Agents, grow your business with these cross-sell opportunities
Here are four tactics that will make the biggest impact on insurance agents' books of business in 2021.
2020 was a rough year. Many of us lost income, tightened budgets, adjusted priorities and cut discretionary spending.
Some companies were forced to close their doors, while others had to let go or furlough staff.
Many of us are working remotely, and in many ways, how we do business has forever changed.
Things like buying a new car, building a house, traveling or growing a family were put on hold.
But cliché as it may sound, there is light at the end of the tunnel. We have a vaccine, and life is slowly but surely getting better.
Jobs will return, and employment rates will bounce back. New businesses will open doors; some companies will bring employees back to the office, while others will adopt a more remote workforce.
Home and auto purchases are already on the rebound, travel is about to explode, and there will be weddings and babies.
Consumers will want to protect their loved ones, safeguard their assets, and plan for the future. And they will need insurance.
Win back lost business and grow existing accounts
So, what does all of this mean for insurance agents and brokers?
- If you lost clients, you can win them back now that many people are considering new coverage in 2021. Maybe they’re unhappy with their current provider’s service, or perhaps their financial situation has improved — in either case, you want to be on their mind when they evaluate options.
- There will be a ton of opportunities to cross-sell and round out accounts.
- Retaining existing accounts should be a priority, so focus on nurturing those relationships.
The biggest cross-sell opportunities this year
Here are the four cross-sell opportunities that will make the biggest impact on your book of business in 2021.
1. Win them back
It’s likely some of your clients left because they were short on cash, so they switched to a direct carrier to clamp down on expenses. The good news? Many clients who were happy with you before last year will come back if it’s within the budget.
Surely most will miss your personalized service! This is your opportunity to show them you care and inquire about any life changes you can help them navigate.
2. Cross-sell to commercial clients
Cross-selling to your commercial lines’ clients isn’t all that different from cross-selling your personal lines. They need protection for a variety of things and want to know you’re looking out for them.
Cybercrime is on the rise. And with so many businesses moving to a more remote setup, it’s going to be critical they’re protected. This is a great opportunity for you to offer additional coverage to your business clients.
Contrary to popular belief, sending your commercial clients touchpoints throughout the year won’t chase them off. Don’t be afraid to reach out and see how you can help keep them protected.
3. Stay proactive with renewals
Anticipate what your customers may need based on what you know about them today. Stay in touch with them regularly, and don’t give them a reason to leave you for other agencies or direct carriers that spend heavily on advertising.
Even if you have a big advertising budget, remember, it’s much cheaper to retain existing clients than going after new ones, so use your budget wisely and remind your clients you’re there for them throughout the year, not just during claims or renewals.
Don’t forget to keep an eye on your Rocket Referrals dashboard and call your detractors. Doing this will increase your chances of retaining them by 55%. Need to know what to tell your detractors when you call them? We’ve got you covered.
4. Cross-sell to and round out your whole book
With jobs, incomes and the economy bouncing back, consumers and businesses will be looking to add coverage. Rocket Referrals has several personal and commercial automations to help you make sure your clients have the protection they need.
- Offer home coverage to your auto clients who may have a home policy elsewhere.
- Reach out to your business clients to see if they need an umbrella policy to help protect them from expensive lawsuits.
- Educate your clients on flood coverage and suggest they add it to their home policy with our home/no flood template.
- Target homeowners policyholders with an email to cross-sell life insurance.
Nick Kleppe is the social media and communication manager at Rocket Referrals. Nick is an exercise science turned marketing geek with over three years of experience building social media audiences and followings for companies across multiple industries.
A version of this article was originally published by Rocket Referrals and is republished here with consent.
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