Cross Sell Advice

[Jemben]

Hi everyone,

Newbie here. I specialize in Life & Annuities and one of my clients is asking about commercial business insurance and auto for his business. I don't focus on that, any best practice on re-routing this lead or cross-selling with someone else? Or should I widen my expertise

Thanks!

 

[Markthebroker]

Hi everyone,

Newbie here. I specialize in Life & Annuities and one of my clients is asking about commercial business insurance and auto for his business. I don't focus on that, any best practice on re-routing this lead or cross-selling with someone else? Or should I widen my expertise

Thanks!

Both from personal experience, and watching other agents succeed, I can tell you your best bet is to develop a specialty (it sounds like that's Life and Annuities for you) and stay with it.

Especially considering how tough the market is and how complex commercial insurance and commercial auto can be, chances are you'll spend much more time educating yourself (or trying to) than if you just referred it out, and found another client to work on.

Plus, if you refer it out, you can use that to help build your network. I can tell you from personal experience having a robust network will be very helpful in the long run in some obvious ways, and some ways that may not have occurred to you.

 

[DHK]

I know enough about P&C to know that I don't want to specialize in that, let alone get a license in it in the first place. I'd much rather refer it out and I do.

And even within my licensing, there are specializations that I can't recreate on my own and I'd rather refer it out for a commission split (agreed upon in advance) than try to do it all myself.

The higher up in specialization you get, the more collaborative you'll find yourself, rather than competitive. It's actually really cool.

 

[Markthebroker]

I know enough about P&C to know that I don't want to specialize in that, let alone get a license in it in the first place. I'd much rather refer it out and I do.

And even within my licensing, there are specializations that I can't recreate on my own and I'd rather refer it out for a commission split (agreed upon in advance) than try to do it all myself.

 

[Markthebroker]

The higher up in specialization you get, the more collaborative you'll find yourself, rather than competitive. It's actually really cool.

Oh yeah, 100%. I very rarely find myself competing with other agents. Referring and collaborating? Yup, all the time.

 

[Jemben]

Yeah, makes sense, have enough on my plate with one focus - thanks for the answers!

Is it common practice to do revenue/lead sharing between independent agents?

Aka: Should I expect another agent referring a lead to ask me for a flat fee or a commission on the future book of business?

 

[Markthebroker]

Yeah, makes sense, have enough on my plate with one focus - thanks for the answers!

Is it common practice to do revenue/lead sharing between independent agents?

Aka: Should I expect another agent referring a lead to ask me for a flat fee or a commission on the future book of business?

Different agents do it differently, but for me personally I never split commission, nor do I ask another agent to do so.

However, with that said, I have a very generous gift basket come holiday time for agents that send me a referrals. Very generous.

 

[DHK]

Yeah, makes sense, have enough on my plate with one focus - thanks for the answers!

Is it common practice to do revenue/lead sharing between independent agents?

Aka: Should I expect another agent referring a lead to ask me for a flat fee or a commission on the future book of business?

Just a reminder that you cannot do revenue/commission sharing unless you both share like-licenses. AKA: You both have P&C or you both have Life licenses, etc.

If they have P&C and you have L&H, that doesn't work.

You'd need to find some other way to do it.