The advanced weaponry.
It has been awhile since I blogged about insurance stuff. Today I bring to you two concepts: up-selling and cross-selling. What up-selling does is to encourage customers to purchase a comparable higher-end product than the one we agents recommend. On the other hand, cross-selling involves influencing a customer to buy related or complementary products. These two selling techniques can be used interchangeably or together.
To relate it back to insurance products, up-selling is to recommend a client to cover themselves for a higher amount. So, "Ms XXX, is a $500K Death and TPD coverage sufficient for your dependents? You could get yourself covered for $1M for just an extra $XX per month." Conversely, cross-selling could be something like, "Mr YYY, glad that you decided to buy a hospitalization plan for your daughter. But it will also make sense to get her covered under a Personal Accident Insurance plan. You do know how some kids can easily hurt themselves."
The end effect of up-selling and cross-selling seek to provide maximum value to clients. Of course, when these sales techniques are used effectively, they increase our commission without having to schedule multiple meetings with the same client. After all, time is money!
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