How to Find Insurance Cross-Selling Opportunities and Act on Them Immediately

How to Find Insurance Cross-Selling Opportunities

Cross-Selling To Your Existing Client Base

As an insurance agent or agency owner, you’re always looking for ways to grow your client base. Maybe you get a lot of business from client referrals, or maybe you’re a ninja marketer. Both of those tactics for growing your agency are impactful, but they probably are not as easy to sell than cross-selling opportunities are. Why? Your probability of selling to an existing client is at least 40% higher than closing a deal with a new lead.

Help Scout Selling Statistics

Image source: Help Scout

So, how can you identify cross-selling opportunities within your client base?

Types of Cross-Sell Opportunities for Insurance Agents

An easy way to think of cross-selling is to think of: “do you want fries with that?” You’ve sold a cheeseburger, but you noticed they didn’t order fries. So, you kindly offer a complement to their burger.

Insurance agents can identify clients within their database that have this type of coverage, but not that type. Here are a few examples:

  • They have life insurance but don’t have health insurance
  • They’re a group health insurance client but don’t have add-ons like dental and vision
  • They have life insurance but do not have any annuities
  • They have life insurance but don’t have short term disability coverage

Another opportunity that might exist is to ask your current clients when their policy with another agency is up for renewal. They might have health insurance with you, but they have their dental coverage with someone else. They might be interested in moving everything over to you, so it’s worth the ask.

You have probably been thinking of plenty more cross-selling opportunities that might exist within your database. Let’s talk about how you can quickly pull those up so you can act on them immediately.

Identifying Cross-Selling Opportunities

To quickly pull up this information, you’ll need to have your information organized within an agency management system (AMS). Otherwise, you’ll be spending a lot of time going through Excel spreadsheets or papers and highlighting each opportunity manually. Within Excel, you’d need to use the “Find” function and search for a specific coverage type. From there, you would have to go through each highlighted result individually and look at which coverage types they don’t have and make note of those or manually create a list. With paper files, it will be even more time-consuming to put a list of opportunities together.

Within your AMS, your individuals and groups are linked to policies, so the system knows who has this coverage, but not that coverage. With AgencyBloc’s Policy Cross Sell Report, you can search on all of the coverage types in your database and identify cross-sell opportunities instantly:

AgencyBloc's Policy Cross Sell Report

Image source: AgencyBloc

Now you have a list of cross-selling opportunities you’d like to reach out to. What’s next?

Acting On Cross-Selling Opportunities

Depending on how you normally communicate with your clients, you’ll either be emailing or calling them. If this is a large cross-sell list (and hopefully it is!), a mass email is the best way to approach it.

Within AgencyBloc, you can do this within our Email Campaigns tool. Simply create the email, select your recipients, and send!

AgencyBloc's Cross-Selling Email Campaign

Image source: AgencyBloc

You’ll notice that you wouldn’t even have to run that first Cross Sell Report within AgencyBloc to send this email, but the report itself can be a good reference to get a feel for what kind of opportunities you have before setting up an email.

You might have clients that prefer phone calls, and that’s fine. Give them a call and say:

“Hey, Tom. I was looking over your [health] coverage, and I noticed you aren’t enrolled in [dental] coverage with us. We have some really great options, and I’d love to chat with you about them.”

Consistently identifying cross-selling opportunities and acting upon them can keep your agency growing. Not only that, but it shows your clients that you are paying attention to their coverage and that you care enough to let them know of coverage they might be interested in.

Get Started

Ready to get started on cross-selling? If you’re using paper or Excel files, now is the time to consider a switch to make this process a lot easier. Check out AgencyBloc’s overview video to learn more!

  1. TAGS
  2. database management
  3. selling
Kelsey Rosauer

By Kelsey Rosauer on May 20, 2016 in Selling

Kelsey is the Marketing Brand Specialist at AgencyBloc. She plans and creates educational resources to help our customers organize, automate & grow their insurance agency. Favorite quote: "I am convinced that life is 10% what happens to me and 90% how I react to it." —Charles R. Swindoll  More articles


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