
Speaker 5:But as soon as I mentioned insurance, it has this dark cloud of oh, I know you you're just like every other insurance agent who takes my money and overcharges me and that's so much BS. But that's what people think. So again, you're right, and we talk about this. If you, if you look, smell and appear just like another insurance agent, well, you're no different. So again, what we're talking about selling, why would that person buy from you? You have to be different. You have to be different, but you have to be different in a way that that prospect sees the benefit to them. And you know, people talk about differentiation all the time, but differentiation that really matters is what it takes to become preeminent.
Speaker 3:Yeah, I couldn't agree more. I mean, we see it in other industries as well. This is not unique to the insurance industry. Realtors, although they don't. People don't recoil when you say I'm a realtor, but they have. They take two steps back when you say you're in the insurance business.
Speaker 3:I think your appearance, I think your professional manner, I think your reputation in the community, I think all of those things matter. I know, I know a realtor who is a we all do preeminent realtor and I refer people to him all the time. He's a client of mine. He's had an incredibly successful career. Everything about him is different. There's no rush, it's well educated, he presents himself well, he makes, he gives you the feeling you want to do business with him, and I think we see that with attorneys. I think we see that with some insurance agents I've run into and we all have some there. There's some people that really stand out in the industry and if you stop and think about it and we say this in our agency all the time more likely your client is going to spend more money with you than they do their attorney for their CPA.
Speaker 3:And plus something blows up and they have a lawsuit not covered by insurance. By the way, they're going to spend more money with us, so they expect the professionalism. They do want you to stand out. You do need to be that point of differentiation, educationally figuring out in advance why they want to do business with you. Because when you walk in we've all said this, we know this when you walk in the door, whether they say it or not, why should I buy insurance from you, right?
Speaker 4:Yeah, you guys right on exactly. Only one minor thing I would throw out is and you're right, it can be a conversation stopper at a cocktail party or something to say oh, I do, I sell commercial insurance. You know, a little phrase that I've used it seems to work because it leads more questions is hey, I'm a consultant in a risk risk mitigation expert and nobody knows what that meant. You know so hopefully they say Well what what tell me more about that?
Speaker 4:you know, and then you can kind of get into it, but you've got to have the meaningful differentiation to back that up.
Speaker 5:Yeah and I think Paul or Matt to take that a step further, just for the listeners when I when I refer to differentiation, as I was, first of all, to be successful, you've got to be true to yourself.
Speaker 5:Don't. Don't try to go out there and be some clown and consider that differentiation that that doesn't work. People see through fakeness, take that same mindset and understanding and say, okay, am I faking solutions that I'm bringing to the table? You know, if you're, if you have different solutions, you can differentiate yourself by the solutions that you present. If those solutions that you have you actually have work. That's your differentiation piece. If it fits for that client, if it done for that client, go find the client that it does fit for. So again, just to try to define what I was referring to as being different yeah, you got to be different, you got to stand out and the good news is is this is a one of the good news is is that this is an industry where people are expecting the same thing. So the unexpected, I think, many times gets them to say yes a lot quicker than if you're just the same as everyone else.
Speaker 3:Yeah, yeah, you know there's. There's something that comes to mind also because I had this conversation recently with somebody in the agency and they they took a different path on this and it was kind of interesting conversation, don't? Well, first of all, you have to believe in what we do is really vitally important. Because of it and I do that conversation all the time that said, listen, you had $10 million in the bank that I normally say you wouldn't be on this call because you'd be lounging around someplace. But if you had $10 million in the bank and you wanted to buy a piece of real estate and you wanted to take eight of that $10 million and put it into a real asset, you're not going to do it without what we do. You're not going to risk money and investment without insurance.
Speaker 3:So we're sort of the oil that makes the industry work and I believe that, and not everyone thinks that we're bad, and I think that we walk in pre-expecting that reaction, which honestly, happens more than it does, and I get that. But I think it's like us walking into somebody in the old days making price the most important part of our presentation, where the person will say I'm not worried about price. Oh, you're not. No, I'm worried about somebody who knows what I do can protect it. I'm not worried about the cheapest product, and then you hardly knew what to do. Oh, so you want quality, because I walk in there with the attitude that everybody wants the lowest price and they don't. Many do Right.
