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Here is an interesting statistic; Your chance of selling to an existing customer is 60-70%, and your chance of selling to a new customer is 5-20%. Research has also shown that 80% of your future revenue is likely to come from 20% of your current customers.
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Yes, getting new clients is important to growing your insurance business, but you can’t ignore your existing client base. They are a gold market! Note that they have already worked with your product and can vouch for the quality of your services. And they trust your business. This allows them to purchase additional policies where cross-selling occurs.
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We have prepared a comprehensive guide on how to improve customer relations and increase revenue by selling insurance packages.
Cross-sellers are encouraging customers to purchase additional products based on their original purchase. For example, if one of your customers buys a health policy for their children, you can use that information to sell them an education policy. This cross-selling strategy is highly effective, and McKinsey research shows that cross-selling can increase your profits by 30% and your sales by 20%.
It is also the best way to close each month and increase the income from your book of business.
Most people understand bundling and cross-selling, but they are different. Upselling involves selling a customer a superior (more expensive) version of a product in which they are interested. Basically, you are trying to get the customer to spend more money! For example, if a customer has a homeowners policy and you know they recently had a baby, you can offer to upgrade their policy to include child health coverage.
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On the other hand, cross-selling involves selling different products to the same customer. They don’t have to choose one policy or the other because they need both. Some examples of sales opportunities for insurance agents include;
When cross-selling is implemented effectively, it allows you to offer the most value to your customers and also increase your bottom line.
While the advantages of cross-selling outweigh the disadvantages, it is important for insurance agents to be aware of the pitfalls in order to avoid them.
Increase opportunities to sell insurance and break quotas. To learn how to cross-sell insurance, click here to access insurance cross-selling training videos.
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Cross-selling is a delicate process. You don’t want to put too much pressure on your customers, but at the same time, you need to find a way to encourage them to buy. Here are some great tips to help you out.
If you already have a book of business, use it to sell your products. You need to use your organizational skills to identify the products your customers are using now and the policies they will need in the future. For example, you can ask your top agents to set up a system that identifies customers who have active policies and is perfect for cross-selling customers with upcoming renewals.
Comprehensive audience research to identify customer needs. This process should be done regularly because the needs of the customers are constantly changing. For example, a client may have recently gotten engaged, providing you with a unique opportunity to promote an engagement ring.
Implement a cross-selling strategy within 30 days of your initial conversation to increase your chances of making a sale. Time is of the essence and if you wait for this period, your efforts will yield little results.
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Don’t just ask your customers to buy. You should take a methodical approach based on the needs of the client. The plan should include the methods you will use to market your product, as well as the policies you will develop to sell and their importance to customers.
Don’t assume that customers know all of your services just because they bought a policy from you. Take a proactive approach and apply them to all your other things. You can easily include this information in a brochure or provide them with a link to your website.
Make recommendations based on your client’s actual policy, but be careful not to push or pressure the client. Just make sure that you offer policies according to their needs and preferences.
It is the process of grouping additional insurance policies and then offering them to the customer as a package. Make sure you only offer packages that your customers need.
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This is a great way to encourage customers to buy your product. This is especially beneficial if your client is considering getting an excess wall policy.
Have any of your other customers removed additional policies? How is it for them? Sometimes the best way to encourage a customer to buy a policy is to demonstrate your past success.
This is achieved by connecting with the best customers. Some occasions you should look for include major life events such as marriage or the birth of a child, future policy reviews and renewals.
If you send regular emails to existing customers, segment them based on their current policy needs and then create an email campaign that highlights the additional policies they need.
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Have one-on-one sessions with your clients and ask them insightful questions about their lives. This will not only help you identify sales opportunities, but also allow your customers to take care of them.
In fact, you cannot offer an additional policy to a first-time customer. Set up friendly ads that aren’t too promotional to promote your agency’s products.
Social media marketing is booming and it’s not hard to see why; Almost everyone has a social media account! Use your social platforms to connect with your customers and inform them about your policies. Don’t forget to use attractive social media templates to increase engagement levels.
The success of your cross-selling strategy depends on how up-to-date your customer data is, which is where CRM comes into play. Some CRM programs you may have considered include HubSpot, Zoho, SalesForce, Freshworks, and more. include
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The best way to present your agency as an insurance consultant is to effectively communicate all of your client’s needs. You can easily win over your customers by turning them into brand ambassadors as well as building a powerful referral network.
For more tips on how to effectively sell your book of business, subscribe to our free cross-sell insurance training video. We also want to help you improve your cross-selling strategy and thereby improve your insurance sales, so don’t hesitate to contact us today! After narrowing down your retirement options, you may have decided to sell your insurance agency. Now that you’ve found someone who wants to buy a book of business insurance to sell, you’ll want to learn more about the different ways you can pay.
If you know you’re done and don’t plan to go back into the insurance business, this is the best way to go. When you’re ready to retire, you don’t need a lump sum. However, you want to provide guaranteed good value and income for a period of time, even if the buyer loses the entire business.
This option involves a one-time payment that is paid in one payment rather than in several installments. While most people prefer an option that allows them to pay cash over time, in some scenarios a lump sum payment is possible. For example, if you are moving to another state, a pre-purchase is the best option for you.
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A lump sum also makes sense if you are dealing with health issues. You want to make sure that your customers are well taken care of and that your family is getting money instead of the insurance business.
If you want to be part of something bigger than yourself, a hybrid or affiliate option may be the best option for you. This requires getting a fair and reliable value of your business that you and your potential partner can agree on. This option allows you to receive a large check up front that represents a percentage of the agency cost.
Plus, the buyer will provide you with income until you’re ready to retire. At the end of the fixed period, the buyer will calculate your residual percentage on every new business collected during that period.
At Evergia Consulting Partners LLC, we help you increase the value of your business. Contact us today to apply. There is no denying that face-to-face communication still has a large place in the insurance industry. However, he is
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