Cross-selling by coupling a life insurance policy with existing P&C coverages can be the key to your customer retention and can help you create customers for life. In fact, 62% of customers who own auto, home and life insurance with the same carrier (multi-line customers) have stayed with their carrier for more than 5 years¹.

Longer lasting coverage = loyal 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 40 years, and permanent policies provide an opportunity to retain a customer for life.

Stronger connections

When customers buy a new car or upgrade their home, they are more likely to retain those policies if you also manage their life insurance policy. They prefer 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. 57% of multi-line customers strongly agree that they are loyal customers of their auto insurance company².

By offering life insurance in addition to protecting their cars and homes, customers will feel like you have their best interests at heart. When customers feel cared for, they will be more loyal, engaged and more likely to refer you to others.

Higher loyalty and longer tenures

When customers give a carrier most of their insurance business, data shows they're more likely to:

• Stay longer
• Buy more products
• 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.

Learn how to cross-sell life insurance with ease!

We're committed to helping you protect more people while supporting your business along the way. That's why we offer videos that support you with the following:

• How to identify opportunities
• How to transition the customer conversation
• How to overcome common objections