Why Cross-Selling Earthquake Insurance is Your Biggest Win-Win for 2023
As a trusted insurance agent, you want to offer enhanced protection for your clients while also growing your business. You also want to keep your clients happy while protecting yourself from a loss margin when a customer leaves.
Cross-selling earthquake insurance might be the best solution to these concerns in 2023. First, cross-selling is one of the most cost-effective marketing strategies that offers a high rate of return on investment as well as the long-lasting benefit of a 94% retention rate. It is the strategic practice of offering additional insurance products or services to existing policyholders or prospective clients.
When you cross-sell, you capitalize on your established trust and relationships with current customers and present them with relevant and complementary insurance options — catering to their specific needs and providing comprehensive coverage.
By identifying cross-selling opportunities, an agent can expand the breadth of insurance protection for their clients while driving business growth and increasing revenue.
If your clients are located in the great states of California, Oregon, and Washington, leveraging the expertise and quality earthquake coverage offered by GeoVera is a great way to tap into a lucrative market while safeguarding your clients’ most valuable assets.
Quality Coverage with GeoVera
GeoVera was named the best earthquake insurance of 2023 by home improvement legend Bob Villa and provides a range of benefits that are worth highlighting:
1. Ease of Use: GeoVera understands the importance of simplicity. Our earthquake insurance products are designed to be user-friendly, making it easy for agents to cross-sell them seamlessly. That’s why Investopedia called GeoVera the “Best Online Experience for Earthquake Insurance for 2023.“
2. Quality of Coverage: GeoVera’s earthquake insurance policies offer comprehensive coverage to protect homeowners from the financial aftermath of seismic events. The robust coverage ensures peace of mind for your clients, safeguarding their homes against earthquake damage.
3. GeoVera maintains an “A” rating from A.M. Best: This rating reflects our financial stability and commitment to serving clients. This independent third-party evaluation is a forward-looking, independent, and objective opinion regarding an insurer’s, issuer’s, or financial obligation’s relative creditworthiness. The A.M. Best rating is unique amongst other insurance providers of a similar kind, and it is a good indicator that, if a large-scale claim event were to occur, the GeoVera Group would be prepared to support their policyholders at their most significant time of need.
The Importance of Earthquake Insurance
With the housing market experiencing a dramatic increase in value since 2020, homeownership has become a vital component of building wealth and fueling retirement plans. However, earthquake insurance often remains the missing piece of the puzzle when it comes to protecting clients fully.
GeoVera’s earthquake insurance products bridge that gap, offering low deductible options, flexible payment plans, and specific coverage limits tailored to homeowners’ unique challenges related to earthquake damage. By presenting earthquake insurance as an essential element of financial security, you position yourself as an expert, guiding clients toward better protection for their most valuable asset.
The Earthquake Risk
California serves as a poignant example of the earthquake risk many areas face. More than 70 percent of the state’s population resides within 30 miles of a fault where significant ground shaking could occur within the next 50 years. With an average of two to three damaging earthquakes each year, the potential for catastrophic events looms.
According to the California Department of Conservation, there is at least a 60% chance that California will experience an earthquake with a magnitude of 6.7 or greater within the next 30 years . California also holds the record for the highest property damage losses due to earthquakes in the United States.
The Role of Private Insurance
It’s important to note that relying solely on FEMA assistance after a disaster is not sufficient. FEMA itself points homeowners toward earthquake coverage as a way to recover as quickly and completely as possible.
While FEMA provides some basic needs assistance, it is unable to make homeowners whole again. Recovering faster after a disaster is possible with proper insurance coverage in place.
By cross-selling earthquake insurance to your clients, you empower them with the means to protect their homes and recover swiftly in the event of an earthquake. By partnering with GeoVera, you not only bolster your business growth but also provide your clients with a vital layer of protection for their homes.
In 2023, don’t overlook the revenue potential within your existing client base. Take the opportunity to be their trusted advisor, offering comprehensive earthquake insurance coverage from GeoVera. Together, we can navigate the seismic risks ahead while safeguarding the future of your clients and your business.
Download our PDF reference guide to learn more about GeoVera and how to effectively cross-sell earthquake coverage.