Everything You Need to Know about Cross-Selling Insurance

Cross-selling is a great way to increase revenue and grow your business. By offering additional insurance products to your clients, you can provide them with the coverage they need and expand your business book.

It’s common knowledge that finding new customers costs a lot more money than selling additional products to existing clients. So, insurance professionals can drive revenue and improve client relationships with judicious use of cross-selling. Don’t be pushy, though! You could lose your client business entirely.

Here’s everything you need to know about cross-selling insurance.

Being a great listener is the key to successful cross-selling

If you want to be successful in sales, being a great listener is the key. When you listen to what your potential customer is saying, you can learn more about them and their needs. This information is essential to selling them the right insurance policy. Not only will they appreciate your attentiveness, but you’ll also be more likely to close the sale.

Excellent listening skills are essential in cross-selling insurance and will help you build strong relationships with your clients. With insurance being such a complex product, you must take the time to understand what your clients are looking for before making a recommendation.

Ask the right questions at the right time.

In all sales areas, the right questions are “open-ended,” meaning they can’t be answered with a simple yes or no and encourage the client to expand on their circumstances.

Great cross-selling questions to ask are:

·   How important is insurance to you?

·   What would you do if you could no longer work and support your family?

·   What other assets to do you have to protect?

·   Do you have any other business ventures or potential liabilities?

Asking these questions will help you better understand your client’s needs and determine whether or not additional insurance is right for them. If you can find the right insurance solution for your client, you’ll not only be helping them protect themselves and their loved ones, but you’ll also be building a lasting relationship that will benefit both parties.

Weaving cross-selling into your client conversation is an art form.

Insurance cross-selling is an art form. It requires a delicate balance of confrontation and persuasion, analysis, and intuition.

You must be able to read your client, understand what they need, and then make recommendations that meet those needs.

The best way to weave cross-selling into your conversation is to start by building rapport and getting to know your client and their unique circumstances. Once you have a good understanding of their situation, you can begin to make recommendations. Try and keep the conversation as natural as possible, as though you were speaking to a friend.

Always keep the client’s best interests in mind and offer them solutions that will meet their needs, not just products that will make you a commission.

Put digital technology to good use.

Not everyone wants to buy an insurance policy when you call them, which is why email is a great way to keep in contact with your insurance customers. You can use email to send them policy updates, industry news, and helpful tips.

You can also use social media to stay in touch with your clients and build relationships. Use LinkedIn to connect with clients and industry contacts, Twitter to share news and articles, and Facebook to humanize your brand. By staying active on social media, you’ll be top of their mind when your clients are ready to buy.

Using a customer relationship manager (CRM) is essential.

You’ll never be able to recall every client conversation or know when each insurance policy is up for renewal, which is why having a CRM is essential. A CRM system will help you keep track of your clients, their policies, and important dates.

Not only will a CRM save you time, but it will also help you provide better service to your clients. Having all the information you need in one place allows you to quickly and easily find what you’re looking for when your clients have questions.

A CRM will also help you identify sales opportunities and keep track of your progress. By tracking your activity, you can see which selling techniques are working and adjust your strategy accordingly. Making copious notes is essential to making a CRM work for you.

Build a working relationship with a surplus line broker

A surplus lines broker is an insurance professional specializing in insurance coverage with insurers not licensed in the state where the insured resides. Surplus lines brokers play an essential role in the insurance industry, providing much-needed coverage to insureds who might otherwise be unable to obtain insurance.

A commercial lines broker is an insurance professional specializing in business insurance. Commercial lines brokers work with insurance companies to find the best coverage for their client’s businesses. They also work with companies to ensure they have the proper insurance coverage for their needs.

Surplus lines brokers can be a powerful partner in insurance cross-selling. You can tap into their vast knowledge and resources to help expand your business by getting to know your broker and building a working relationship. Here are a few tips for building a solid relationship with your surplus lines broker:

1. Communicate regularly. Stay in touch with your broker to be up to date on your insurance needs, helping them better understand your business and providing more targeted prospects for cross-selling insurance.

2. Be upfront about expectations. Discuss what you hope to gain from the relationship, so there are no surprises down the road. Set realistic expectations and avoid any frustration on either side.

3. Leverage their expertise. Your broker likely has a wealth of knowledge and experience in the insurance industry. Use this to your advantage by asking for their advice and input when making insurance decisions.

The article provides tips for expanding your business through cross-selling insurance products, discusses the benefits of using a CRM system, staying in touch with clients through social media, and building a working relationship with specialist line brokers.

At Craig & Leicht, we have the specialization and expertise to handle cross selling insurance. We’ve underwritten all sorts of unique policies, and we’ve gotten pretty good at serving quotes in a prompt, efficient manner. Our number is (713) 955-2130. Go ahead and add it to your speed dial. We’ll wait.