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.