The key to successful cross-selling is “remembering to ask” clients about their life insurance coverage. Building trust, asking questions, and listening are common strategies that can help you with cross-selling. According to a leading P&C carrier, the “gold standard” for cross-selling life insurance is 10% of an agency’s personal lines revenue OR 3% of commercial volume. Consistently identifying cross-selling opportunities and acting upon them will keep your agency growing. What’s more, you’ll keep your clients happy and satisfied by continually providing value and showing them that they’re a priority.
Here are some recent statistics of what our agencies are seeing from cross-selling life insurance:
- Personal policies—average face amount of $500,000 and $1,200 of annual premium
- Business policies—average face amount of $1 million and $5,500 of annual premium
- Worksite marketing—average face amount of $50,000 per employee and $11,200 of annual premium
These questions provide an easy door opener to discussing life insurance:
- When was the last time you reviewed your life insurance? (Simple and straight forward).
- What is your financial plan for taking care of your spouse and children if you pass away expectantly?
- When was the last time you updated your beneficiaries?
- Do you have life insurance outside of work?
- What happens to your business without your head of sales?
- If another owner were to pass away, how would your company fund a buyout?
Contact the experts at Wholehan Marketing with your next life insurance case
Life Insurance Consultant