OEP Checklist: Cross-Selling Do’s and Don’ts for Insurance Agents

The health insurance Open Enrollment Period is almost over, so now is the time to shift into high gear. The best way to drive revenues during the OEP and increase customer retention rates is by cross-selling. Cross-selling not only boosts your bottom line and retention rates, it also increases value for your customers, so it’s a win-win! The OEP is the perfect time for cross-selling opportunities, but you have to approach it correctly with the following tips.

Cross-Selling Do’sillustration of an agent with a loud speaker over his head

  • Define the value proposition for your customer– The truth is that many health insurance customers don’t understand their coverage and the benefits that are available to them. This is where you come in! Take the time to explore all the different plans available, what they are eligible for, and explain each cost in each plan. Show them also how much they might save throughout the year by looking at their options with you.
  • Look for gaps in your client coverage– If you’re using a CRM, it will keep you up to speed with your customers’ existing policies. You can then create custom reports to assess where and how much extra coverage might be a good fit for those current clients.
  • Personalize offerings Stay on top of what’s going on in your current customers’ lives, and any changes that might mean they’ll need extra coverage, like a vision or dental plan. See if there is other coverage that they could benefit from, such as help with childcare costs, funeral costs, and more. 

Cross-Selling Don’ts

illustration of people shaking hands
Do NOT forget to follow up with your new customers and existing ones as well!
  • Don’t push extra coverage– Instead of cornering or hounding your client, take a consultative approach. Take the time to understand their healthcare needs and anything else that would benefit them throughout the year. Be sure to ask questions, and don’t make any assumptions about what they might need.
  • Don’t forget to follow up- The best way to show your customers that you care is by keeping the lines of communication open, and consistently looking for ways to help them save money and get better coverage. You can automate follow-up emails, set reminders, or use your CRM to remind you of appointments.
  • Don’t forget to ask for reviews or referrals–  This is a great and simple way to bring in more leads. Take the time to ask a customer who you’ve had a positive experience with to provide feedback, post a positive review or a testimonial on your website or social media, or talk to their friends and family about you. 

Looking For Leads?

Not only can Benepath save you time and money, but we can also help you nurture your leads and improve your customer service skills. When you work with Benepath, receiving reliable, exclusive leads is the easy part. We provide you with real-time leads through a secured process and give you a customized thank-you page so your leads will be ready for your call. This thank-you page assures leads that they won’t be bounced around between agents and gives them a feeling of connection with you right from the start. And while it’s up to you to nurture your leads, we will be behind you every step of the way. You’ll find, though, that our leads don’t need much nurturing because they will be ready to speak with you and buy your products!

To get more information, fill out the form below or call 866-368-0377.

The Insurance Agent’s Guide to Cross-Selling

Cross-selling is a great way to help your business grow, while helping your clients with their insurance needs at the same time. It’s a win-win! But some agents might hesitate to cross-sell, thinking that their efforts will backfire and that they might seem pushy. 

Consider this: according to one study, 60% of insurance consumers feel like their insurance agents don’t offer any value after the initial policy purchase – and cross-selling can be a way to offer more value to them. Think of it as a way to reach out to your customers, and remind them that you can continuously help protect them and their assets. 

So the question is: how do you successfully cross-sell to them?

Cross-Selling Strategies

First and foremost, it’s important to know who you should try to cross-sell to. It would be useless (and possibly detrimental) to simply email everyone in your system; rather, you will have to narrow down your customer list to those who already have specific policies, and personalize communications with specific customers based on what would add value to their life. For example, do you have a customer who currently owns a business? Consider offering them commercial insurance, and ask if they will need personal health insurance for their family or group insurance for their employees. 

What else do you need to keep in mind? The following strategies can help you successfully cross-sell:thw word when made out of questions

  • Learn when to cross-sell- Never try to cross-sell during an initial sale. Instead, just plant your seed, and help them with the initial product they were interested in.
  • Establish relationships- When you interact with your clients, remember to make notes, so you can remember anything they mention that might mean they’ll need other types of insurance down the road. 
  • Use email marketing effectively- Create a series of emails that you can send to clients with informative content that will keep you in mind in case they need more insurance. Include a call-to-action in these emails so they can reach out for help when they are ready. These emails are just meant to emphasize that you are a valuable resource for advice and information, so specific policies shouldn’t be mentioned until the final email.

Showing Your Value

Great agents know that it is all about showing their value to leads and customers. You need to show that you are an expert, not only when it comes to explaining insurance and giving them access to the best policies, but also when it comes to protecting their needs and interests. Remind your customers that you are there to make their lives easier and better. You can do this with regular communication, so you can keep up with what’s going on in their lives and know how you can help. Remember to use emails that are personalized to their needs, and to call them regularly, not just when it’s time to renew their plans. 

Looking For Leads?magnifying glass over colorful group of people

Cross-selling is a great way to build your business, but before you can do that, you need to build your customer list. And what better way to do this than by getting hand-delivered, ready-to-buy leads from Benepath? When you work with Benepath, receiving reliable, exclusive leads is the easy part.

We provide real-time leads through a secured process and give you a customized thank-you page so your leads will be ready for your call. This thank-you page assures leads that they won’t be bounced around between agents and gives them a feeling of connection with you right from the start. We offer the leads, and while it is up to you to properly nurture your leads, we’ll be behind you every step of the way. You’ll find, though, that our leads don’t need much nurturing because they are ready to speak with you and buy your product! To get more information, fill out the form below or call 866-368-0377.

