Cross Selling Insurance More Effectively: 7 Easy Tips

Cross-selling insurance is an art most independent insurance agents know, but few have mastered. In the world of insurance, rule number one is “Cover Today, Rejoice Tomorrow”. Similarly, rule number two is “New Customers are Golden; Old Customers are Gold”.

Cross-selling insurance refers to when you sell additional offerings to your customers that complement the policies that they already have. When you upsell, you are selling a product or service that is an upgrade from a past purchase.

Experienced insurance agents value retaining their customers. It’s easier to cross-sell to existing customers than to convince new clients to buy from you. Here are 7 tried-and-tested industry secrets that will help you with cross-selling.

In this blog

infographic cross selling insurance

Who Are Your Customers? Get to Know Them Better

When you first set out to make sales, you will find that there are generally two kinds of customers out there: ones you have already sold to and ones you haven’t. You cannot approach these two groups with the same sales strategy.

The people that you have already sold to might be easier to cross-sell to. They know your agency, your products, and already have a relationship with you. The best approach is through repetitive conversation, leveraging your relationship, and helping your customers understand your agency better by educating them about your services and offerings.

The people you haven’t already sold to are unaware of your products and their advantages. They will need a more aggressive approach, one that includes product awareness, identifying a need, creating interest in your products, and ultimately, selling to them.

cross selling insurance

Are You Selling One Product to All Your Clients?

Stop doing that. There are 7 billion people in the world, and each one of them has a varying range of needs and interests. You are setting yourself up to fail if you have one approach and one product for multiple types of customers.

For independent agents, they have a cross-selling advantage; they have the freedom to choose from multiple carriers which means they can curate special policy bundles for each of their client’s needs.

If you are a captive agent, you are more limited depending on your carrier. However, you can still find at least five different products you can sell to your customers. If you’re feeling constrained by your limited offerings, you can always make the switch from captive to independent if you want to provide better services to your customers.

Track Your Progress on Cross-Selling Insurance

So, you’ve been strategically attempting to cross-sell insurance for quite a while, but aren’t seeing any solid conversions. The best way to make progress with your clients is to track how far you get with each of them.

If you look at your clients’ accounts, you can see what policies they have and what products you have that would make the most sense to cross-sell to them. The next step is to strategize your approach to your clients. Are you going to educate them of your products first, or are you going to create a need through identifying a problem for them?

Keep track of the conversation, whether it’s verbal or written. Follow up on your last conversation with a compelling call to action. When your strategies lead to a sale (or don’t), observe each step and make notes of what worked and what didn’t, and make changes accordingly.


Eat, Sleep, Repeat

Customers seldom react to a first call or email. The key is to be consistent and remind them of your additional products. Strategize a sequence of emails that focus on cross-selling to your customers. Call them with exciting new campaigns. For example, encourage them to sign up for your new webinar about how mold can devalue their property and how to protect against it.

Do not go on and on like a broken record though. It is important to be genuine and give your clients a fresh outlook, even though you’re only talking about the same products.

Ask Your Clients What They Want

The best way to cross-sell insurance to your customers is to give them exactly what they want. When it comes to coverage, nobody knows it better than the one who needs it. Come up with surveys, questionnaires, feedback forms, or other data collection methods to get relevant information about your customers’ needs.

Your customer may already have purchased basic car insurance from you without getting uninsured motorist coverage. Send them a questionnaire about their daily commute, who drives the insured vehicle, and what they would like to add to their coverage.

When you have collected and assessed the answers, it is easier to pinpoint their needs. Approach them with the appropriate cross-selling product.

cross selling insurance techniques

What Triggers Policy Changes?

When your clients make a change to their policies, it is a huge sign that they want something more than what they previously purchased. Normally people make changes to their policies when a major life-changing decision has been made, such as moving states, getting married, owning pets, and so on.

If your clients come to you asking if they can add their fiancé as their named insured on their home insurance policy, you know that they’re getting married soon. They probably would love to hear about wedding insurance. Do you think their fiancé would also like to be added to their car insurance?

Sales Psychology to Cross-Sell Insurance? Yes Please.

Recent research by Harvard Business School has found that if you present your products as a set, then people are more likely to buy them all. There is a whole slew of similar statistics that can help you in cross-selling insurance on the internet. Read up on sales psychology and what actually drives customers to makes multiple purchases.

Make use of your new-found information, and incorporate it into your new cross-selling strategies.

cross selling insurance methods

In Conclusion: Now You’re Equipped to Cross-Sell Better

Cross-selling is a tedious process, and sometimes people just don’t want to buy anything more than the bare minimum. It’s okay to lay back and focus on other opportunities. Give your customers their space and strike again when the occasion is right.

Remain patient and positive; your customers just need a little more nudging until they make a new purchase! Go through this list multiple times, and use at least five of these in your next cross-selling strategy. Good luck, and happy cross-selling.

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infographic cross selling insurance

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