Making Online Insurance Cross-Sell Initiatives Work

Two opposing factors line up to elevate the importance of getting cross-selling right for eBusiness and channel strategy professionals at insurers. Competition for US consumer insurance wallet share has heated up, and at the same time, insurance providers are interested in reducing customer acquisition costs. Both of these factors are driving eBusiness professionals at insurers to focus on selling more products to their existing customer base. Why? Multiproduct buyers are less likely to be lured away by other insurance merchants. Unfortunately, cross-selling performance by the top US insurers is not so hot due to a variety of challenges that complicate the online cross-sale. In this report, Forrester examines the profile of the US consumer buying multiple products from a single insurance provider, highlights companies that are successful at cross-selling and explains why, and outlines nine ways that insurance eBusiness teams can help improve their cross-selling results.