Use Upselling and Cross-Selling to Grow Your Insurance Agency

Grow Your Insurance Agency with Upselling and Cross-Selling

Insurance selling is all about building relationships and establishing trust. As a result, cross-selling and upselling within your current book of business can be highly effective tools for generating quicker sales and profits, as well as increasing your retention rates. Why? Because your existing customer base already sees you as a trusted professional and go-to source when it comes to meeting their insurance needs.

Here are two key opportunities where you can better leverage the strategy for upselling and cross-selling to your clients, vastly shortening the sales cycle.

During the Initial Sale          

Even with new prospects, you’ve already established a level of trust. Plus, you have their full attention. That is why the initial sale is a great time to upsell and cross-sell additional complementary products and services. For example, could your new homeowner client benefit from a liability umbrella or collectibles insurance policy? What about life or disability insurance? Now that they are homeowners, are they adequately covered? For a new auto policy, the initial sale is a great time to upsell the benefits associated with having higher liability limits as opposed to the state minimum requirements. The key is to be prepared and think about complementary products ahead of time.

Tip:  Be sure to focus on adding value, rather than simply adding upsell or cross-sell options just for the sake of adding them. This means thinking ahead about the additional products and services that may benefit your client.

After the Initial Sale

Now that you’ve got some of their business, keep existing clients on your radar. This means running marketing reports with specific product line parameters such as business owners without equipment breakdown coverage, homeowners without life and disability insurance, renters without auto policies, etc. Additionally, when new products or services are rolled out, it makes sense to reach out to your existing customer base first as they are going to be much more receptive to what you have to offer.

Tip:  After the initial sale, try and stay in front of your clients as much as possible. For example, as you come across helpful information, be sure to pass it along to your clients. This can be in the form of a quarterly newsletter or bulletin, a product brochure or checklist, or a link to a third-party article, blog, or webinar.

Prospecting for new clients should always be top of mind. However, as you engage in new business development, remember never to lose sight of sales opportunities with your existing customer base during, and after the initial sale.

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