Insurers have been focusing on cross sell to address the issue around revenue growth. However a study indicated that, 99 percent of insurance advisors feel it's critical or important to cross-sell effectively, only 46 percent consider themselves successful at it. So what are the key issues?
1. No single source of data - Presence of disparate systems storing data in multiple systems/data sources.
2. Absence of defined processes and systemic support to enable cross selling
In these market conditions, each insurer needs to ponder on the following:
1. Do you have a cross selling strategy in your organization? Is there a measurement mechanism in place? What percentage of business comes through existing customers?
2. Are there relevant processes and systems in place which enable and track cross selling?
3. Do you have a focused effort to provide necessary training and tools to enable people on the field to engage existing customers about new products that are relevant to the customer needs
In my future posts I will dive deeper into each one of the above aspects. In the meantime here are few interesting artifacts which can give you further insight
Looking forward to hearing your comments and experiential insights on this topic