Cross-selling insurance products is a great way to increase profitability and customer satisfaction. While some may view it as a hard sell, it can be pretty straightforward.
For one, your existing clientele knows you and trusts you. And this makes it the perfect time to bring up additional products that may be of interest. There’s a good chance they will be receptive to your suggestions.
Here are some tips on how to successfully boost your cross-selling efforts.
Understand Your Clientele
The first step is to understand your clientele regarding cross selling insurance. What are your customers’ needs? What are their wants? What motivates them? Only then can you begin to offer them products that will improve their lives.
Take the time to get to know them on a personal level. It’s imperative when selling insurance because people buy a product they hope never to use. Try to reach out, interact, and build relationships with your existing list of customers. If you have a good relationship with your customers, they are more likely to do business with you and recommend you to others.
The better you understand them, the easier it will be to suggest additional products that would benefit them. For example, if you know that a customer is a new parent, you could suggest adding life insurance to their policy. Or, if you know that a customer is an avid traveler, you could suggest travel insurance.
Do Your Research
Once you have a good understanding of your clientele, it’s time to do some research. First, find out what other insurance products are available to complement the ones they already have. For example, if they have home insurance, maybe they’d also be interested in flood insurance or renters insurance.
Another example is if they take prescription medications. You can suggest various plans that cover their specific meds to save more money. With how high healthcare costs are in the US, people are more wary of where their money for insurance goes, so expect to answer questions such as “what is Medicare Part D?” and the like. Make sure to answer them according to the policy that you recommend to avoid any troubles in the future.
Or, if they have auto insurance, maybe they’d be interested in motorcycle or RV insurance. The point is you want to offer them a well-rounded insurance package that meets all of their needs.
Make Suggestions Based on Their Needs
Not all insurance products will be a good fit for every customer. And that’s okay. The key is to find the products that best meet their needs. Then, once you know what your existing clientele is looking for, you can start making recommendations.
Say, for instance, your customer wants more coverage for their business. You can show them a commercial liability policy or a business owner’s policy. If they’re looking for protection for their home, you could suggest a homeowners insurance policy.
Or, if they want to change their deductible, you can run through their options and help them find the right fit. The key is to have a conversation with your customer. Find out what they need and then make a recommendation. There’s no wrong answer, as long as you’re helping them find the best coverage for their needs.
It’s important to remember not to oversell. No one likes to be bombarded with a hard sell, especially with insurance. Instead, focus on providing your customers with the information they need to make an informed decision.
The goal is to educate your customers to make the best decision for themselves, not force a sale. So if you provide them with all the information they need and still don’t want to buy from you, that’s okay. At least you know you did everything you could.
Finally, don’t forget to follow up once you’ve made your suggestions. Check-in from time to time to see if they have any questions or if they’re ready to move forward with a purchase. This step is crucial to build trust and keep the lines of communication open.
You can do a follow-up by stopping by their homes, giving them a call, or sending an email. When you follow up, be sure to ask about what they thought of your suggestions and if there’s anything else you can do for them.
For example, you might say, “I just wanted to check-in and see how you liked my suggestions from our last meeting. Is there anything else I can do for you?” By following up, you’re not only being polite, but you’re also showing that you care about their needs and want to help them in any way possible – even if it doesn’t result in a sale.
There are a few reasons why you should cross-sell insurance products to your existing customers. For one, it’s a great way to increase customer loyalty. When you provide your customers with additional products and services that they need, they’re more likely to stay loyal to your company.
Also, cross-selling is a great way to build relationships with your customers. By providing them with additional products and services, you’re able to develop deeper relationships with them that can last a lifetime.