Speaker 1:That's pretty true, good point, christian, you said something about standing out, and I think it is an important point to note that we're talking about standing out, not sticking out, and I've always kind of looked at that as sticking out is more of a negative thing rather than standing out. And it's interesting. I remember a number of years ago, and I think it was at a business conference where there was one producer in particular that and you guys might remember, and I don't remember the name by any means, but he was always in a three-piece suit, feather in his cap, walked with a cane, shiny shoes. I mean he stood out compared to everyone else. Now, at the same time, did it fit with what he was actually doing and who he was actually targeting? That's a whole other story, right, and so I think it comes to your point.
Speaker 1:It's not about necessarily dressing different, although that's a factor, could be a factor, depending who you're talking to but it's knowing who you are going after, and I think it was Rick. I could be wrong, but I think it was Rick. You mentioned a producer, and it may even be the cannabis one, or you know what. Maybe I got this wrong, maybe it was Christian and a producer where one of your producers is not dressed like a normal producer because of the niche and who they're going after, and so you have to know who you're targeting right, and so I think that's a really important point where it's not trying to copy someone else necessarily, but really finding your own differentiation in what you know, how you deliver it and who you're targeting correct.
Speaker 3:Yeah, well, we bought a small agency seven years ago and there were two producers in the agency, one I had known for quite a while and I knew he was an industry expert and a great guy, amazing knowledge, and he was in the construction. That was his niche. And as the sale got closer and closer he I just could feel this hesitancy of him joining us and coming over and he was very uncomfortable. I said let's go out and have a cup of coffee. What is your problem? And he said well, I was in a big national agency.
Speaker 3:I broke away from there and I don't wanna dress the way you dress, which was suit and tie and all that. I said what he said. I don't wanna dress like you. So well, you don't have to dress like me, pat, you're a cowboy. He has, he literally wrote steers and stuff like that. I said you mean, I can wear jeans and boots to go see my contractor guys. And I said, pat, you're 55 years old for crying that loud. How am I gonna tell you how to dress? You're going to dress for your audience and if your audience, maybe as attorneys you dress a different way. But, pat, you've been very successful and with any producer who's very successful. You wanna stay out of their way and just keep asking how can we help you?
Speaker 5:Yeah, I would. Paul. Your point about standing out and not sticking out, I think is spot on. To be successful, you need to also while you stand out. Okay, and standing out I believe is standing out with it's all encompassing in the individual. So it's a knowledge, it's in how you dress, it's in what you know, so forth and so on.
Speaker 5:But to Rick's point, you do need to dress for your audience and why that's vitally important? Because the goal in going out and seeing a prospect and landing a new client is getting that prospect or a client to trust you. So they need to first of all feel comfortable with you. They assume most likely they wouldn't even ask you to come in if they didn't in some way believe that you had the basic abilities to service and take care of their needs. I mean, you're an insurance agent. They'd probably think, okay, I know what you're like.
Speaker 5:But obviously if you go into a auto body shop dressed in a suit and tie, you've actually hurt yourself because you've created that barrier between you and that prospect. You've actually broken the trust, you've broken your goal of what you're trying to establish with that person, which is trust. I believe people trust people because they have to have some sense of lightness. They have to like the person on some level. They have to believe in the person as well. So understanding your audience and meaning how you dress towards them, understanding their business their vernacular is so important and making sure that you also are aware of how you come across to your audience.
Speaker 5:And again on other calls and podcasts we talk about that. As far as doing your homework, before you go to see the prospect, making sure that this isn't your first attempt at going out that you've actually not only done your homework but you've practiced it, because as quickly as you can establish that trust now you're that much closer to having that client join you.
