Account Rounding: Maximize Your Marketing Strategy

Cross-sell, upsell, account rounding. These are popular insurance terms but by no means unfamiliar to most marketing professionals. From “super-sizing” your fast-food order to reviewing items “customers also bought,” reaching beyond your client’s primary purchase should be a key sales approach in every insurance agency’s office.

New Clients

The best opportunity to present a multi-line insurance solution is during the point of sale. When a customer begins to understand their full exposure to loss —whether business-related or personal— confidence in your agency is boosted.  By recommending an extra layer of liability protection via an Umbrella policy, for instance, your role as trusted advisor becomes clear, making you much more valuable than an online quote and further allowing you to compete with other insurance brokers who may be offering a suite of diverse products.

Existing Clients

Retaining your customer base is paramount, and a focus on your clients’ ongoing insurance needs keeps you and them engaged. Has a homeowner started a new business? Talk to him/her about Professional Liability and Workers’ Compensation insurance. Did your BOP customer buy a new vehicle for work?  Explain the need for Commercial Auto coverage. Remember to re-assess policy limits and broader coverage options that might need to be updated each year given a change in circumstances.

Getting Started

• Make upselling and account rounding a formal component of your agency’s marketing strategy.
• Communicate specific objectives to employees, and cross-train sales staff on the basics of complementary lines.
• Create sales “teams” that involve experts in select coverages to help provide a more comprehensive program for clients. Don’t be afraid to cross-sell commercial and personal policies.
• Incentivize sales staff by including retention, upsell, and account rounding in commission and bonus programs.
• Work with your carrier partners to identify which clients are a good fit for additional coverages. Know which carriers provide multi-policy premium credits.
• examine your book of business. Identify the percentage of policies which are monoline and the average policies per account. Then . . . get to work!
• Technique is important but so is technology. Evaluate add-ons to your agency management system that can help you keep track of your clients’ ongoing insurance needs.

 A Win-Win!

The more of your clients’ needs you anticipate, the more loyal they will become. This, in turn, can improve policy retention and significantly contribute to your bottom line.

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