Page 35 - Insurance Times August 2021

3. Cross selling becomes Automated - Cross-selling we spoke about him getting a driver's license a couple of
through email campaigns is a popular method of reaching months back.
customers who aren't available for calls. Automated Y Customer: We've recently bought him a car. I'm not sure
campaigns are easier to personalize based on the if he requires it yet, as he's still learning.
segmentation of your chosen criteria. Once you create a
Y You: I understand, but I think it would be wise to invest
template for your target audience, you can trigger a workflow in motor insurance earlier rather than later as accidents
that creates email journeys based on the same. Create a drip
may happen while learning.
campaign that markets a new line of business to your existing
clients. For instance, one client's business may be rapidly Y Customer: I'll talk it over with him and get back to you.
growing, which provides a wonderful cross-selling Y You: Sounds great, do reach out to me whenever you
opportunity. need to.

4. Review and Renewals - Your greatest cross-selling If the customer already has an insurance policy, ask him when
opportunity will almost always be during times of policy the expiry date is and follow up accordingly. If the customer
review and renewals. It's the perfect window of opportunity does not have the other insurance policy, it is the best time to
to keep your customer aware of the benefits of a different pitch your product immediately.
policy they're yet to invest in. When your customer arrives
for their review and renewal, ensure that you're aware of 5. Check list creation for Client - Finally, when cross-
their needs. Don't enter a renewal having little to no selling to a new client, you need to get a clear idea of their
knowledge of your customer's current lifestyle and living current policies. The best option is to send an online, paperless
circumstances, whether they reside with their family of four, form that inquires about your client's current life. The form
their age, financial health, etc. When a client's policy is up for can have objective and subjective questions relating to their
renewal, use an insurance cross-sell script to offer a bundled home, family, health, and business. A short and sweet form
discount. Simply ask if your client would like a free quote for for your busy clients can still give you insight into new
coverage they don't have after you've searched their account developments in their lives. Ensure that the questionnaire
for products. Tell them if they qualify for a discount on a you create is relevant to the client answering it. When they
specific type of coverage. Exclusive deals are popular among finish filling it, you can segment your customers into smaller
loyal customers. For example, a customer coming in for units. For instance, if your client has a family history of certain
renewal has an 18-year-old son. This is typically the age of health complications such as cancer or diabetes, you can
getting a new car, which provides you the opportunity to confirm if their health insurance covers these ailments
cross-sell motor insurance during the renewal. But keep in specifically. Also assess other details regarding their partner,
mind that you can only do this if your customer is looking to children, and occupation. If they're in the process of moving
get their son a car. A script to cross-sell in this setting would into a new home, you can recommend different insurance
be along the following lines-You: Hi, how have you been? Do policies based on their residence. For example, if the new
you have some time to spare? I noticed something pretty area experiences flood more often than where they previously
interesting. resided, you must suggest fire insurance. An evaluation
Y Customer: I have some work to get to, so not right now, created based on the policies your agency sells can instantly
please. open new cross-selling opportunities. It won't take much of
Y You: I understand. Shall I give you a call tomorrow, or your client's time and will give a 360-degree view of the policies
what time suits you? they require.
Y Customer: Okay, tomorrow works.
When you're done evaluating your client, enter their
If the answer is yes, then you can continue with information into your existing database and reach out to
the pitch. them accordingly. The most crucial aspect of cross-selling, as
stated at the start of this article, is timing. When you have a
Y You: Do you currently have car insurance?
system that tracks and captures client behaviour in a
Y Customer: Yes. quantifiable manner, you'll have increased cross-selling
Y You: Great, I was wondering if your son did as well, as opportunities. T

The Insurance Times, August 2021 35