Speaker 4:And Chris, I know you've talked about this in the past as part of that prep work prior to that first meeting with a prospect. In fact, first meeting is gonna be a subject coming up pretty soon that we're gonna be tackling all by itself, right. But I know, chris, and you've mentioned that, as part of that preparation for the first meeting, you either know or you've been able to logically anticipate what that particular prospects issues, what their hot buttons and problems are, that you can bring solutions to, which is just the best way to go into one of those meetings. Just hey, another big picture comment, guys, as far as thinking here about getting back to how to get to that million dollars in the course of three years, a lot of what we've already talked about I'm gonna state something kind of obvious, but a lot of it just flows from having that right mindset that we've talked about.
Speaker 4:And I think two components to that mindset that are important to me is one, realizing it is possible. This is an industry where that's possible. Two, having that firm conviction. Some of you have heard me say this before, but having that firm conviction and I've told prospects this before literally, look, I know I'm the best broker for you that I can accomplish the following things for you. And I don't say the following out loud, but having that mindset that hey, without me, they're gonna be better off with me than with anybody else. And so if you really develop that mindset, then I'm not talking about tricking yourself, but if you develop that mindset and you firmly believe that I know all three of us do we believe that about ourselves.
Speaker 1:I don't think we ever compete against each other.
Speaker 4:If you really develop that mindset, then I think it comes across in a non-obnoxious way.
Speaker 1:Let's talk about that for a moment, because I know Christian just brought up building trust and being free-eminent, as we know, is becoming the most trusted advisor. That is our goal is being a trusted advisor. There is a mindset shift that takes place, so let's talk about this more. Man, as far as building a book of business of a million dollars in three years, part of becoming free-eminent is thinking free-eminent, right, thinking like a free-eminent producer compared to a typical producer, that may not believe is even possible. So let's talk about this a little more. What is a free-eminent mindset? And I know we'll be talking about this even more in depth in future podcasts and in our upcoming webinar but let's talk about what is a free-eminent mindset to you. What's needed in that?
Speaker 3:You know what I think is needed? Two things. Number one, I think for you newer producers, you probably don't know as much as an old-season producer. There's nothing you can do about that except for learn your industry over time. But what you can do is care about this client more than anyone else cares about this client. That has nothing to do with education. That is your commitment to this client that you care about them and you're gonna do whatever it takes to help them succeed, to help them get the best program possible. Now remember, producers, also when you are competing against other insurance agents. You don't have to be the best insurance agent in America. You don't have to be the best insurance agent in your state or your city. You have to be the best insurance agent in that particular fight. So don't worry, we all wonder about our confidence level. Confidence level from time to time. But again, I think if you care more than anyone else, it's gonna go a long way in how you present yourself to your prospect and how they perceive you.
Speaker 4:You know another thing that a successful producer early on in my career so he was much older than me, long since retired, but he shared with me and I think it kind of fits with that he shared with me that he said, matt, I know I'm not the smartest guy out there, I'm kind of a C student. I know I'm not the best looking guy out there, et cetera. He said the one thing I can control is I know I'm gonna work harder than anybody else.
Speaker 5:Yeah, I think, matt, that the absolutely as part of being preeminent is knowing that you're never gonna get, you're never gonna be outworked by your competition, ever period and a discussion. You also believe not boastfully but in your mind that you are the best. You are the best and that prospect needs you and you are going to show them why they need you and why they need to move over to your agency. I like, in being preeminent, to being a professional athlete. I mean, I think of myself as a professional insurance agent. I'm a professional, I am the best. Now, am I the best in the world? No, but as far as I know, when I'm talking to that prospect, I'm the best. I'm the best in the room. Now, how do I know that? Cause I've done my homework. I got the differentiation points that matter with solutions that are gonna help that client.
Speaker 5:But if you're a producer who doesn't like to win doesn't, well, let me just leave it there. Doesn't like to win. I hate to say this, but you're probably in the wrong profession. You're not gonna win every time. You're gonna get your butt handed to you, but you gotta get up and go again and go in for the win and think that you are the best. Again, not arrogantly. No one likes an arrogant SOB. I mean, that's just not. You know, again we talked about you have to be likable for the prospect to wanna do business with you. You don't have to be their best friend, but they do have to have a sense of trust.
