Products/schemes: How to… unlock the profit in add-ons
Many industries rely upon ancillary income to generate their profit. Low cost airlines, unable to deliver margin from their core products, instead make their money on hotels, hire cars, or travel insurance. In the motor trade, new car sales deliver low margin – it’s the servicing, finance, warranty, GAP, and paint protection which drives profitability.
In a nutshell
Brokers need to box clever when it comes to delivering their margins - selling ancillary insurance products to clients is a tried and tested optionTailor products to client case
Take a strategic approach
Make transactions easy
Train staff to spot opportunities
Think outside the box
Insurance broking is no different, and, in fact, opportunities for ancillary sales are everywhere - initial point of sale, change of vehicle, moving house, new
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