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 Become A Preeminent Producer With Only Small Accounts?
Today we tackle the question, "Can I Become A Preeminent Producer With Only Small Accounts?"
Also: 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!
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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!
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There was a question submitted of can I become a preeminent producer with only having small accounts? So that is the question the coaches are going to be addressing in this episode of the preeminent producer podcast. Let's dive in.
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 will take 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:You know it's really a good question. I think the simple answer to that is no, you really can't. You know, the only diminishing asset that you have as a producer is time, and if you're spending your time running around with small accounts, who are typically unsophisticated not that they're bad, not that they're not not intelligent they are but small accounts are normally a person, a man or a woman, who is wearing many hats. They're the CEO, they're the CFO, they're out working in the field, they're doing it all and they really don't have enough time to really spend with you. So you're going to be chasing small accounts. What we find and this is a question we get frequently that there's a way to handle that, and preeminent producers really focus on increasing their average account size all the time, and we can kind of walk you through how that's done. So I think what I really want to tell you is in these podcasts, what we're talking about is a coaching program that we really, really love and we think you would too.
Speaker 3:There's nothing we're going to say in this podcast or any one podcast that will change your life. This is a career. This is something that we put you, we hope. Our goal here is to put you on a path to success, and that path is going to take some twists and turns. It's going to have some different things in it. It's going to.
Speaker 3:We're going to talk about how do you get out of being a small producer producer and into a preeminent producer. How do you own your calendar, how do you take control of your time. We're going to talk about all those things and try to give you examples that if you put all of this stuff together, it will change your life as a producer and it will put you on the path of becoming a preeminent producer. That's our goal. Matt has lived it. I've lived it. Christian who's not on our coaching call today has lived it. So we've done it. We know how it's done. We've done it ourselves and we've coached other people in our agencies, as agency principals, how to do this. So if you can join us, we can tell you, we can give you ideas that over a period of time, will take your small accounts and turn them into larger accounts. Your book of business will have fewer clients, fewer headaches, you will do much less service hopefully none and the average account size will grow. So what do you think, matt?
Speaker 4:Well, yeah, you handled that really really well. Oh good, Thank you. Yeah, you didn't leave me much to say. I found myself nodding in agreement the whole time we were talking.
Speaker 3:I thought you were nodding off.
Speaker 4:Yeah, I'm fully capable of that. Okay, paul, it's a really good question. I agree with Rick. The simple, short answer is no. But obviously what's small to one producer may not be small to another producer.
Speaker 4:I mean, I knew a guy many years ago who I think I mentioned this recently in one of the other podcasts who had eight accounts which totaled over a million in gross commission. Now to him a account bringing in $20,000 of annual commission, he would have considered that small and wasted his time or whatever. So it's kind of relative. But the problem is but I'm going to attempt to define that Okay, I would say realistically, if you're writing accounts that generate less than 5,000, I'm tempted to say 10, but I'll go with 5,000, you're going to have a hard time really becoming preeminent and really building up a big book.
Speaker 4:And there's a couple of phenomena that Rick hinted at there. One of them was that and we probably have all experienced this the smaller accounts are just less sophisticated, certainly about insurance, often about business in general, and they can therefore become much more time consuming. And you work with a little more educated, experienced insurance buyer who's used to paying 20 or 30,000 a year I'm sorry he's paying premiums that would generate that kind of income for us 20 or 30,000 a year. They don't bother you as much. Typically they know the answers and whatnot.
Speaker 4:So there's that aspect. So I think, rick, as you mentioned, it's a process here, kind of a journey, and more than we can deal with in just a quick podcast like this. But part of the solution is client segmentation really identifying, knowing your book of business and being willing to set higher standards for yourself as time goes on and even do something that's kind of difficult at first for people and that is let go of some of their smaller accounts, have somebody else in the agency handle those or whatnot, and that's all stuff. We can get into a lot more detail as time goes on.
Speaker 3:Right, matt. The other thing I would suggest is producers you're there to sell insurance. You are not there to service. If you get trapped in service, then you are on the path to be a very average insurance producer, the kind of producer that has a fairly small book of business but you're very involved in service because it feels good. It feels great Producers sometimes and if you be honest with yourself, sometimes you hide in service.
Speaker 3:You don't want to make those cold calls, you don't want to go out and go to that mixer, you don't want to get out of the community and network yourself. A preeminent producer networks themselves. They do a service handoff. They don't get involved in service. And I think, matt, you're right when you write a larger account.