Speaker 5:Okay, and then your job is to also explain, show however you do it and we talk about that get that prospect to say Matt, you're the person I want. Yep, okay. So again I come. You know what is it to be preeminent in a mindset? It means you know in your mind that you're the right one. Hopefully you've done all the work. You know we can talk about that too, getting to that level. But I think a new producer to Rick's point was spot on, spot on. You know you don't have to be the smartest insurance agent out there. You don't have to. You know, have been in the business for 40 or 50 years. I mean jeez, that person probably doesn't even care about that client that you're going to see or that prospect. All that prospect cares about is do you care about them and can I trust you?
Speaker 4:I really like what you just said and what, rick, you said a little while ago about needing to really, to truly not fake it but to truly care about that prospect. You know, and I know that they can see right through if you're being fake about something and probably the death mill to any presentation would be if they start feeling like you care about yourself and the money you're going to make off of them more than you care about them and they're you know. So if you have really cool solutions, a lot of tools that we've developed to back that up and to present and show them, then that's going to be evidence that you really care about them and you're bringing the right solutions, I guess, to the table.
Speaker 3:I think, yeah, I think my career took a turn when I stopped selling and started educating people. When I started educating people, when I started not selling but explaining to them various things that we do that will benefit them. First of all, we have to find out what really will help them. When we started educating people, rather than a sales pitch, we were seen in a different light.
Speaker 4:I like that. I think that's huge, that's huge.
Speaker 1:Okay. So obviously we're going to be diving into this more. Like I said, an upcoming webinar and I'll put the information in the show notes. So if you're listening to this, definitely look for that and you can register for the webinar. We'll be doing a much deeper dive on this. Well, let's say, okay, now we've got differentiation, we've got a preeminent mindset. Now we've got to take this to the masses here and start talking to prospects. Right, because without prospects, there's no way we're going to build a book of business. So let's talk about that. What does prospecting look like when you are going at this the preeminent way?
Speaker 3:Oh, finally we get a fun thing to talk about when we say all the time in these things, listen, we can have fun doing this. I mean, we can get this around and have fun. The three coaches on here all have a great sense of humor. Well, two of them do. Mine isn't that good. Two of them really have a great sense of humor. So, yeah, it's all about you. You can take all of this kind of stuff that we're talking about, but you have to have somebody to do it with. So that means you need prospects, you need to be out there marketing yourself. You need people in your pipeline one of my favorite subjects, because the quality of your pipeline is the quality of your career, and if you've got nobody in a pipeline or if you have names in a pipeline names that's not going to do any good for you. You've got to research the people and again I'll do my little prospect thing.
Speaker 3:A prospect is someone who knows me. I know them and they know what I do. A suspect is someone I know. They don't know me yet and I need to find a way to get to know them. But a prospect I need to research those people I want to know. Do I want them as a client? I may not want them as a client. Life's too short in this industry to do business people you don't want to do business with. So research them. Christian, you make a good point of this. Do we have a market for what they do? Do we represent a carrier that can really do them a good job? Are they in my size? Are they in my minimum count size, the over my minimum account size and all of those things go into generate what a real prospect is to me.
Speaker 5:Yeah, I think prospecting from a preeminent producer perspective, paul, that's a lot of peas, pppp. Anywho, we do have fun. I think that prospecting from a preeminent producer's perspective is just like getting a cup of coffee in the morning. I mean, it's just, it's habitual. It is the same thing all the time, all day long. I'm looking out and about and I'm scouting. Now I think that a preeminent producer can absolutely choose which prospects. They've done the work that Rick just referred to, making sure that that matches up with our carrier mix within the agency, within our belly wick of expertise, within our desire and our own passion, so we can talk the talk and someone that we have solutions for.
