How To Cross-Sell (And Benefit From It)

Aug 22, 2018, 11:51 AM

Why you want to buy insurance more than once.

Cross-selling is a word we use in insurance when we work with clients who might be interested in more than one kind of policy. For example, if someone has a Homeowners policy, an agent might be able to cross-sell an auto policy, since that person probably owns both a house and a car.

What They Need

What are the techniques of cross-selling in insurance — or really, any kind of business? Start by offering what your clients need, not the newest product, or the one that would earn you the most money.

Sharing information can happen anywhere

If you’re an insurance agent, you’re the expert in insurance concepts, and in specific insurance products. The client is coming to you for help. If you present a reasonable case why a product is the right one for them, it’s likely you’ll be able to close on the sale.

One of these ideas might be the one that gets your client interested in a second policy with you:

  • Multi-policy discounts
  • More responsive communication (assuming you’re already responding quickly to your clients)
  • More comprehensive — and less frequent — policy reviews: scheduling one meeting to talk about two policies is better than having to set up two meetings with two different agents

If you’re not an insurance agent, think about your product or service: are there other ways to cross-sell? Maybe your product comes with extensions or expansions, so you can offer more to a customer who already has the main product you’re selling. Or perhaps there’s another business you can team up with to promote each other’s services at the same time.

Make The Connections

Make the connections they don’t know how to make. There’s lots of discussion about the future of insurance, and how younger people are used to doing all their shopping online. While they can research different insurance policies on a provider’s website, they can’t determine what coverage would complement what they’re already searching for. That’s the job of an agent.

For example, a client who had a new baby might want life insurance on the child — but what about coverage for the new things in the baby’s room (or the valuable, delicate things that might get destroyed when he or she starts crawling)?

Cross-Selling Concepts

Don’t forget to use your teaching tools not only for your main lines of business, but for your cross-selling opportunities, too. A long-time client probably knows the major products you sell, but what about the ones you don’t bring up very often? If the client is on your website, you don’t even have to discuss the products yourself. A quick online search will reveal everything — that is, if your business website and/or social media page has been kept up-to-date with the information your client needs.

Hopefully this list is helpful, even if you’re not one of Hastings Mutual’s independent insurance agents. You might have more than one insurance need and don’t know where to go to get each one taken care of. Thanks to cross-selling, you could get everything handled at once!

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