Please Cross-Sell to Me!
In this day and age, your customers are busier than ever. Between work, family and their social lives, there is not a lot of spare time available to shop around for insurance. They want to do business with an agent who will take care of their needs.
The Numbers Don't Lie
This is clearly evident in a survey published in PIA Connection, a magazine published by the National Association of Professional Insurance Agents. In the article, “Touch Points - The Voice of the Customer,” 69 percent of the 915 people surveyed said they want their insurance agent to contact them when they have a suggestion for coverage they may be missing. Eighty-one percent want a call when the agent has a suggestion for how they can save money.
The article concludes that the more knowledge, education and products an agent has to offer clients, the greater the likelihood of building strong relationships with them, and thus a financially sound business.
In other words, clients want you to cross-sell to them. Cross-selling, also known as “total account development,” means offering your clients a larger line of products and services to meet their needs.
So if they already have an automotive policy with you, it would be a good idea to also let the customer know about the homeowner’s insurance options available to them, and maybe life too. Emphasize that not only do they get one-stop shopping when they purchase all of their policies from you, they may also be eligible for a multiple-line discount which could save them a substantial amount of money.
A good way to broach the subject is to call a client up and ask if they have time to discuss updating their coverage and making sure all of their needs are being met. This is a call that should be made at least once a year, as you never know when you’re going to hit a nerve.
Perhaps the wife of one of your clients just had a baby and he is now considering life insurance. Or maybe a recent theft has gotten one of your automotive policy holders thinking about upping his homeowner’s insurance coverage, so now he’s ready to shop around.
Research shows that the odds of selling a product to a new customer are 15 percent while the odds of selling one to an existing customer are 50 percent. So, it only makes sense to focus your attention on existing customers rather than working so hard to find news ones.
Agents should also think about cross-selling opportunities when they purchase Internet leads. The agent may have bought leads for auto insurance, but the customers they sign up could have a need for a homeowner’s policy as well.
The Good Guys Always Win
At the end of the day, what it all comes down to is the best way to develop a solid relationship with your insurance clients is to first prove that you are reliable and trustworthy, and then that you can provide them with answers to any insurance-related questions they may have.
Customers appreciate and respect business people who go out of their way to offer service to their customers. Show them the expertise and value you bring to the relationship, demonstrate how your products and services can better their lives, and the relationships you build will lead to great things.