Coupling a life insurance policy with existing P&C coverages can be the key to your customer retention. Cross-selling can help you create customers for life. Here’s why:

• Longer lasting coverage = stickier customers: Compared to a home or auto policy, life insurance provides longer coverage limits. This gives you a greater chance of retaining customers in your book of business for a longer time. For example, a term policy can last up to 30 years, and permanent policies provide an opportunity to retain a customer for life.
• You’ll build stronger connections: If you manage their life insurance policy, when they buy a new car or upgrade their home, your customers will be more likely to retain these policies with you in order to maintain the “bundle” aspect of keeping all their coverage with one carrier. They're also less likely to shop around for home or auto coverage once they have their coverage bundled together with you. By going the extra mile to offer the protection of life insurance in addition to their cars and homes, they’ll feel you have their family’s best interest at heart – and when customers feel cared for, they’re going to be more loyal, engaged, and more likely to refer you to others.
• Higher loyalty and longer tenures: Data shows that customers who give a carrier most of their insurance business stay longer, buy more products, and recommend the carrier to their friends and colleagues. Higher loyalty means lower churn, which can help reduce costs and expand margins. Insurers who concentrate on building loyalty can gain as many as 20 percentage points in Net Promoter Scores over a three-year period.