As a health insurance Broker, you know how important client retention is to your business. In fact, Gartner found that 80 percent of your future revenue will come from 20 percent of your existing customers.
Cross-selling is a great way to capitalize on your current client base to generate more revenue, while adding value and delivering solutions to the challenges your clients are facing. Try these cross-selling strategies to improve client retention and increase profits.
1. Pay Attention to Life Events
Good Brokers get to know their Groups. You should know when Employees get married, buy a new home, have children or get divorced. These qualifying life events may impact their health insurance and provide new opportunities to cross-sell. By being in the know, you can, for example, quote a life insurance policy for your client with a newborn baby or quote new health plans for a client’s new zip code.
2. Extend Your Sales Year
Unlike health insurance, your clients can enroll in supplemental plans at any time throughout the year. While you may be too busy to think of cross-selling insurance and ancillary benefits during open enrollment, take advantage of the time you have during your off-months. Use this time to check in with your clients, ask about any gaps in their coverage and introduce supplemental insurance plans that could fulfill their needs.
3. Use Email Marketing
Email marketing can be a cost-effective tool to stay in touch with clients and build awareness around different insurance offerings. Marketo found that using email to nurture leads generates 50 percent more sales-ready leads at 33 percent lower cost. Tying back in with the idea of paying attention to life events, make sure to personalize your email marketing strategy. For example, if you have clients in their 20s and 30s, they may be getting ready for parenthood and will need more insurance after the birth or adoption of a baby. Alternatively, you could educate a Group about the benefits of vision insurance, even if most of their employees don’t wear glasses.
4. Leverage Technology
Savvy Brokers utilize available technology to efficiently quote and cross-sell insurance products. Whether it’s health insurance, dental, vision or other ancillary benefits, FormFire’s all-in-one platform has the tools to make the cross-selling process easier than ever. For example, our Quote Engine tool allows Brokers to view all available plan rates from Carriers and present quotes to Groups to compare multiple plans side-by-side in one document. When qualifying life events happen, your Group members may not think to notify you, but our online portal can send notifications whenever a client has made changes to his or her plan outside of open enrollment.