You are currently viewing Cross-Selling Strategies for Insurance Agents and Brokers
Young business people having meeting at office sitting on sofa working in team.

Cross-Selling Strategies for Insurance Agents and Brokers

Cross-selling strategies that insurance agents and brokers can deploy benefit both the customer and the agent. When an agent is aware of their customers’ needs and recommends helpful products proactively, the customer benefits from having the right insurance solutions in place at the right time. This can lead to more loyal customers who, in turn, create more profit for an agency over time.

Finding ways to cross-sell to policyholders and new customers is important for many reasons. Read on to explore cross-selling strategies and the reasons agents and brokers should consider adding these tools to their usual workflows.


Cross-Selling Strategies to Benefit Policyholders

Cross-selling offers many benefits for policyholders, as well as the agent and insurer. Some of the main benefits are:

  • Providing better customer service by anticipating needs and proactively meeting them.
  • Improving retention and customer lifetime value with bundled policies and added value.
  • Increasing customer loyalty through predicting needs and delighting customers.
  • Adding to revenue streams with additional sales.
  • Creating opportunities to upsell.

 Forbes reported that even a modest 5% boost in customer retention can create 25% more profit over time as these loyal customers make more purchases. Try incorporating cross-selling strategies through some of these techniques to help explore more of your customers’ needs:

Do a needs assessment to identify opportunities for cross-selling.

Schedule conversations with policyholders and potential customers to do a full needs assessment, asking questions about lifestyle changes and goals. Your existing customer may have more needs than you thought and having a broad discussion helps identify these opportunities. Products that complement each other tend to have better success, so your needs assessment can show you ways to offer complementary products

Bundle products together when it makes sense.

A common example is bundling a customer’s home and auto policies with the same insurer to earn a discount. If you only write the auto or home business for your customer, this is a good way to start the cross-selling discussion. Since many insurers offer valuable discounts for bundling these two common products, it makes sense to offer this solution to all of your customers. 

Make targeted recommendations as your policyholders’ needs change.

When you know of a major life event or change in your policyholders’ life, such as marriage, the birth of a new child, or divorce, reach out to discuss their new insurance needs. Life events usually require an insurance update, whether it is a new life insurance policy, coverage for an engagement ring, or renter’s insurance on a new condo. Stay on top of important changes for your customers — and connect with them to offer a timely insurance update. 

Track your policyholders in a CRM system.

Use a good CRM (Customer Relationship Management) system to help you track policyholders and potential customers. Keeping notes of products they have purchased and what needs they may have organized in one CRM system will help you make the most of cross-selling opportunities.


Try Lead Generation Packages for More Cross-Selling Opportunities

Another way to earn more opportunities to cross-sell is through a strong lead generation program. With more qualified leads you will have more chances to cross-sell and upsell new customers on helpful products.

Try exclusive lead generation and nurturing programs from the American Agents Alliance. Find out how you can grow your agency by purchasing exclusive lead generation and nurturing packages.



External Links:


Leave a Reply