Speaker 5:It's come up before, rick, we've talked about if you're a producer in a small community, can you still do this? Well, here's the thing I believe. I believe again, personally, I believe anything's possible if you set your mind to it and I think that even in small communities you can find those diamonds. But you can also look outside of that community and again, where we're living now in this environment of technology. I mean, we have clients all over the world and I have clients that I have not gone to see when I started 30 some years ago, one of the and I'm getting off topic, paul, but it is relevant that I was trained to do don't write someone's insurance without going and seeing them, because you will uncover all the lies and misfortunes that they don't tell you about. You'll uncover that in the basement they're packing black gunpowder that they're not telling you about. They're telling you they sell furniture out of their store. And that's not all that they do. Okay, well, I found that to be very true, but with today's technology, I can find out so much about a prospect that may be 50 miles away that is large enough that if I do write it, it's going to pay for me to go see them and spend time with them.
Speaker 5:Okay, so, again, I think boundaries when it comes to prospecting have been exponentially expanded because of today's technology and information. But when it comes back to prospecting, I mean so sorry. So I think that any listener out there who's saying, well, wait a minute, I'm just in this po-dunk town, I can't become a million dollar producer, I think that's an excuse. I'm sorry, I do. I think it's an excuse. I think if you join us in our journey, you can be and you put your mind to it. You want to be successful. You can be a million dollar producer, but prospecting has got to be just like breathing, I mean, it's just something you do all the time.
Speaker 4:Absolutely it's. I hate to keep using the word mindset, but I don't know a better word for it. I think you have to have both a prospecting and a referral mindset at all times. You need both. You need to run down both tracks. Very interesting point you bring up Christian. With today's technology et cetera, and especially if you have a really good niche, there's no reason that you can't do that remotely. If they're 50 miles, heck, if they're 150 miles, or I mean especially with a niche, I would say that that's really doable these days.
Speaker 3:Yeah, it really is yeah, that's great.
Speaker 1:Well and I know there's so many, so many directions. We could go just on the topic of prospecting and we've covered that in deep dives on other trainings inside the pyramid producer. Let's talk for a moment too about, let's say, as a producer, you get really good at prospecting and you become a good closure, and I know of producers like this where they have become amazing closers. But when it comes to the other side, where it's not just about building a book of business but we also want to retain it right, we want to retain our clients this is where some guys fall off. Where they're really good at closing, they hand the client off to their CSR and they never talk to the client again.
Speaker 1:And so the retention rate is really low because someone else takes them at some point in time. So let's talk for a moment about retention and kind of managing your book of business. What does that look like when it comes to doing it? The preeminent way.
Speaker 3:Well, I think if you're going to be a preeminent producer, if you're going to have a book of a million dollars or more, you're going to have to have a fabulous service team on your side. I say this and I always tell everybody they have to. Let me finish the sentence now. That team wouldn't have a job if I didn't exist, but I would not have a job or career if they do not exist. It is a true team. You've got to have something in place where you've got to guard your time. It's your only diminishing asset that you have. So you've got to have a service team that has well-defined duties. In my own case, I see my clients quarterly. That's all I do. I don't talk to them much. I do is, to paraphrase an old buddy of mine take off, landings and in-flight emergencies. Takeoff is when I write the business, landings when we continue the business or renew the business. In-flight emergencies are those things that would jeopardize our retaining that client that happened during that year or that quarter. People don't call me to turn in a claim, to make an auto change, to need a certificate of insurance or any of those things that can be done by a service team. They know I've done a service handoff. When I write your insurance policy, paul, I'd like to introduce you to Dee or Laura or Josh, whoever which one will be handling. They're the ones it's going to be the day-to-day operations. They are licensed insurance agents. They are professionals. They have professional designations Because I'm out in the community doing things and I meet with these folks every week.
Speaker 3:They bring me up to date with what's going on. We're never out of touch. My quarterly meetings are not a cup of coffee and comments about sports. They have an agenda. We go over claims. We go over usage of various things that we have in the agency. We go over audit checks. We go over various things. Make sure that we have all their things covered. They're supposed to be covered. So many times they'll say oh, did we tell you we sold something three weeks ago? No, you didn't tell us. We'll catch those kind of things. That team in place, if you're going to have a book of that size, is critical. They've got to be talented and you've got to do a formal handoff with those folks.
