The Advantage Of Cross Selling Insurance
Versatility is a good thing to have when you are selling insurance. As an insurance agent, you will earn more if you are able to sell more than one kind of insurance product.
If you have a good customer relationship with your clients, you are in the position to know what their insurance needs are. If they purchased life insurance from you, chances are, they will be open to buying auto insurance or other insurance products from you.
Many people find it more convenient to deal with just one insurance agent for all their insurance needs. What if a switch is made and you become the client, would you want to go through the trouble of working with different insurance agents for different kinds of insurance? Like most people, you would probably be more comfortable doing business with someone you already know and trust.
You have nothing to lose and everything to gain by cross selling. It is an opportunity to market to a wider customer base and gain more clients.
People who depend on companies for multiple services are less likely to go to the competition, compared to those who avail of one or two products or services.
There is an art to cross selling, since you do not want to turn off your prospective or current customers by bombarding them with too many offers.
You want to ease into cross selling by casually mentioning an insurance product that fits into a current client’s changed circumstances. For instance, you might ask a client who has already bought auto insurance from you and who happens to have given birth recently if it is OK to give them brochures or quotes for life insurance plans that you offer. The same thing applies to clients who have just purchased a house (home insurance) or another vehicle (auto insurance).
At all times, keep it low-key and do not make it a hard sell, since this can turn off clients and cause them not to renew their policies.
The opportunity to cross sell could also come up while reviewing a client’s existing insurance policy.
Cross selling can be considered another way of providing good customer service. It shows that you are paying attention to your clients’ future needs and matching them with insurance products that you carry.