A Step-By-Step Guide to Multi-Lining Your Mono-Lined Clients

One of the quickest and most accessible sources of revenue for an insurance agent is selling additional policies to current customers. Multi-lined clients have higher retention rates and generate more revenue than mono-lined clients. Plus bundling packages can often lead to a reasonable discount for the client.

Despite the advantages of multi-lined customers, the average insurance agency produces just 1.4 policies per household in their book of business. Here is a step-by-step guide to sell more policies to your existing customers.

Step 1: Identify Prime Prospects

Go through your book of business and identify clients who are in a stage of life when they might be ready for an additional product that you offer. You know your clients and your products best and can make these decisions on a case-by-case basis, but here are a few ideas to get you started:

  • Any client with a single policy
  • Clients age 30+ without a life policy
  • Married clients without home or renters insurance
  • High income clients who are likely to make large improvements or purchases on their property (like a pool, shed, or addition).

Step 2: Schedule a Customer Insurance Review Meeting

Once you’ve got a list of hot prospects, call them all to schedule an insurance review meeting. You don’t need to mention the specific policy you were hoping to sell, just let them know that you want to review all their policies and coverage and get a feel for any life changes they may have experienced. Let them know you’ll also check if they’re eligible for any discounts.

Step 3: Send a Needs Assessment Form

A few weeks before you meet with your client, send them a needs assessment form to complete and send back. The needs assessment reviews all insurance coverage and really gets the wheels turning. It uncovers any potential risks or needs and helps get your clients in the right mindset to buy a new policy. By filling out the needs assessment, the customer realizes the coverage they are lacking and buying a new policy feels more like their idea rather than yours.

Step 4: Review and Prepare

Review the completed needs assessment and make notes of things you would like to discuss. Be familiar with your clients’ existing coverage. The more prepared you are, the more pleasant your meeting will be.

Step 5: Meet and Discuss

Hold a customer insurance review meeting. During the meeting don’t just go over policies your customer has with you, but all potential coverage. Your job as an insurance agent is to make sure your client is covered from all kinds of risk. Go over auto, home, life, liability, business, etc. Ask if they have policies with another carrier to make sure there are no gaps or overlaps in their coverage. This would also be a nice time to let them know about any bundling discounts if applicable.

As you go over each topic, teach your client about why each type of coverage is important and specific examples of when they’ve been needed. Make sure to discuss topics mentioned in the needs assessment. Uncover areas of concern and identify products about which your client would like more information. However, do not attempt to make the sale in the meeting unless your client specifically asks.

Step 6: Educate with Content

Make sure you have educational content prepared about each of your products. It can be in physical pamphlet or flyer form, digital content like a blog article, or video form. Once you’ve identified what your customer would like to learn more about, send them home with the additional information. They can familiarize themselves with their product of interest and become ripe for a sale.

Step 7: Follow Up and Sell

Give your client a call a week or two after your meeting. Ask if they have any questions about the information you gave them. Ask if they are ready to take out the policy now or if they need more time to think and learn. This conversation naturally leads into a closed sale.

Cross-sold leads are among the most effective possible. This process is one of the most effective known to help you find the low-hanging fruit for your insurance agency.