Cross-selling insurance helps agents expand their portfolio, boost revenue, and increase customer satisfaction. Use these tips to keep you and your clients happy.

In the insurance industry, there are numerous opportunities for cross-selling, and if you’re missing them, you’re losing money. Worse, your clients are losing out on beneficial coverage. Cross-selling insurance is a great way to increase your clientele and commissions and be a successful insurance agent

However, you don’t want to sound too aggressive and lose a potential sale. When delivered properly, cross-selling can give you more business while giving your clients a wider breadth of protection, making it a win-win situation. Read on to learn how to cross-sell insurance effectively and gain more opportunities as a salesperson.

cross selling insurance

5 Tips for success in cross-selling insurance

1. Address immediate needs first.

One of the most common insurance agent mistakes that also applies to cross-selling insurance is coming off too pushy, especially during the initial sale. Ideally, cross-selling is a subtle suggestion after you have successfully closed the first sale.

However, you can plant seeds so they can start considering additional coverage options suitable for their needs and situation. For instance, if they buy home insurance, it’s a perfect opportunity to introduce the idea of comprehensive auto coverage.

The key is to listen and respect your prospect and make sure their immediate needs are covered before slowly getting into cross-selling. Don’t take too long, though, because not opening the cross-selling discussion within 30 days might not get you any sales.

2. Ask the right questions.

Talking to someone who has already shown interest in a service or product may be easier than one who has yet to be impressed with what you’re offering. First, however, it’s crucial to ask appropriate phone sales probing questions that will help you determine their unique needs while finding cross-selling opportunities. For example, start with simple questions like the following: 

  • Can you share something about your long-term plans and goals?
  • Can you tell me more about your family?
  • What kind of work do you do?
  • When was your financial security last assessed by a professional to ensure you and your family have the coverage you need?
  • Do you have a financial safety net set up for your family in case of your premature passing?

Through these questions, you can recommend the best insurance options that will benefit them in the long run. Let your clients feel your sincerity as you ask such questions so you can build stronger relationships with them.

3. Discuss potential savings opportunities.

Another perk of cross-selling insurance to your clients is the discounts they can get from bundling insurance policies. For example, policy combinations may allow them to save up to 20% or more. Thus, inform them of the different multi-policy discount combinations, such as auto + home and auto + home + life insurance.

If your client is unsure whether to buy an additional insurance policy, offering them discounts may be the final push they need to make the decision. Besides, apart from the saving opportunities, bundling insurance will also give customers less hassle, given that all policies are kept in one place. Then, flexible options are available should they decide to apply some changes.

4. Address common misconceptions.

While contacting warm leads does not ensure success in cross-selling insurance, interested clients may be unfamiliar with other types of policies you offer. This is especially the case if they added their names and contact details to a website with only one specific policy in mind.

For instance, they might have obtained auto insurance several years ago. However, it’s their first time purchasing a home. Thus, they’re pretty unfamiliar with homeowner’s insurance. If they were used to being a renter, the client has to learn how property damage applies to a homeowner’s policy.

Moreover, if your lead is new to life insurance, they may not realize the importance of getting it or how much coverage they need. The difference between whole and term life coverage might not be apparent, either. You can educate them and discuss common misunderstandings of the different types of insurance policies. Doing so will let them appreciate the value of the policies and the kind of protection they’ll benefit from.

5. Don’t forget to follow up.

Having interested clients doesn’t mean they will purchase an insurance policy right away. Thus, note the specific policies they were interested in and significant milestones that may affect their decisions and preferences. Cross-selling might not be a success the first or second time, but keep doing it while prioritizing your clients’ welfare. 

Cross-selling can make a difference in both the customers’ and the insurance agents’ lives. These strategies can help fast-track your career while offering your clients, their families, and properties the much-needed protection.


With the right strategies and services, you can maximize your lead investments. Want a personalized lead package designed for your goals? Check out HBW Leads for double-verified leads.


 

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