It’s a no-brainer: cross selling insurance improves retentions, increases profits, and strengthens relationships by offering customers everything from life to pet insurance. But although there are no statistics on how many independent agencies are actively cross-selling to their customers, many experts say they’re not doing it as often as they should—in spite of the fact that their survival in today’s customer-driven environment may depend on it.
“With commoditization of personal lines auto and the coming assault from the direct channel on small business, agents need to realize that it is difficult to position themselves as efficient and profitable when continuing to operate as an insurance vendor that takes orders and quotes business rather than a professional trusted advisor providing guidance,” says Tom Barrett, president of the Midwest and Southeast regions of the SIAA, Inc. agency network. ”The majority of agents are not cross selling, but the informed ones serious about their future are.”
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