Navigating technology: 7 steps for insurance agents to cross-sell

September 25, 2024

As an independent insurance agent, you are always on the lookout for opportunities to provide more coverage options to your clients. Cross-selling general liability clients on workers’ compensation insurance, professional liability clients on cyber liability insurance or your homeowner’s book on auto or umbrella are strategic moves that can benefit both your clients and your agency. “Customer acquisition in insurance costs nine times more than customer retention, so raising the bar in service and keeping policyholders happy is no longer a nice to have, but a need to have.”¹

Leveraging technology can streamline this process, making it more efficient and personalized. Here is a step-by-step guide on how you can use technology to successfully cross-sell, and we will use cyber liability insurance as the example that can be replaced with any segment you may want to target immediately.

According to recent Nationwide research, business owners say an increased reliance on technology and data, adoption of digital payment methods, and the rise of generative AI have made them more likely to consider purchasing cyber insurance.

Reasons business owners are more likely to consider purchasing cyber insurance

Bar graph.

Step 1: Data collection and analysis

Your agency management system (AMS), customer relationship management (CRM) system and/or homegrown data repository hold the key to client information. Start by ensuring your system of client records is up to date with accurate data on your business customers. This includes:

Business size and industry
Number of employees
Claims history
Renewal dates

Use data analytics tools to analyze this information. Look for patterns and trends that indicate a need for cyber liability insurance. For instance, businesses in high-risk technology industries or those with a significant number of employees can be prime candidates.

Step 2: Identify cross-selling opportunities

Segment your business customers based on criteria such as industry, business size and claims history. This segmentation will help you create targeted cross-selling campaigns. For example, research and segmenting business customers by low, medium and high risk-industries for cyberattacks.

Use technology to track significant business events that could trigger the need for cyber liability insurance. Integrate data sources like business news feeds, social media and industry reports to stay informed about your clients’ business changes. For instance, if a client is expanding their workforce or opening a new location that includes additional computer hardware and software licenses, this is an ideal time to discuss additional coverage.

Step 3: Personalized communication

Leverage your client database and email marketing tools to set up automated email campaigns. Personalize these emails based on the data you’ve collected.

The first step is to generate the initial email that is informative and highlights the importance of cyber liability insurance. Include statistics relevant to their industry and the benefits of having cyber comprehensive coverage. Next, schedule a cadence of follow-up emails that address common objections and provide case studies or testimonials from similar businesses.

Step 4: Leverage analytics

Use tools to assess the risk profiles of your clients. Nationwide’s cyber security assessment is a quick and free resource you can use with clients to help learn what cyber risks they may be vulnerable to. Share these insights with your clients to demonstrate the value of cyber liability insurance. For instance, if their assessment indicates vulnerabilities that could lead to data exposure, present this information to your client along with a tailored insurance proposal. With the assistance of a proposal builder, these proposals should highlight the specific benefits of cyber liability insurance for the client’s business. Utilize visual aids like graphs and charts to make the data more compelling.

Step 5: Streamline the quoting and binding process

When it comes time to bind, e-signature solutions and digital documentation are helpful tools to assist the process. Clients can review and sign documents electronically, providing speed to close while reducing paperwork. Ensure that your digital documents are mobile-friendly, so clients can complete the process on their smartphones or tablets.

Step 6: Ongoing engagement and education

Host educational webinars focused on the benefits of different types of business insurance. Invite your business customers and use these sessions to discuss the importance of cyber liability insurance. Leverage webinar platforms that allow for interactive Q&A sessions, polls and downloadable resources.

In addition, develop a content marketing strategy that includes blog posts, whitepapers and videos about cyber liability insurance. You can share this content through your website, social media channels and email newsletters. This content marketing approach also helps support SEO best practices for search engine results, making it easier for clients to find valuable information.

Step 7: Measure and optimize

Use analytics tools to track the performance of your cross-selling campaigns. Monitor key metrics such as email open rates, click-through rates, chat interactions and quote requests. This data will help you understand what’s working and where you need to make adjustments.

Also, conduct A/B testing on different aspects of your campaigns, such as email subject lines, call-to-action buttons and proposal formats. A/B testing allows you to identify the most effective strategies for engaging your clients and driving conversions.

Finally, gather feedback from clients who have purchased cyber liability insurance through your cross-selling efforts. Use surveys and follow-up calls to understand their experience and identify areas for improvement. This feedback is invaluable for refining your approach and enhancing client satisfaction.

By leveraging technology, you can transform your cross-selling efforts and provide your professional liability policyholders with additional coverage. From data collection and analysis to personalized communication and analytics, each step in this process is designed to enhance client engagement and drive revenue growth for your agency. The key to successful cross-selling is understanding your clients’ unique needs and providing tailored solutions that add real value.

Citations/Disclaimers

¹Forbes

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