As consumers, we are presented with ancillary options every day. Coffee shops supplement coffee revenue by selling travel mugs and snack foods. Airlines offer in-flight services for purchase, from food and beverages to movies and internet connection. Package delivery services add income by having readily available packing materials like boxes, bubble wrap, and tape in their storefronts.
Add-on products or ancillary sales can account for as much as twenty percent of additional business revenue.
However, ancillary insurance product sales are a largely disregarded opportunity. Whether it’s complacency or contentment with a medical sale and the occasional dental and vision add-on, by not demonstrating the benefits of ancillary coverage, you may be doing a disservice to both yourself and to your client.
Take the time to discuss the benefits of dental, vision, and hearing plans that are designed to meet everyday needs and budgets. Understand your client’s medical history and present options like critical illness plans and cancer policies. For older clients, consider information about hospital indemnity plans and final expense coverage. Be ready to compare traditional individual medical with short-term plan options in the right situations and the value of securing a good accident plan. Consumers like choices and ancillary insurance give them options to fill in gaps that they may not even know exist in their coverage.
The average consumer thinks about their insurance coverage once a year and, typically, they automatically renew coverage if circumstances have not changed. Bringing ancillary products to the table at client meetings is the perfect opportunity to let them know about any auxiliary lines of coverage you represent in addition to your main line of business. Share your value with the client to open the door for higher retention, increased referrals, and more reasons for regular client contact throughout the year.
Connect with your Cornerstone representative if you’re interested in learning more about how to sell or become appointed to sell ancillary products.