Cross-sell Financial Products
Companies are 60% to 70% more likely to sell to an existing customer than to a new one (Invesp). Insurance companies spend nearly $500 on average to acquire a policyholder and often face an uphill battle while working to gain the trust of their potential new customers. To cut customer acquisition costs (CAC), insurance companies can cross-sell other policies to existing customers.
Automation Hero can identify opportunities for brokers to cross-sell or bundle additional policies with a current contract. The system can assess a policyholder’s information and compare their policy with others who have similar information. It then alerts the broker of this cross-sell opportunity. This is much like the “customers who viewed this item also bought” feature online retailers use, only with insurance policies.