Cross-Selling and Up-Selling of Insurance

Selling a product is critical to business success. Establishing needs, building trust, and convincing the customer to let you help them is tough. To improve revenues, companies often rely on deepening the relationship with existing customers. Acquiring a new customer is much harder than selling the product to an existing client. This is known as cross-selling.

For better understanding please check the link on case study on cross-selling: 

Cross-selling is advantageous for the existing customer too. They already trust in your brand and have experienced your products and services. So they do not have to verify your credentials and after-sales support. The customer knows what they are getting into. 

Let us take an insurance company. LIC (Life Insurance Corporation of India) is the biggest insurance company in India. For most Indians, LIC and Insurance were synonymous. As a heavily regulated industry, insurance was owned and managed through the government. There were no competitors. As the government relaxed its regulations, newer companies like TATA AIG, HDFC ERGO insurance, etc came into the picture. With a mature market, multiple insurance products also appeared. Health, automobile, travel, medical malpractice and professional liability insurance have become common. 

For LIC cross-selling was the easiest option compared to other companies due to its huge database. Like one person can have various different types of insurance. But the challenge here arises was a grouping of clients according to their needs, requirement, age factor, etc. 

For this, they require an automated system that can classify the customer information into various groups like Age group, type of policy they are holding, details of family members, etc. which gives them in-depth knowledge of the customer liking, which area they like to invest more, identify the worries of the customer, etc. To sell your product it is very important to know your customer well. Chatbots offer you various types of classification along with various combinations that are helping the concerned department to target the right audience. It saves a lot of time for the people to identify the right audience. For example A person is 30 years old having a family consisting of Father, Mother, Wife, and Kids. Now the marketing department can plan various policy lists and cross-sell them. For Example Term policy for the bread earner, Medical Policy for parents, education policy for kids, and retirement policy for self and partner.

Chatbots also helps in eliminating any duplicate entry of the record. Combine result of various department in one single file which is available to the concerned department in just one click which saves time and efforts of the person and decision can be taken very quickly, which brings you one step ahead of your competitors.

We the team of TeroBots help to build an error-free environment for the smooth function of the business. 

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