Cross-Selling Makes Money In Insurance
For two weeks we’re diving deep into the eight ways to make money in insurance, and today’s topic might just be our favorite. Cross-selling is one of the best and easiest ways to make money in insurance, and yet, so many agencies fail to truly take advantage of it.
“You need to be cross-selling your book of business, because they’ve already said yes to you, it’s an easy sale, many times you can combine and save or combine and simplify… a lot of times we just have to be asking.”
Here’s the deal: cross-selling makes money in insurance, we know this for a fact. And we love cross-selling because it also covers our first two topics this week, retention and new business. Here’s what you need to know about making money in insurance with cross-selling.
- It’s the only thing we would focus on if we bought a business
We’re so hooked on cross-selling, we always say that if we bought a business we would shut the door to new customers for a year and simply cross-sell. Cross-selling usually gets pushed by the wayside, and it offers incredible opportunities. These are customers who have already said yes to you before.
- You’ll boost your other metrics
When you improve your cross-selling, you’re also going to improve other metrics for your agencies. For example, when you improve your cross-selling you’ll also be improving your retention. That’s something everyone can celebrate.
- It’s low-hanging fruit
Cross-selling is one of our favorite ways to make money in insurance because it really is low-hanging fruit, you just need a strategy. How do you get a strategy? First, start by grading yourself in your cross-selling. Do you know your numbers? Is your team educated? Do they know how to overcome objections? In order to seize this low-hanging fruit, you simply need a strategy. It’s also important to understand if your team is asking the right questions (or any questions at all) or simply diving into transaction mode.
Yes, cross-selling makes money in insurance, and it’ll even lead to improvements in other metrics. But in order to get there, you need a winning cross-selling strategy.
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