Learn more about cross-selling insurance products so you can improve your customers’ experience and improve your bottom line.
If you’re an auto insurance agent, you know there’s money to be made cross-selling insurance products to your customers. But it’s not always as easy as it sounds. If you aren’t careful, cross-selling can come across as pushy and make your customers feel like they’re just another number to you.
But when you do it right, cross-selling insurance products benefits everyone. You gain a sale, of course, but your customers also get the insurance coverage they want and need. And they get it all in one spot instead of having to work with multiple agents. The right cross-selling tips can increase your revenue, grow your business, and create more happy customers.
Discover four tips for cross-selling insurance products to your auto customers
1. Know the Products You’re Cross-Selling
It’s essential to know the insurance products you’re trying to cross-sell. Take the time to learn about the different insurance products and their various levels of coverage. Your customers will have questions, and you need to be able to answer them confidently. You need to inspire confidence. You can blow the whole deal if your customer feels you don’t know your stuff.
Home and life policies are the most common types of insurance to cross-sell to auto policyholders. A percentage of your auto policyholder will own homes, so it’s a natural fit to cross-sell their home policies. People also tend to buy new cars during life events such as getting married or having children. This presents another great opportunity to cross-sell life or home insurance.
2. Listen, Listen & Listen Again – Then Make Recommendations
Understand your customers’ needs. Every customer is different, and they will have other insurance needs. Therefore, it’s essential to take the time to understand each customer’s unique situation. Try and learn everything you can about your customer. For instance, what are their driving habits? Do they have a long commute? Are they frequently away from home? Are they married? Do they have any children? Are they an avid boater or own an RV? Listening is the number one tool to cross-sell insurance. Listening intently will lead you to more opportunities. Don’t be that agent that recommends a boat policy to a customer without a boat.
Keep a database of this information about each customer in a CRM. We like Blitz CRM. That way, you’ll be able to instantly recall all of their pertinent information and add to it if need be.
Once you understand your customers’ needs, you can move toward cross-selling insurance products by making recommendations as to what they should purchase. Explain why you recommend a particular policy and how it will benefit them. If you frame your cross-selling pitches as helpful recommendations, you’ll never feel awkward or tacky about making them. This is where your listening skills come into play. If you can genuinely make a recommendation to help your customers, they will see its value and be more likely to purchase the policy.
3. Get Creative With Your Packages
One way to increase your cross-selling success is to get creative with the insurance packages you offer. For example, customers are more likely to purchase multiple insurance policies if they feel they’re getting a good deal. So try bundling different policies together or offering discounts for purchasing multiple policies. For example, you could offer a 10% discount on an auto policy if the customer also buys a home policy. Of course, the more policies they add, the more significant the saving they could potentially receive.
The goal is to make it easy and appealing for your customers to buy multiple policies from you. You can increase sales and grow your business by getting creative with your packages!
4. Life Goes on, So Follow Up
After you’ve made a recommendation, follow up with the customer on a timely basis to see if they have any questions or are ready to purchase the policy. If they’re not prepared to buy right away, stay in touch. Annual policy renewals are an excellent opportunity to chat with your customer and learn about any life updates that might be an opportunity for cross-selling insurance products. Developing good relationships is vital in insurance sales. You need to nurture these relationships and build trust with your customers.
You now have 4 tips for cross-selling insurance products, but you’re missing one key element. More leads to sell to! At HBW, we offer warm, exclusive leads, so you’ll never call on the same person as one of your peers. We’ll keep your sales pipeline full and humming. Your cross-selling opportunities will double in no time. All you need to do is close the deal. So get more quotable leads today.
Streamline the sales process and take advantage of exclusive, double-verified warm leads. Get in touch with HBW Leads today!