3 tips for effectively cross-selling insurance at your financial institution
It is a well-known fact that it is more cost effective to market to your existing account holders than to go after new ones. In fact, according to OutboundEngine, “The success rate of selling to a customer you already have is 60-70%, while the success rate of selling to a new customer is 5-20%.”
When it comes to selling property, casualty, or life insurance, your financial institution has a unique opportunity to cross-sell to your existing clients. Those borrowers have already placed their trust in your institution, so they are a ready market for complimentary insurance products.
In this blog post, we’ll give you three highly effective strategies for cross-selling insurance and loan protection products at your financial institution. And, of course, we’re basing our comments on the assumption that your financial institution has the right licenses in place to offer these products!
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