Insurance Agent Professional Liability: Why Agents Should Cross Sell
In any business, the most important part of good customer service is meeting your customer’s needs. This is no different for insurance agents and brokers. Meeting your customer’s needs does not necessarily mean just giving them what they’ve asked for. Many insurance experts will agree that if you’ve sold a customer on one product, you then have a good deal of leverage to sell them other insurance products. Asking the right questions is key to figuring out what other products they can use, and thus helps you focus on their long-term needs by providing them with a comprehensive insurance solution.
One of the most common reasons insurance agencies cite for not utilizing cross-selling is their lack of efficient processes. Jack Burke, president of Sound Marketing notes that often times the reason behind inefficient processes may be that employees feel overworked and overwhelmed. He says, “The more you overload the back office with trivial jobs, the less time they have to move into a strategic role with your clients”.
That is precisely what is so important about cross-selling; it’s a sales strategy, and an effective one at that. So how can you and your agents implement this? Many insurance experts will stress the importance of being proactive; asking your customers if they are happy with their current coverage and offering suggestions on how to make it better if it’s not. By truly listening to a client’s needs, you may find a hidden insight about their current insurance coverages and be able to offer them something that your competition may not be able to.
There are many sales strategies that experts recommend for insurance agents to get the most out of their sales, but cross-selling is one of the best ways to gain customer loyalty, and to earn a profit. At PL Risk Advisors, we understand the unique challenges faced by insurance agents and brokers. We provide a portfolio of Professional Liability products, in addition to Employment Practices Liability, Directors and Officers coverage, and more to our insurance agency partners, in order to secure the coverages your clients need. Please contact us today for more information at (855) 403-5982.