Selling additional policies to an existing client so more of their coverage sits with the agency — which raises revenue and retention.
Cross-Sell / Account Rounding
Selling additional policies to an existing client so more of their coverage sits with the agency — which raises revenue and retention.
Cross-selling, often called account rounding, is the practice of writing additional lines of coverage for a client the agency already has. A classic example is adding a homeowners policy for an existing auto client, or a personal umbrella on top of both.
It is one of the most efficient ways for an agency to grow because the client relationship and much of the data already exist.
- Higher retention: clients with multiple policies at one agency ("monoline vs. multi-line") are markedly less likely to leave.
- More revenue per client without new-client acquisition cost.
- Better book value, since a well-rounded account is stickier and more profitable.
Agencies use their management system and reporting to spot monoline clients and prompt producers and CSRs to round out accounts, especially at renewal.