Cross-selling is easier said than done, but if you work at making it a habit, you’ll increase your success as an agent. Not only will you make additional income, but your client’s loyalty and persistency will increase.
JSA offers several types of ancillary products that are perfect for cross-selling, such as Hospital Indemnity Plans, Critical Illness, Final Expense, and Dental. Though the health insurance plan you sold to your clients is a great start, your clients still have deductibles, coinsurance/copayments, and indirect costs associated with illnesses that are not covered by their health plans.
There are more benefits to adding additional products to your sales process than I can go over in one blog post, but below are the top five reasons to cross sell.
5. Help build your “brand”
You have already been spending years building trust in your local community by offering quality products and being a local insurance expert. Your “brand” is that of a helpful and trustworthy insurance professional. Adding products like Cancer Plans, Hospital Indemnity Plans, and Final Expense Insurance to your portfolio adds to your reputation as being the local resource for meeting insurance needs.
You want your name to be synonymous with insurance and to be the one-stop shop when people are looking for products. Don’t pigeonhole yourself to only one service or product, as you will limit your scope in the eyes of your clients and prospects.
If you sell Medicare Insurance Products, doesn’t it make sense to offer plans that help cut the possible out-of-pocket costs? Or final expense insurance to assist with the financial planning you have already done for you clients?
Expanding the list of products you offer and services you provide will only help you and your “brand”. You will become the expert that can assist in all aspects of your client’s insurance needs, not just the one they sought you out for in the first place.
4. Cost effective marketing
Whether you cross sell at the point-of-sale or follow up with your clients, it is one of the most cost effective marketing strategies you can implement.
You have already established trust with your existing clients. They rely on you for one of their insurance or financial needs already, which makes cross-selling much easier.
There is no need to buy prospecting lists or knock on doors to sell to your existing clients – you already have a book of business which could benefit from these ancillary products. The hard part is already done, since you’ve built that relationship and become a trusted advisor, so when you suggest a new solution to them, they will at the very least listen to what you have to say.
If you don’t already schedule yearly policy check-ups with your current book of business, you should start. The benefits to you are twofold; first, you stay relevant with your clients and increase their loyalty, and second, you can bring additional needs to their attention and offer product solutions to fill any gaps.
3. Increase your earning potential
If given a chance to earn double your yearly commissions, how quickly would you say yes?
Cross-selling to your currently book of business gives you the ability to do just that. Many ancillary products offer strong first year commissions, along with renewals. Your earning potential is limitless when you implement an easy sales strategy of asking questions and making recommendations.
At the end of the day, you’ve met more of your clients’ needs and increased your own paycheck.
2. Higher retention rates
According to The Nielson Company’s global survey on consumer loyalty, 51% of people surveyed would switch insurance providers for one of three reasons; better quality, better service, or better selection. Cross-selling can help you prevent your clients from leaving you for these reasons.
If you only have one product on the books with your clients, it is much easier for them to move that over to any insurance agent who offers a product that catches their interest. When your clients are happy and have all their insurance needs met, even needs they didn’t realize they had, they are more likely to become lifelong clients.
Having higher retention rates means a more stable income for you in the long run and ultimately less work. Retention should be a priority for every agent, and making sure that all of your clients’ needs are met is a big part of keeping them on your books.
1. Increased financial security for your clients
No matter what kind of health insurance your clients have, there is always a cost that you can help them mitigate. For example, if they have Medicare Advantage Plans, a Hospital Indemnity product can help them avoid the pain points of inpatient/outpatient deductibles/coinsurances. Did you know that over 60% of the costs associated with a cancer diagnosis are not covered by health insurance? A cancer plan can help to meet all of the indirect costs associated with cancer treatment and recovery.
Clients cannot buy products from you if they are unaware that you offer them. Get started now by requesting your appointment paperwork. Someone will be offering these products to your clients, and we know you want that agent to be YOU!
Call JSA’s Marketing team today at 1-800-203-0433, or fill out the contact form below, to get appointed with the various ancillary products that we offer. We can also discuss various proven ways to sell these products in a non-aggressive manner.