10 Cross-Selling Tips for your Agency

While gaining new clients is essential to your agency’s growth, you shouldn’t forget about the much more cost-effective source of income, your current clients. We all know that the more policies a client has with you, the more solid the relationship becomes and the less likely the client is to frequently shop their policies, leading to an increase in your agency’s retention rate. Additionally, it is much more cost-effective than acquiring a brand-new client. Today, we will go over 10 cross-selling tips for your agency.

  1.  Start the conversation early. You want to respect your clients and address their immediate needs first. However, don’t neglect the opportunity to start the conversation about additional policies sooner rather than later. The longer you wait, the less effective your efforts may be. Look for cues. If it isn’t an appropriate time (for example, the client is upset), plant a few seeds, but don’t make a big deal out of it. Instead, follow up later.
  2. Make your clients aware of EVERYTHING you sell. If your clients don’t know all the policies and products you offer, how can you expect to sell them? Make clients aware of everything you have to offer. Make sure you website and social media clearly list everything you have to offer to your clients.
  3. Ask your clients questions. Talking with your clients offers an effective way to get to know more about them and learn their needs. While this not only helps build the initial relationship and solidify their trust in you, this can also help you identify any cross-selling opportunities. Naturally work relevant questions into your authentic conversations. When you ask these questions, you show your clients that you genuinely care about them, which is excellent for building relationships. The more you know, the better equipped you are to serve your clients and offer them additional policies to meet their unique needs.
  4. Don’t be pushy. As you are asking your client questions and learning more about their needs, resist the urge to be too aggressive. Being too pushy may end up pushing your client to look elsewhere. Take the time to ask the questions and learn their needs, explain what you have to offer, but give them the space to process.
  5. Talk about potential savings opportunities. One of the biggest benefits of cross-selling for your clients is that you can offer them discounts for bundling policies together. It’s as easy as saying, “While I am looking at some homeowner’s insurance quotes for you today, you can get a significant multi-policy discount if we take a look at your auto insurance as well. Would you be interested in this discount?” Once they show interest, you can then gather information to get auto quotes for them as well. If they aren’t interested, still be sure to present the homeowners quotes with and without the bundle discount, so they can see the potential savings of bundling the policies together.
  6. Take advantage of social media. If you’re not already on social media, you should be. Platforms like Facebook and LinkedIn allow you to connect with current clients and potential clients and make them aware of everything you have to offer. You can create a variety of posts for all the policies and products you have to offer. Make sure that your existing clients know your social handles and that they follow you. This lets them share your posts on their own, potentially connecting you with other future clients. Every connection you can make with your clients helps. The more they see what you have to offer, the more familiar they will become with it.
  7. Be on the lookout for opportunities. Rather than waiting for your clients to come to you when they need something, stay in constant contact with them (without being annoying). This allows you to ensure they have adequate coverage and will flag any dissatisfaction they might have before they feel the need to change their polices (or their agent). Here are a few opportunities to look out for:
    • A change in policy. Any changes to an existing policy offers an excellent opportunity to cross-sell, whether they are starting a business, shopping for a car, or buying a new home.
    • Policy review. Not everyone has the time for a proper insurance review. Make the process easier by preparing a few questions ahead of time that will allow you to uncover potential opportunities based on any changes in a client’s life. For example, if a client is considering switching to a new carrier, you may be able to cross-sell policies with bundle discounts.
    • Major life events. Some supplemental policies may become relevant as current clients reach certain milestones. Keep track of major life changes and open dialogue when they happen.
  8. Use a reliable Customer Relationship Management (CRM) System. Your cross-selling success will depend heavily on how well you keep track of your existing client’s information. You need to stay on top of certain information such as their age, where they live, if they have dependents, what policies they have, when those policies expire, and more. It is a lot to manage and can become quickly overwhelming, especially as your agency grows and you take on more clients. You are not expected to remember everything on your own. You can make this challenge easier by investing in a reliable Customer Relationship Management (CRM) System. You will be able to quickly pull up a record and see what policies a current client has, and you’ll be able to view past communications and important information at a glance. When it comes to using a CRM, it is important to know that every CRM comes with its own features and there is no one size fits all CRM. SIAA partners with 5 CRM Systems. This means that you will get certain perks and discounted services that non-members do not get. Learn more about the 5 different CRM Systems SIAA Partners with:
    1. EzLynx
    2. Vertafore
    3. Applied Systems
    4. Better Agency
    5. HawkSoft
  9. Follow up with clients that seem interested. Always be prepared to follow up. Take notes about policies your clients seem interested in or major upcoming life events that might change their needs. Keep track of -Dates and follow up 30-45 days before renewals. Renewal time is a great opportunity to mention some of the additional policies you’ve discussed in the past.
  10. Be patient. Cross-selling is a unique situation. You’ll have several opportunities to interact with a client, so don’t stress about trying to fit everything into one conversation. That will just make things harder on yourself and confuse your client. The more you talk about potential cross-selling opportunities with your clients, the more cross-sells you’ll make. It may take some time, but it’s well worth the effort and patience.

Happy cross-selling!

Rachel Sherman
Marketing Executive
CoVerica Agency Alliance