At What Point Do You Cross Sell?

[cladams]

For those who lead with Med Sup, and sell F2F, when do you cross-sell?

- On the same appointment?
Could save gas and travel time of another apt.

OR...

- After they have the policy in hand with an eft date on the calendar?
At this point you have contacted them a few times and have the credibility of seeing them through the application process.

 

[rousemark]

For those who lead with Med Sup, and sell F2F, when do you cross-sell?

- On the same appointment?
Could save gas and travel time of another apt.

OR...

- After they have the policy in hand with an eft date on the calendar?
At this point you have contacted them a few times and have the credibility of seeing them through the application process.

I always delivered policies in person and at that time I asked for referrals and offered other products.

 

[bill3173]

Always cross sell on the same appointment. The med supp is planned, dental/vision is a lay up, and I beg for life business...literally beg...I hate the piddly shitt commission on med supps.

I usually try to find out if they're hiding any money, and if so, I will back off big time on the stuff mentioned above, in hopes of setting another appointment for annuities, but pretend that I want them to think about the dental/vision, whatever, once I find that they have loot stored somewhere, the appointment becomes more valuable.

One caveat to that is if they make the next appointment and tell you to f'k off about the annuities, but want to get D/V/H, at that point, it really sucks. I'm ready to leave, and still have to sit there and pretend that I'm interested in the d/v business. It's a brutal 10-15 minutes.

 

[goillini52]

I always delivered policies in person and at that time I asked for referrals and offered other products.

I agree with this, but sometimes the opportunity presents itself when you're at the end of the initial sale...especially if you just saved them enough money on their Med Supp to pay for a FE or Cancer policy. If you can, get it now before they "spend" what you saved them.

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Always cross sell on the same appointment. The med supp is planned, dental/vision is a lay up, and I beg for life business...literally beg...I hate the piddly shitt commission on med supps.

I usually try to find out if they're hiding any money, and if so, I will back off big time on the stuff mentioned above, in hopes of setting another appointment for annuities, but pretend that I want them to think about the dental/vision, whatever, once I find that they have loot stored somewhere, the appointment becomes more valuable.

One caveat to that is if they make the next appointment and tell you to f'k off about the annuities, but want to get D/V/H, at that point, it really sucks. I'm ready to leave, and still have to sit there and pretend that I'm interested in the d/v business. It's a brutal 10-15 minutes.

It's a tough job, but somebody's got to do it. We're warriors!

 

[GoPokes]

Cross sell at the first appointment. They just bought something from you, and gave you money, so just use that momentum. It's easier to keep the ball moving than to let it sit for a few weeks then try to get it moving again at another appointment. But of course I have cross sold at the first and second appointment.

 

[midwestbroker]

I have always tried to "bundle" my cross selling into one overall presentation to the client. Rather than sell one product, present, close, and then repeat the process all over again in the same sitting; I would rather offer one solution and complete all at the same time. Does it always work like that? Of course not, as each appointment is different.

 

[cladams]

Thanks to all for your willingness to share what you do.

I have been working for a bank-owned agency for the past 3 1/2 yrs, selling MCS, MA, & FE, but my leads were "built in." I am relocating soon, and am trying to formulate my prospecting "plan of attack."


Here's what I've gleaned from your collective contribution...



"Cross sell at the first appointment...

Always cross sell on the same appointment...

use that momentum...

offer one solution and complete all at the same time."

"But of course I have cross sold at the first and second appointment...

I always delivered policies in person and at that time I asked for referrals and offered other products."




It makes sense to "bundle a solution" and present it at the time you are saving them $40/50 month on their MCS. Selling a "more comprehensive coverage" for the same money they were already spending (Cancer, FE ect.).

I can see the value of having this "comprehensive solution" for the 1st appointment (MCS, Cancer or FE), then if they do have cash in CD's or savings, presenting an annuity as an option when arriving with their policies in hand.

I spend too much time being entertained on these forums, and it is good for that (FE esp), additionally the insurance biz info freely shared is of great value - thanks again.

 

[Lloydlofton]

There are three things individuals who are aging into this next phase of their life will do, almost without exception:

1. Sign up for Social Security

2. Automatically be enrolled in Medicare - in fact if they are going to choose to continue to work in some capacity for a year or two after they have to opt out of Part B.

3. 80% or there about will get some kind of supplement.

These are "predictable buying behaviors" that is these are behaviors we know they will engage in, almost without exception.

So we know "what" they will buy (some kind of supplement), we know when they will buy it (when they sign up for social security, SEP, lifestyle changes) and we know how much they will pay because the plans are filed in each state.

Moreover we know where they will get the money to pay for this supplement. Most couples (male t0-65, wife 62?) have had some kind of health plan for 30+ years, even if they have group coverage (changing with ACA) they have been paying for dependent coverage.

So when this t-65 profile male prospect signs up for social security, is enrolled in medicare he will "re-position" the money that is already in his monthly disposable income to pay for this supplement (or allocate for co-pays, deductibles on MA plan?) This is a predictable behavior.

Here's what this looks like:

Male – 65 Social Security
Retirement
Medicare
Supplement
Final Expense

Wife – 62 Major Med/Simplified Issue
Critical Illness/DHV/Accident

When he does this his spouse will now need to get her own stand alone health plan with CI/Accident plan, more wallet share in the home for you to build a book of business.

At 65 she will age into Medicare

Then 3 or 4 years later what will happen to her, she will age into retirement, sign up for social security, be enrolled in medicare and then re-position the money she has been paying for her health care into a supplement.

Now what does the house hold look like:

Male - SS - $1,609.00 avg SS check (socialsecurity.gov)
Retirement - 1,200.00 - avg company retirement (socialsecurity.gov)
2,809.00

Wife – SS - $ 900.00

At husband death wife keeps hers or spouse.

If she takes spouse she “loses” $10,800 year –

10 years - $108,000

When the husband passes the wife will either take the husbands SS because by the formula it's higher or keep hers. If she takes his she is making a choice to give up $10,800 a year in income at the most emotionally devastating time in her life. Replacing future lost income is not only a conversation that needs to be had it is one that most are not having with the prospect, make yourself different and have it.

Package the solution when you have the most influence with them, at the sale, at policy delivery and on a service call. If you don't someone will.

You can write 3 - 5 plans a week if you have a plan.

Knowing the prospects predictable buying behaviors can help you develop a plan to capture this business "anyway" that is they are going to buy this supplement "anyway", the question is from who?

 

[Medicareguy]

Bundle if they want o cover medical and non medical needs. I offer lump sum cancer with full supp or L. There is a risk and a need. Part D donut hole on cancer drugs....and so on. Do it with presentation. Cross sell when in future contact.