Strategies for Cross-Selling to Current Clients

Insurance agents should always be looking to maximize their sales as much as possible. The more efficient agents can be when doing so, the more profitable their business will be as well. To that end, one of the most effective ways to create an efficient sales operation is to cross-sell to current clients. That’s because cross-selling doesn’t require you to find a new prospective customer and take them through the entire sales journey. Instead, you’ll be selling new insurance products to current customers of yours. In this way, you can maximize your revenue while reducing your customer acquisition costs. Here are some strategies for cross-selling to current clients to make your insurance sales operations more effective and efficient.

Educate Customers on Your Products

The best place to start with cross-selling is to simply educate your customers about all the different insurance products you offer. It’s very possible that some of your customers don’t purchase a product from you because they didn’t know that you offer it. Some independent insurance agents start off by only selling one type of insurance or a small suite of insurance options. Over time, though, you may decide to expand your business to offer new products. Any time that you add new products or insurance offerings, it’s a good idea to let all of your current customers know about it. You can do this through passive marketing flyers and branding efforts, to direct calls or emails to them.

Know Your Clients

The best way to cross-sell to your clients is to know who they are, what they need and what makes them tick. By understanding the details of your clients’ lives, you’ll be better prepared to cross-sell them other products. If you know that your clients own a boat, for instance, then you could identify a cross-sell opportunity to help them protect their valued possession. If you don’t know whether they have a boat or not, though, you could end up looking silly if you try to sell them boat insurance. You can get to know your clients by asking questions and displaying empathy for their situation. This will show them that you care genuinely about them and their future. Doing so helps to build trust with your clients, which makes them more likely to want to purchase additional insurance products from you rather than another agent.

Push Opportunities for Savings

“Bundling” is a big catchphrase in the insurance world, and for good reason. Insurance carriers use bundling as a way to incentivize people to purchase multiple insurance products from them. In return, the insurance carrier typically provides a rather significant discount on the monthly premiums. For instance, if a customer purchases both home and auto insurance from the same insurance carrier, they may receive a discounted premium of up to 25%. That’s a huge savings for the customer, and one of the biggest incentives for them to buy multiple products. At the same time, it’s a huge boon for insurance agents.

Push Other Benefits

There are other benefits that bundling provides to customers, and you should educate your customers about these, too. Being able to receive one single bill for all your insurance premiums is a huge benefit to many people. It simplifies their expenses and makes it easier to stay on top their expenses. In addition, if customers ever need to contact their insurance company, they won’t have to reach out to multiple people. This saves a lot of time, headaches and confusion for simple things such as updating contact information and changing car details, to more complex tasks such as filing an insurance claim.

Don’t Be Too Pushy

While it’s important to “push” the savings and benefits, it’s also essential to not be overly pushy. You need to gather as much information about your clients as possible to cross-sell effectively, but you also don’t want to pry too much into their lives, especially if they don’t seem open to sharing. Some customers may be hesitant to purchase additional products from you if they don’t have a long-standing relationship with your agency, or if they have been purchasing a particular product from another company for a while. This is OK. You want to communicate the benefits of consolidating their insurance products with you — or purchasing additional products — of course without being too forceful. It’s a fine line you must tote in order to not turn off your current customers.

Discover the Good Life

We understand that all of this information can be overwhelming, but it doesn’t need to be when you have the right support. At Good Life Insurance Associates, our experienced insurance sales associates are here to provide support and training for both new and experienced agents. To learn more about us, remember to explore our business support services. Or, to speak with a member of our team about your journey to becoming an independent agent, contact us today!
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