Speaker 4:Rick such a good point. It's just absolutely critical. You've got to have that right service team in place. You're never going to get to a million without it. You're just not, because you're going to get bogged down in all the service and putting out fires. It is so wonderful I've always been very blessed this way it's so wonderful to have such confidence in the service team behind you. I know I can be out an entire day or two days in a row doing prospects, meeting with clients et cetera, and knowing that no matter what comes up, it can be handled back at the office. You've got to find, train and incubate and educate the right people. Without that I'm not sure it would be possible to get to a million bucks. It would be chaotic at the very least.
Speaker 5:I would add to that that, again being preeminent, paul is having okay. So Michael Jordan went out and would score 50 points a game If he didn't have his team players playing defense, setting the right picks. As great as he was, he could never have done that To Rick's point and this is beating a little bit of a dead horse but Rick brings in, he's the rainmaker, brings in the clients. His residual income depends on that service team behind him. So you've got to have good players and any producers out there. If you're questioning the talent that you have behind you, you need to have a conversation with your agency principal. You need to talk about getting the right people on the bus. I've lived it, done it and that is very critical. If you're going to be successful, you need those people around you to support you. You have to have that. I think you need to clearly define the roles of your team, as Rick had mentioned, when you first bring a client on and then on an annual basis, I think you need to have continuous, continual, continuous or continual communications with the clients, both verbally and electronically. We're big believers in having electronic communications because we can't touch everyone all the time and some important things need to go out. But again, word of caution is you can't rely on those electronic communications to replace that human touch. So you have to balance that with okay, are we still meeting with this client quarterly, especially when you gun preeminent? Your top 20 accounts make up 80% of your income and we talk about that on other episodes, about shedding and so forth, but an expanding that top 20 even greater. But my point is you have to be able to have some personal touch, follow through on that and have a game plan as you go into, when you're going to first bring your client on.
Speaker 5:I think again, it's foolish not to give clients your mobile number. Now there may be salespeople out there that say that's crazy, christian, because you're going to get every call. Well, here's the thing I don't get every call and I do that. But what my clients know is if they need me, they can get me, and that alone has stopped because I've had clients tell me that. That's why, christian, I do business with you.
Speaker 5:When I get calls from these salespeople calling to set appointments, you can tell this. One client told me the other week. He said I tell that I asked them. Hey, if my car breaks down or I have a problem on a Sunday night at seven o'clock, can I speak to the owner of the agency? Can I speak to the producer or my? Can I speak to my? And inevitably they say no, because they don't even know who that is, and that's how this client stays with. I mean not, it's one of the reasons why. So I think you have to look at it again as if you're preeminent, you're the best of the best and you need to choose how. Put yourself in your client's shoes. You know what's best for them and I think so. That's a lot to throw out there, but anyway, I didn't lose anyone.
Speaker 3:Okay, paul, we may be getting a little towards the end of this and I don't mean to rush us to that at all, but there's something I wanted to get in about preeminent producers. My favorite three words are no, do and master. Many of you producers know the stuff we're talking about. You probably know it. Many of you do some of the things that we're talking about, and that's really great. But very few of us master the things that we're going to talk about, not only in today's meetings but in future meetings. Will you ever master everything? No, but it's that desire to master these topics that come up that really will set you apart from an average producer your commitment to not just know it and not just kind of do it, but to master every one of these things.
Speaker 1:All right, there is so many things to cover when it comes to this very topic of building a book of business up to a million dollars, and that's why we want to personally invite you to an upcoming live webinar training where we're going to be diving even deeper into this very topic. Our coaches are going to be bringing even more stuff than what you heard in this podcast on the very topic of building your book of business to a million dollars within three years. So I encourage you to check out the links below in the description and register for this live training, because this is definitely going to be a deeper dive into this very topic, all geared to helping you grow your book of business on your path to becoming a preeminent producer. So be sure to register and we'll see you in the next episode of the preeminent producer podcast.
Speaker 2:Thanks so much for joining us on this episode of the preeminent producer podcast. If you're enjoying the show, please feel free to subscribe, rate and leave a review wherever you listen to your podcast. That helps others find the show and we greatly appreciate it. Once again, thanks for joining us and we'll catch you in the next episode of the preeminent producer podcast.