Understanding the cross-sell opportunities with your agency base is key to unlocking further growth.
According to the Data Team at Broker Insights, brokers on the Vision platform are increasingly leveraging cross-sell opportunities.
Analysis of the aggregated data within Vision showed that in 2022 the ‘policy-per-customer’ ratio was 1.28, or in real world terms, just under a third of all commercial clients have more than one policy.
Repeating the same analysis in 2024 gives a ‘policy-per-customer’ ratio of 1.34; an increase of 4.7%.
Andy Whiteley, head of data at Broker Insights, believes that there is a win-win-win scenario for brokers, insurers and the end client:
“Cyber cover remains the most obvious example in cross-sell, but the same could be applied to D&O, engineering, IP, and any number of other emerging risks. Specialist risks require specialist cover.
“The aggregated data within Vision shows that over the past two years, brokers have been increasingly successful at cross-selling policies with their clients, with an 4.7% increase in the ‘policy-per-customer’ ratio. With the support of Broker Insights’ insurer and MGA partners, many of whom have suitable product options for a range of cross-sell opportunities, this ratio is only set to increase.”
If you would like to better understand the policy-per-customer ratio and how you can increase it via cross-sell opportunities, please contact the Strategic Account Management team at Broker Insights.
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