Upselling and Cross-Selling DI Products

As you and I are financial professionals, the products and ideas we offer assist our clients, making their lives and the lives of their loved ones more economically secure.  The benefits we suggest and the business we transact can better consumer lives.  Most importantly, we sell peace of mind.  But virtuous notions aside, we are after all business men and women, and we have personal goals to reach by selling more insurance policies, more annuities or more securities.  For the benefit of our own livelihoods (and ultimately for the prosperity of our clients), most of us have attempted the delicate and sometimes precarious, yet industrious art of the “upsell.”

For as long as commerce has been transacted in this crazy world, interested parties have tried to sell or trade additional goods and services to make an extra buck, making their existences more comfortable.  To be successful in upselling anything, one must walk a fine line between good customer service and good profit.  But the outcome of a cautious and diligent insurance upsell or cross-sell can be tremendously fulfilling to both producer and client.

Several insurance products of the Petersen International disability line lend themselves perfectly to a natural upsell environment, and when the circumstances are correct and the stars align, colossal sales are imminent. 

Excess high-limit disability insurance is the quintessential upsell.  As you shop your usual stable of group and/or individual DI carriers, keep in mind that not all persons are properly served by the standard one or two layers of disability insurance.  Those making in excess of $250,000 are frequently underinsured and in need of a comprehensive supplemental disability policy.  Petersen International can assist you in designing the perfect income protection plan for your individual prospects.

Another suggestion as you approach that high-net-worth prospective client is to be conscious that it can be advantageous to turn one sale into many with a cohesive introduction of a multi-life excess disability insurance program.  Respectfully inquire with your attorney, physician, accountant and executive clients about connecting with their firm’s benefits manager.  All you need is the chance to get your foot in the door, perhaps a face-to-face.  From a business standpoint, the product is quite attractive, and needs little or no flash to make an impact on a board of directors.  Consider a multi-life, guaranteed-issue, high-limit disability insurance plan that can be written on a mandatory or voluntary basis at low participation requirements for groups large or small.  The product promises to be the upsell of all upsells.

In addition to personal disability coverage, cross-sells can easily be had by introducing your business clients to products that directly protect their companies in case of their physical demise like key person DI, loan indemnification coverage, business overhead insurance as well as succession planning through buy/sell disability insurance.

These are simply a couple of unique ideas that will certainly improve your sales outcomes if you truly have the drive to prosper and are able to master the intricate techniques that make upselling product so effective.  Petersen International has identified these strategies for the good of your business, for the good of your clients and for the good of your family.  Call us today for more sales ideas.