Page 33 - Insurance Times August 2021
P. 33
CROSS SELLING
IS JUST LIKE A
LOW HANGING
FRUITS FOR
INSURERS
Concepts of Low Hanging Fruits or cross getting your customer to buy a product alongside what they
were planning to buy, especially if it is a complementary
selling:- product. For example, when selling home insurance, your
Cross-selling is the practice of marketing additional products customer might open up about his son getting his driver's
to existing customers, often practiced in any services industry. license, which is an opportunity to cross-sell Motor insurance
Financial advisors can often earn additional revenue by cross- to him. So, there are two rules here: customer convenience
selling additional products and services to their existing client and complementary/relevant/useful products. The correct
base. A cross-sell is the sale of an additional product or service cross-sell insurance model is always customized to your
that is related to the primary purchase that a customer or customers need or customer centric products.
client makes. Perhaps the most well-known example of cross-
selling in the General Insurance Industry per se is asking the The below facts one must know before hanging
customer whether he/she have home Insurance in place for cross selling are-
before selling the Motor Insurance policy to the customer. Y Agents having only one policies of the customer-65%
Y Agents having only two policies of the customer-25%
Cross-selling is one such area that largely depends on two
things - timing and intent. In simple terms, cross-selling is Y Agents having three or more policies of the customer-10%
About the author These statistics show us that there are multiple existing
opportunities for cross-selling within the insurance sector.
Ajay Tripathy
M.Sc. (Math.), FIII, Brokers Certificate Strategy for cross selling or Low Hanging
from NIA Pune
Asst.General Manager - Marketing Fruits: -
Shriram General Insurance Co Ltd 1. Feel the customers need - None of us like being
The Insurance Times, August 2021 33
