Some points for P&C agencies to consider when cross selling insurance:

Corporate executives require personal solutions. The core needs of executives include protecting personal assets, solving a potential liquidity crisis, and offering advanced retirement solutions. If a P&C agency sees its mission in terms of "protecting client assets," then there is a greater prospect for integrating life insurance products with P&C insurance solutions.

The need for a relationship manager. The P&C agent's role can be so much more by working with life product specialists. Instead of being just an agent, they could become a relationship manager, particularly as products and services become more technical, product lines expand, and experts are required. We have seen this model applied successfully by banks that have specialists in credit, cash management, trust services, and private banking. No one sales person can be an expert in everything, which is particularly true in the insurance business. So it makes sense to introduce the client to a life insurance specialist that has the experience in meeting the needs of corporate executives. This allows the P&C agent to bring together the right resources at the right time to deliver the right solution to the client.

The need to strengthen the P&C agency's reach and revenues. Needless to say, there is a great deal of pressure on increasing revenue, demands from insurance carriers for increased volume, lower commissions rates, and intense competition. This all presents a challenge to P&C agencies. Given this situation, having a lifeinsurance component is a way to increase and diversify revenue, while further opening the door to broadening the agency's customer base.

Client gettogethers. While there are no surefire solutions, we have seen P&C agencies benefit from inviting business owners to quarterly luncheon sessions that include a discussion of various insurance issues—everything from buysell agreements, to retirement planning for those in their 40's and 50's, to estate planning for wealthy clients. In each case, the presenter could be a life insurance and estate planning specialist. This conveys to clients the P&C agency's commitment to a holistic approach to their clients' overall needs.

Client Retention. By offering personal insurance solutions to corporate executives, P&C agencies can improve the prospects of client retention. By satisfying the personal needs of a corporate decision maker, the agency is much more likely to retain that company as a client.

Rather than taking time away from prospecting and selling activity, it makes much more sense for P&C agents to partner with an expert in the life insurance arena one who is already well versed in the ins and outs of the products and services that are available. This makes the P&C agent more productive while creating the perception that the agent is seeking the best possible objective advice and outcome for his or her clients and simultaneously capturing new commission streams. This represents a value proposition that all the parties involved can appreciate.

Special Reports /

Why P&C Agencies Fail at Cross-Selling Life Products, and How They Can Improve

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