Selling Insurance Before & After A Storm

Hurricanes and other types of storms can be a problem for people in many areas of our country; those who are directly affected by them, especially multiple times a year, will want to protect their home, business, and assets. In order to do this, they will want to buy property insurance, flood insurance, and homeowners insurance. While insurance companies will not sell policies right before a storm, during a storm, or directly after a storm, there are multiple opportunities for you to sell insurance products and help customers who are affected by major weather events. 

Flood Insurance

houses with water rising in a large red triangle sign
Homeowner’s insurance does not cover floods, clients will need a separate policy for that. 

Floods can happen almost anywhere in the U.S. at any time, even in houses that have never flooded before. Homeowners insurance does not cover flooding, which is why your customers will need a separate flood insurance policy. The problem is, though, that you cannot sell a flood insurance policy right before a storm because the policy will take 30 days to go into effect. If your clients are interested in flood insurance, make it clear to them that the policy will not cover any damage until the 30 days have passed. 

Selling Before A Storm

There is one thing you can do for your customers before a storm. If your customers have any existing policies before a storm hits, you can increase their limits and help them save money that way. As  long as you are compassionate and tactful, you can use this time to upsell and help your customers get through the tough time after the storm. If a major storm hits, the damages could exceed their limits, meaning they’ll have to pay more money out-of-pocket to make repairs and replace damaged items. If you upsell their policy, they would end up saving money because their increased limits would cover them if they needed to go to a hotel while their house is being repaired, or if they needed to temporarily close or relocate their business

Keep in mind, though, that insurers will stop selling additional coverage if there’s a hurricane watch, which will typically be announced 48 hours prior to the storm. 

Another way you can help customers is by cross-selling in order to make sure they have comprehensive coverage for all types of damage. For example, if they have homeowners insurance, check if they have coverage for wind damage; if they do not, add it, and increase their coverage limits for their home and belongings. The same goes for a business: make sure they have enough property insurance in their BOP, and add professional liability in case they are unable to render their services or need to break contracts because of a storm. 

Be Transparent

two hands shaking Your customers will be dealing with many emotions with a storm coming their way, especially if it looks like a major storm. In order to keep your customers, and win new ones, you have to be transparent with them. Tell them what they can expect with any new policies, and if you cannot sign them up in time, make sure they know that. Make sure they know if a policy will not go into effect immediately. And most importantly, show them that you have their best interest at heart by providing them with the coverage they really need, and that you are not just trying to make a commission. You know the insurance companies’ rules and regulations surrounding storms, so make sure you provide your customers with all the correct and truthful information. 

Selling After A Storm

Some states will not sell certain policies weeks after a catastrophe happens, so you need to be clear with your customers about this. When the time comes that you can add insurance to their policy again, you can discuss options and price, and help guide them to what they will need should another storm or flood hit. Offer to bundle flood or wind damage insurance and add it to their homeowners policy to help them save money. If their current carrier won’t do this, take the opportunity to find another insurance company for them with the same plans and better rates.  

Depending on where you live, storms can be catastrophic. Some customers might be unprepared for a major storm that causes damage to their home or business. This can leave them feeling lost and hopeless, but as a good agent, you can change that. You can provide your clients with enough coverage so they are prepared before a storm happens. Make sure you convey to your clients the importance of having enough insurance before a storm actually hits, so they can save money and not lose everything they worked so hard for. Remember, it’s not about the commission, but about compassion.

Cross-Selling Tips To Generate More Revenue

While selling one or two insurance products will generate revenue for you, adding more products will really increase your revenue. Cross-selling insurance is a sure way to make more money because, when it comes down to it, you are more likely to sell to an existing customer than to a new lead. Existing customers have already committed to working with you and trust you to deliver solutions for their insurance needs. In addition, you’ll end up making more money by selling to your current customers, because it costs 7-9 times more to attract a new customer than to keep an existing one. But before you can attempt to cross-sell to your existing customers, take a look at the following strategies for best helping your customers.

1. Know Your Customers/Build Relationships

caucasian woman in a business suit sitting down with a laptop on her lap with a cellphone to her ear smiling.

Don’t just focus on trying to make sales, build solid relationships. You’re more likely to keep your customers, and have an opportunity to cross-sell to them, if you take the time to build personal connections with them. When you take the time to get to know them, you learn what their needs are. If you know them well and know what is happening in their lives, you’ll be able to offer more coverage down the line. 

2. Use Agency Management Software

76% of agents use sales technology to increase efficiency. If you don’t have customer management software that helps keep you organized and keep up with your customers and their behavior patterns, then you should consider investing in it. 

3. Email Marketingcaucasian hand typing on a laptop keyboard with email drawing going towards the screen.

Many of your current customers are most likely on your email subscription list. In addition to using emails to alert customers of any changes to policies, or to send them relatable information/articles or holiday and thank you emails, you can use your emails to cross-sell. Reach out to your customers with different insurance policies they should look into or you think would benefit them. It puts the thought out there, makes them think, and possibly makes them the perfect candidate to cross-sell to. 

4. Focus On Service Calls

Take opportunities to cross-sell to your clients when they arise. If they call or drop by to discuss their account or change their policy or information, take the chance to assess their needs and offer them insurance products that can benefit them. Go through their profile, look at what coverage they have, and see what other coverage they might be missing. Talk to them about how they might be able to save money, because everyone loves to save money!

Cross-selling insurance products to your existing customers can both help your clients and help your business grow. Your customers will remain loyal and trust you to provide them with valuable insurance based on their needs. And the one thing loyal customers bring in is more business!


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