6 Essential Tips for Cross-Selling Insurance

80% of your future profits will come from 20% of your existing clients. The 80/20 rule can help you focus your efforts in the right direction when attempting to grow your business.

You may already be familiar with the term “bundling.” For example, if you write an auto policy for the customer, offer to quote a renters’ or homeowners policy as well. But bundling isn’t the only way you can do this. Here are some additional ways to cross-sell and grow your business.

1. Carry more insurance lines

If you are not licensed to sell different products, you may be missing out on cross-selling opportunities. For the sake of efficiency, clients would prefer to keep their business all in one place. Make it easy for them by branching out in the lines of business you write. Some insurance products make for natural bundles, such as:

  • Life insurance and disability insurance
  • Business insurance and workers compensation
  • Health and dental

The more products you can offer your clients, the less they will need to search for other policies and agents. Also, you’ll be building a stronger and more valuable relationship.

2. Check in routinely

Another great way to build a relationship with your clients is to do routine check-ins.

Whether it’s every renewal period or once a year, it’s important to routinely touch base with your customers to assess their current needs. Create a customer needs assessment to ask questions that will help you identify potential opportunities for cross-selling or up-selling.

Questions such as, “What prompted you to seek life insurance?” will allow you to understand what’s important to your client so you can make better recommendations.

3. Don’t forget the small talk

Small talk, done correctly, can be the best tool in your cross-selling arsenal.

By making small talk with your clients, you not only build trust, but you can learn valuable information about them…

  • Maybe they’re getting ready to retire
  • They could be planning to purchase a home
  • Perhaps they’re starting a new business

The needs of your clients are going to change with each milestone and you can’t help them navigate these milestones if you’re not aware they’re happening. Be sure to actively listen and be engaged in your conversations so you can learn as much as you can.

4. Know your customer

Beyond small talk, you need to know your customer.

  • What policies do they have with you?
  • What coverages have you discussed with them previously?
  • What’s their preferred method of contact?

The answers to these questions allow you to sell the right policy to your customer. You’d lose credibility if you attempt to sell a policy they already have, or one they don’t need. When you have routine check-ins or if the client reaches out to you, it’s important to document everything in your CRM for future reference.

5. Communicate the way the client prefers

Take note of how your client prefers to communicate. Does he or she prefer phone calls or email? Are they texters? (Who isn’t?) Meet your customers where they are by tailoring your communications based on their preferred method.

6. Keep trying

Be prepared to hear “no.” Despite your best efforts, your clients may not want what you’re offering right now or are just not willing to purchase. Remember every “no” may get you one step closer to “yes,” so keep trying. As long as you’re continuing to build relationships with your clients, the business will follow.

Jessica La

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