Page 34 - Insurance Times August 2021

pushed into buying something we don't need. The same goes customer intent and being on the same page is crucial when
for your customers when cross-selling policies or products. cross-selling is done. Customer segmentation based on specific
When pitching your sale, your primary objective should be to criteria, such as location, type of insurance, age, family size,
understand your client's current situation. Several individuals and more, can significantly help when it comes to cross-selling
may recommend selling when policy renewals are taking insurance. Tracking client behaviour is also essential to cross-
place, which is excellent advice when done at the right time. selling at the right moment. When you track their policy
But if your customer is in a financial bind or has little time to purchases and coverage, you can visualize cross-selling
sit and chat, don't push for purchases. Instead, the first and opportunities for products they don't currently possess. For
foremost step when selling is to ask- example, when selling any policy, it becomes a lot more
Y "Do you have a couple of minutes to answer a few appealing when personalized for the customer's needs. 74%
questions?" If no, thank them for the call and ask if there's of consumers profiles indicates personalised patterns in terms
a chance to reach out to them at a better time. of products buying.
Y "Thank you for taking the time to have this conversation.
Let's take a look at two examples of cross-selling scripts, one
Is there a better time I can call?" If yes, go ahead and
that is personalized and another that is generic.
clarify with them the following-
Y "Do you have (insurance product) coverage right now?"
Personalized version
"Hello, Sir/Ma'am. I was looking at your account and because
For example, your customer does not have workmen
you have a restaurant, I always suggest getting a public
compensation insurance. But data shows that one in four
liability non industrial policy. What this means for you is, if
workers entering the workforce will become disabled and
unable to work before retiring. Many employers offer WC there were ever an accident, you would have protection .if
people sue under liability.
insurance as part of their benefits package. If your customer's
employer doesn't, present them with the facts and statistics
and inform them of the necessity of being covered by WC Generic version
insurance. "Thank you for giving me the chance to assist you with your
(insurance product) needs. Several clients bundle our
So, enquire with the following insurance cross- insurance products under an umbrella policy to save money.
Would you be interested in a new quote to check if you can
sell mantra
save money on your (insurance product) policy?"
Y "Do you have WC coverage right now?"
Y If no- "That's quite surprising as statistically speaking, 1 The first script is more convincing due to its personalized
in 4 workers entering the workforce tend to become nature; in the first script, you know the client's current
injured and are unable to work before retiring." residence. It is far easier to sell policies based on your
Y "Your current employer's coverage does not include WC customer's unique needs than treating them as just another
protection which is more important than most of us may opportunity to cross-sell.
realize, especially because you are the sole earner in
your family."

Y Then, "Would you be interested in your WC coverage
options? It can be bundled with your current (insurance
product) plan and save you money."

Y Confirm that it is a good time to call, or if not, inquire as
to when a better time would be to call them back for a
WC insurance quote. If they say no, thank them for being
a valued client and offer to contact them again if you
come across a service they may be interested in.

2. Segmentation of customers - Understanding

34 The Insurance Times, August 2021