When I think of cross-selling, it makes me think about car shopping. Everyone goes and buys a car. Of course, there are many car options; the same applies to Health and Life Insurance. Think of Health Insurance like car selling. The client buys the car and needs gap insurance, regular insurance, and accessories. The same goes for Health Insurance. It’s no different. Take Medicare as an example. Medicare only covers A and B. They need C and D, too, and for those under 65 Health Insurance, the consumer needs Dental, RX, Vision, and Accident. The most basic plan does NOT cover any of it.
If you’re selling Life Insurance, add Cremation to the mix. Allstate has plenty of great products, too, and many consumers need extra coverage for their policies. Lastly, tax season is in full swing, and it is a perfect opportunity to add in other products while doing their taxes. Worth a shot!
One way of helping to cross-sell products is to assemble a portfolio of your products. It doesn’t have to be long or super fancy, just something the client can see. Put a compensation price sheet or comparison chart together and bundle packages together. Give your client A, B, and C options. By giving them options, you never know what they can and can not afford. Just by saying, “Hey, do you need Dental or other products? All the consumers think about is the “Cost,” not what is affordable to them.
The second option is setting up specific events and inviting your customers to the event. For example, they just came in for Health Insurance, but at the time, they weren’t interested in getting Life Insurance, so reach back out and say hey, I’m hosting an event on x day and sending a special invitation to my VIP clients. Make them feel like they are unique and why they need the product.
Third, reaching out to potential or current clients is super important when cross-selling. Keep your consumer in mind. Send out email blasts about your products and advertise them on Social Media, like talking about the hottest product, a product launch, or other print mediums. Florida Blue has specific marketing materials for many of the different carriers. You can always contact our Graphic Design department to get some marketing materials. What do you want to hear about the products you sell?
Remember that the more you can add for the client, the more your commission will increase, and the more likely you will get incentives and bonuses. It’s a win-win situation.
So put on your thinking cap, consider all your options for cross-selling, Stop taking NO for an answer, and get going! Today, seize the opportunity to EARN more in your commission.
