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How to Cross-Sell

How to Cross-Sell 2560 1707 Andrew

Cross-selling is essential to the long-term success of any agency. In fact, it becomes more important with each passing year as services and risks shift and diversify. Many of your professional liability or work comp clients are now facing cyber threats and environmental hazards that they wouldn’t have imagined only a decade ago. Identifying and communicating these risk presents opportunity for your agency and value and insight for your client. Failing to do so means missing out on potential revenue, but also runs the risk of making your clients concerned that you weren’t looking out for them, or simply that an agency who anticipated their needs in other areas might be a better fit for the products you already provide.

But what does a cross-sell look like? Jumping from one product or service to another can seem abrupt, confusing, desperate, or unfocused. Transitions are important, and often the most common natural transitions hinge on pain points. If a client is asking your team how they can lower their work comp rates and you explain the elements that affect their experience modification factor, you can then explain that a similar approach applies to cyber and ask what they’re doing to lower their cyber liability rates. If a client is asking about specific coverages pertaining to a localized health problem, relating that geography-specific pain point to specific climate risks in the region can make them feel like you understand the totality of the threats they face, rather than just focusing on the ones they already pay you to handle.

Ultimately, cross-selling benefits agencies and clients alike, allowing for increased revenue, improved customer experience, and more. Helping your agents build their cross-selling skills individually and as a team can dramatically improve your outlook for years to come.

Entrepreneurial Succession and Liquidity: Read Our Article in Leader’s Edge

Entrepreneurial Succession and Liquidity: Read Our Article in Leader’s Edge 1580 1053 Andrew

In a recent interview in Leader’s Edge Magazine, we discuss Vantage’s business model, value proposition, what we look for in potential agency partners, and our long-term plan in the insurance distribution market. You can read the article at the link below.

Succession is in the back of every entrepreneur’s mind. The right partner for us isn’t quitting tomorrow, but they also don’t want to wait until they’re 80 to start thinking about liquidity. We address entrepreneurial succession in a more directly-aligned way with a longer-term relationship that has a lot of built-in flexibility. Our partners:

  • Remain an active leader of their business, earning annual compensation to manage the business
  • Receive annual cash distributions in-line with their ownership percentage in the business
  • Benefit from long-term equity creation of the combined Vantage entity.

We supplement our partners’ ability to grow in and beyond their segment through origination, diligence, funding and integration of add-on acquisitions into their business.

A partnership with Vantage allows you to monetize a portion of your largest asset upfront but still retain personally meaningful and direct equity ownership in your own business and maintain operational autonomy with no change to your firm’s brand, staffing, processes/procedures and more importantly, your culture.

Read the article here!