Insurance Cross Selling – How To Drive Insurance Retention
Have you considered insurance cross selling as a way to drive retention? As part of our series about how to drive retention, today’s topic is something that many of us strive for, but often fall short of actually achieving. It’s ensuring your client’s aren’t “cheating” on you, and being their only agent.
“When we sign a new client, I look at it like the start of a marriage. So if that sales process is wam, bam, Vegas-style, drive-through, know the person for 12 minutes, it’s probably not going to go very far in the long run.”
We think that signing a new client is similar to the start of a marriage. If it’s a quick and surface-level arrangement that is focused on transaction, it’s probably not going to go very far. But if we build rapport, educate, and build values, you might just have a new client for life, who really values you. Here’s how you can strive to be their only agent:
Take advantage of the point-of-sale
The point of sale is a very narrow window of opportunity for you to really dig deep, and make meaningful connections with your clients. You need to focus on building value and planting seeds for cross-selling. Even if a client says no, at least they’ll have you in mind when they do need additional coverage down the line.
Don’t simply be transactional
A marriage likely won’t work well if it’s only transactional, and the same could be asid for signing new clients. Don’t only think of your role as delivering on what clients call about, especially if you want to be their only agent. Get this: 55% of our secret shopper callers got exactly what they asked for, and nothing more, and they were instructed to give more information if asked about additional lines. That’s because many agents are simply using the point-of-sale as a transaction, and aren’t cross-selling.
Develop a strong cross-selling process
So we understand we need to cross sell at the point-of-sale, but how do we do that? It’s not enough to just tell your team to increase cross sales, because they’re not going to know how to make that actually happen. Your agency needs to develop a strong process for cross-selling. This is exactly why we created our mini-course on how to convert inbound calls into opportunities.
The bottom line is that your team needs a solid plan on how to drive mono-line business, and it’s not enough to just direct people to increase cross sales. By building value, and not taking the first “no” as the only “no,” you’ll become much more successful at boosting retention.
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