Speaker 3:So there was a time in my life that I would have said, Matt, you're crazy. $20,000 revenue. Well, I'm at that point now and beyond. But to a new producer that sounds crazy. Matt is not suggesting that you do that tomorrow. We're saying that that's what you aspire to and we'll put you on a stair step on how to do that. We'll give you some tools and tricks and things to do.
Speaker 3:But I think the best thing you can do for yourself is try everything you can to get yourself out of service and into sales, and we can give you some really good tips on how to do that, how you're still involved with your account on a regular basis. In my situation, I'll just do this really quickly here. I don't take changes on policies. I don't do any of that kind of stuff. They don't call me when they need a certificate of insurance. My team handles all of that and it leaves me time to sell and it's allowed me to build a very large book of business. It's very, very. You have to be very strategic with your time, very strategic with what you do with your time. That's part of what we're going to coach you up about and how to do that.
Speaker 4:Rick, I'm really glad you mentioned time there at the end, because that was going through my mind also. It's just a real phenomenon that as you work on larger accounts and spin off smaller accounts, ironically you'll have more time, even as your, even as your book grows right, the more you develop a BOR mindset and do less and less, if any, quoting. Ironically, you have more time and your hit ratios go up and as your book grows, you're finding, if you do it all really right, that you actually have more time to do some important things.
Speaker 4:So it's just a contrarian or whatever are not intuitive truism, but when you experience it, it really works, true.
Speaker 3:Now listen for your new producers out there. You've been in the business maybe for a year or two, even three. You're going to sit there and say, wow, my book isn't that big yet. We want to get you right away before you develop some bad habits, before you waste your time on not doing a service handoff, that you become too involved in service, that you don't find out a way to manage your calendar, that you don't find a way to meet with your clients on a regular basis in a advisory, consultive way rather than an insurance salesperson way. All of a sudden you go from a vendor somebody there to sell insurance to a trusted advisor. We want to try to put you in that position. That puts you in an entirely different visual place with your client than somebody who's a vendor. A vendor just comes and sells something and they leave. It's a copy machine, it's a phone system. A trusted advisor is their CPA and is their attorney. It should be their insurance broker. We say this all the time, by the way. They're going to spend more money on their insurance, most likely every year, than they will with their CPA and their attorney combined. My last example would be little accounts.
Speaker 3:I used to ensure backhoe operators and every one of them had a dump truck, a trailer and a backhoe they would go out and dig ditches. I'm not sure what they were doing. I was a young guy that would run across this town and write anybody, but they would call me up and say Gregson, I'm thinking about buying a backhoe that's three years newer than my current backhoe. How much more is that going to cost me? Oh God, now, if I have anybody in that industry one of the people on my service team just hey, by the way, jerry just called me and he bought 10 new backhows. Oh great, he didn't call and say how much is it going to cost for each new backhoe? They're much more sophisticated buyers and it's a much more sophisticated relationship. We can get you there. It's a path, but we can get you there.
Speaker 4:Yeah, it's a path, paul. Maybe Rick and I just took a circuitous path to your initial question, but there's just a lot involved. It's a process. It's not that there aren't simple answers Sometimes the answers are simple but the implementation of them and that's where a coaching program, I think, really really comes in handy. Hey, rick, you and I still benefit, and I know Christian does too. We still benefit from coaching programs. Oh, absolutely, I learned stuff from you, matt.
Speaker 3:I learned stuff from Christian. It's a process and, by the way, maybe we demonstrated to you accidentally earlier in this it's a process that can be fun. We can have fun as coaches. When it's no longer recording, we have a lot of fun, but when it is recording, this is such a great industry and if it's the right industry for you, you are a lucky person and we can work our butts off and we can have fun doing it and we can make a great career out of this and we can help you do that.
Speaker 1:All right, guys, I hope you enjoyed this episode of the Pre-Imantive Producer podcast. As the coaches alluded to more than once, it is really important to have a coach in your corner. That really will help shorten the distance and time to success and really being able to guide you along and streamline the whole process. So if you'd like more information on actually getting coached by the coaches that you just heard, check us out at thepre-imantiveproducercom and find out more about the different coaching packages that we offer. You can get coached by these guys and, again, to shorten the distance and time in your journey of becoming a Pre-Imantive Producer. Until next time, guys. We'll see you in the next episode of the Pre-Imantive Producer podcast.
Speaker 2:Thanks so much for joining us on this episode of the Pre-Imantive 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 Pre-Imantive Producer podcast.