It’s no secret that it’s more cost effective to market your services to your existing customers instead of going after new ones. It’s a known fact actually.

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This doesn’t mean that more sales will fall into your lap. But what it does mean, is that you have a unique opportunity to cross-sell. These customers already trust you. So the key is to establish a developed cross-selling system that will help you sell more insurance products to current clients.

Here are a few concepts to help improve your life insurance cross-selling techniques:

1. Get To Know Your Customers

If you get to know your clients on a personal level, you will get to know about their life changing events. Like when they are getting married, having kids or retiring. This will not only build a strong relationship with your customer but will also present some cross-selling opportunities for you, to meet their changing needs.

Your customer may be telling you something that they want you to sell them! For example, if you know your customer is having their first child, it’s a  real opportunity for you to have an informal chat with them which will subtly prompt them to re-assess their life insurance needs whereby they may top-up their cover or take out an additional policy.

There are also ways to stay in tune with what’s happening in your clients lives:

  • Make sure to save your clients as contacts on on your mobile phone. You can then use Instant Messaging platform like Whatsapp to view their profile updates. You may find you come across updates of their profiles such as marriage proposals, pregnancies and babies being born. These are all triggers for changes in life insurance needs.
  • Use Social Media to see and hear what’s happening in your clients lives. Using Facebook select the option to turn on notifications. In your news feed you will get a notification of any changes in friends profiles or status updates.

RELATED: The Ultimate Guide to Selling Life Insurance to Millennials

2. Social Media

Upon signing a new customer, encourage them at the point of sale to go follow your social media channels. When they follow, give them a shout out to welcome them to the family. It gives them a sense that they have joined an exclusive club.

As you build your social media following, many will already customers of your agency. And it’s also most likely that they already have the mainstream lines of insurance taken up with you. The next step is to use your social media platforms to raise awareness of the lines of insurance. Insurance products which are less known about which will assist you in selling more.

Here are a few examples of how to do this:

    • Post recommendations from your other customers who own these kinds of products. It’s a helpful tool as it tells your other customers that the product is of value to them and in turn must be OK for them too.
    • Testimonials and other proof, like real life stories (always get permission) is helpful. It shows that people have not regretted their buy. This way your customers are doing your work for you!
    • Post testimonials about your service that seem personal and real and not forced. Here is a good example:

This way your customers are doing your work for you!

  • Grab the attention of your existing and new customers by busting some typical life insurance myths. Use a video or image which links to an article on your website or blog. This is a good one posted the the Allstate  Insurance Facebook page. If they find the post interesting or even just the image or video, they will share it.

3. Policy Changes

Every change your customer makes to their policy may just be an opportunity for a cross-sale:

  • Adding a beneficiary or dependent to a policy
  • Changing an address
  • Inquiring about a discount for becoming a parent

All the above has the potential to become a cross-selling prospect – if you listen.

While you have them in front of you or on the phone, take the opportunity to offer insurance products that they may be missing.  And make sure that your agent has the necessary skills to identify these opportunities.

Your internal systems and processes should enable this to happen. Make sure you have the following covered:

  • Have some sort of tracking system that will note all interaction with your client. Keep track of follow up dates and make use of tools that will automate the process.
  • If you don’t already, investigate what online tools are available to simplify and enhance daily tasks such as tracking and managing client meetings. There are many out there, such as Microsoft Dynamics CRM as well as this Online Scheduler.
  • Make sure you have a one page brochure written in plain English. Which has easy to consume information with all the products you sell. The document should be in a PDF format, which you email and share with your customers you have spoken to.

RELATED: Apply These 8 Secret Techniques to Closing More Life Insurance Sales

4. Don’t Be Pushy

Remember that these are your current customers. Who you are gently encouraging to add to their insurance portfolio. Don’t hassle them or be overly aggressive. This may lead them to push away and damage your relationship with them. Any cross-sale will most likely not happen the first time. You need to repeat and add more products each time.

Here are a few behaviours to avoid:

  • Repeating yourself over and over and refusing to take “NO” for an answer
  • Making your customer feel guilty for not taking up your offer
  • If you are trying to upsell on a product your client is signing up for, do not pro-long the sign up process.

5. Illustrate The Value

Whatever product or service you are wanting to upsell or cross sell,it must add true value. Extra value to the original life insurance product your customer is signing up for.

The extra product or service should enhance the original sale. And it should make sense alongside the original sale.

For example, if your customer is married and has come to your for a life insurance policy. A logical add-on would be to offer life insurance cover for the spouse. It’s a logical recommendation without a huge decision or price-tag attached to it. The value-add should be illustrated and easy to understand. It should make sense for any married person to consider.

To the agents working for or with you, make sure they understand what value. Add more incentives to them for cross-selling these product lines.

6. Bundle

Products that naturally fit together at an attractive price are a good combination. Your customer will feel like they are making a saving on something that they would possibly buy.

The key is finding that golden price tag. It should feel like a bargain for your customer, but you are still earning a decent profit.

Be transparent with your customer. Place all the insurance products included right next to each other.

For example – if you are cross-selling a life insurance policy for your customer’s spouse. Detail all the benefits in black and white and list all the benefits and cover they will both receive.

Include social proof in your sales story and marketing collateral, such as:

“79% of customers who bought this life insurance product, also brought this value added product. The combination has become so popular, we have created a bundle offer.”

RELATED: 7 Referral Marketing Ideas to Start Building Your Life Insurance Referrals