Cross-Selling Strategy for Insurance Agents

March 4th, 2020 by

Every insurance agent needs to have a cross-selling strategy.

Today’s insurance industry is more competitive than ever. It also has one of the highest customer acquisition costs of any industry.

In fact, it costs seven to nine times more for an insurance agency to attract a new customer than to retain an existing customer.

According to Deloitte, 60% of insurance consumers feel like their insurance agents don’t offer any value after purchasing a policy. A lot of consumers feel that they never hear from their agent after they bought their policy. That means you need to spend more time reminding customers of the value you can offer.

Cross-selling is the practice of marketing additional products to existing customers. In the insurance industry, it is often referred to as ‘account rounding’.

A good cross-selling or account rounding campaign isn’t just a way to sell something else to your customers. It’s also a way to remind them that your job is to make sure they’re protected. It’s a way to make them feel valued. And, you are making them aware of their options.

Cross-selling is one of the most powerful ways insurance agents and brokers can grow their business. It also deepens relationships with existing customers. After all, customer loyalty is what its’ all about.

That’s because loyal customers stay longer, buy more policies, and give more referrals.


The cross-selling opportunities for insurance clients are tremendous.

Did you know?

  • 61% of policy holders have only one policy with their agent.
  • 29% have two policies with their agent.
  • 10% have three or more policies with their agent

One of the most popular examples of insurance cross-selling is when someone has an auto insurance policy but no homeowner’s or renter’s insurance. If they’re happy with their auto insurance, why won’t they take out a homeowner’s policy with you?

It’s because you haven’t asked them. Cross-selling requires strategy. And, a cross-selling strategy for Insurance Agents requires planning.

Case Study

I read a great article by a company call Agency Revolution. They provided a great case study about Peake & McInnis Insurance Brokers.

This case study examined a great commercial lines cross-selling sequence used by their client Peake & McInnis Insurance Brokers. In this campaign, they promoted their Cyber Liabilities policies to their small and mid-size commercial lines clients. It was a simple 3 email sequence. They allowed 2 weeks in between each email send.

The Specifics

  1. The first email is all about ‘how to avoid data breaches’. First, it cites some information about how frequently it happens. Next, they described what kind of problems a business faces when it does happen. Further, how frequently it affects small and mid-size businesses. The email then shares a ‘Cyber Liability Checklist’. They further mention that they should feel free to call their agent if they have any questions about protecting themselves from cyber crime. The call to action is included both at the end of the checklist as well as the email.
  2. The next email in their sequence highlights how to identify different types of common online scams. It shares a link to a blog post they wrote about what kind of things a cyber liability policy would protect against. Last, it explains why they’re important. Both the email and the blog casually encourage people to call if they have any questions. They would let them how to protect themselves against these worst case scenarios.
  3. The final email gets a little more direct. It emphasizes that the customer’s protection is the agent’s greatest concern. Then, they emphasize that cyber liability is a field of expertise for this agency. It highlights that cyber crime is the fastest growing type of crime right now. The email mentions the cyber liability checklist and the blog article once more. Then the email encourages people to call if they have any questions about protecting themselves.

What Makes This a Great Campaign?

This is a great campaign because of how well it positions this company as an expert on this issue. It reminds their customers that even if they don’t have a policy with them for that type of coverage, they can still get real, valuable resources. That is because at the end of the day protecting their clients is what’s important to them.

Even if someone doesn’t buy a policy because of this campaign, they’re going to remember how knowledgeable and friendly these brokers are. When they do decide they need to protect themselves with a policy, Peake & McInnis will be at the top of their mind.

The only thing I would add into this scenario is a direct mail component. We all know that email addresses change rapidly and in-boxes are overloaded.  Make sure your list is up-to-date. There are processes in the marketplace to append and verify the email addresses on your list. The only sure-fire way to make sure your message gets to your customer is through direct mail. Make sure your marketing pieces stand out and you will get a response.

In 2020, the key to increased response is omni-channel marketing. This means using multiple marketing channels to increase your visibility and importance. As a result, this improves your branding and customer loyalty.

You might want to read this article “Does Your Insurance Agency Have an Omni-Channel Strategy?”. This will give you some more ideas in terms of taking your campaign to the next level.

Final Comment

Make sure your customer list is up-to-date. You don’t want to waste any time or dollars marketing to bad addresses. Use every opportunity to enhance your data and fill in whatever information you might not have. There are lots of options in terms of data appending and enhancement.