Changing roles

The concept of cross-selling products has been around for decades. It seems logical, but it is harder to implement than one might imagine. Cross-selling requires higher levels of commitment from agents - extra training and licensing, more continuing education and higher expense. Insurers who promote...

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Bibliographic Details
Published in:Best's Review 2003-06, Vol.104 (2), p.38
Main Author: Panko, Ron
Format: Magazinearticle
Language:English
Subjects:
Automobile insurance
Brand loyalty
Continuing education
Cost control
Cross selling
Customers
Diversification
Employment training programs
Financial services
Insurance agents & brokers
Insurance companies
Insurance industry
Licenses
Life insurance
Management
Personal profiles
Planning
Universal life
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Summary:The concept of cross-selling products has been around for decades. It seems logical, but it is harder to implement than one might imagine. Cross-selling requires higher levels of commitment from agents - extra training and licensing, more continuing education and higher expense. Insurers who promote cross-selling must have credible products in all lines. They may also need to provide better support and greater incentives to agents. Cross-selling, however, rewards successful agents and companies. Property/casualty customers often have unaddressed needs in insurance and financial planning, and addressing them can lead to greater customer loyalty. Cross-selling by personal-lines agents tends to mostly reach middle-income Americans, a group that has been underserved by the industry for decades. The major companies and agents that succeed in cross-selling have been at it for a long time. Among them are State Farm, Safeco, Allstate and Farmers. State Farm provides agents a software program, Insurance and Financial Review, that helps them maneuver through a financial planning conversation with clients, the company's Charles Gomez says.
ISSN:1527-5914
2161-282X