Cross-selling: Making the Most of an Insurance Lead

Fran Majidi
May 29, 2020
Cross-selling Insurance

Your clients aren’t the only ones who prefer one-stop shopping. And if you didn’t know that they prefer to take care of all their business in one place, you probably didn’t ask enough questions! For most people, convenience is key, to the point that they may even pay more for services, just because a shop is closer or just to have one bill to pay rather than two or three.

One-stop shopping is also rewarding for insurance agents and producers. One lead can mean multiple policies if you just ask the right questions and truly get to know your client. Some of our suggestions below may seem counter-intuitive, but if you give us a chance to explain, we’re sure that you will sell more policies.

Buy Renters Insurance Leads

Now, you’re probably thinking, “Why would I do a thing like that?” Yes, we know, the average renters insurance policy is no more than $20 a month, but that’s not the point. We are completely serious when we tell you to consider buying renters insurance leads, which will really bring you nothing in revenue. Selling renters insurance in the context of a good strong cross-selling opportunity makes sense for multiple reasons.

1. It may lower your client’s rate to bundle their renters with their auto policy. Boom. You just saved them money. They love you!

2. If you bundle a couple of policies together you are creating convenience for your client, who can pay one bill instead of two. One stamp, not two. Or, one click not two. They love you even more. Fewer due dates to remember, oh wow!

3. You’re locking in your customer by bundling two or more policies. Suddenly it feels like the package deal is too complex to unravel by switching carriers or even agents. The chances of losing this client diminish with each policy you add on.

Why Should I Offer Renters Insurance Quotes with Every New Auto Lead?

When you buy auto insurance leads, you should always offer bundle quotes too. You already know if this person is a homeowner. If they are, offer a homeowner quote as a bundle along with the stripped down auto quote. This begins the question about the home and homeowners insurance, not just the auto insurance. What better transition is there?

You know to do this, so it’s a little silly to read this but the reason we’re sharing it again is that the same goes for renters insurance. Not only does it get you talking about the area where the customer lives and how far they drive to their job, but it gives you another selling point, a simple cross-sell, which at worst will add another $20 to the total monthly premium, but will lock in that client (see the section above).

Also, who knows when this person may move on to own a home? Guess who’s going to be there to insure that condo or house? Yes, this is why you should also evaluate which renters insurance clients may have dropped your business. They may have switched when they bought a house. Are you ready to win them back with a strong cross-sell?

“I’ve Got Your Back”

This comes last but it should always be top of mind: This is the feeling you want to convey to your customers. The more they believe they can lean on you, the easier it is to cross-sell.

When a customer doesn’t trust you, they will hold back information. Yes, they’ll buy auto insurance from you but they’re not going to get into it about their home and business, about how much they make and if they worry about passing away while the kids are young and there’s a mortgage on a house.

The takeaway of this tip is that relationship-building is hard but it’s everything. Hopefully, you are regularly reading our blog articles, which try to map out strategies on boosting your client-agent relationships to the next level.

Lean on Us

Our account managers are always here to help you stay ahead when you buy our insurance leads for any type of insurance you’re in the business of selling.

Not all insurance technology companies are the same. At SmartFinancial, we want you to succeed so that we can keep your business. You’re not just buying our leads from us, you’re also gaining an edge over the competition. That’s why it’s so important to build a relationship with your account manager.