What is the practice of offering clients additional products or services that complement their existing policies called?

The practice of offering clients additional products or services that complement their existing policies is known as cross-selling. This strategy involves identifying clients' existing needs and proposing additional solutions that fit well with what they already have. For example, if a client has an auto insurance policy, the agency might cross-sell them a home insurance policy as both products complement one another, enhancing the overall protection for the client.

Cross-selling is particularly effective in agency management because it not only increases the agency's revenue but also strengthens the relationship with clients by providing them with comprehensive solutions tailored to their needs. This approach helps protect client loyalty, as clients are more likely to stay with a provider that understands their complete insurance landscape and offers relevant additional products.

In contrast, while up-selling refers to persuading a customer to purchase a more expensive item or upgrade their existing product, service bundling involves packaging several services together, and policy enhancement typically refers to making improvements or additions to a specific policy rather than offering new, complementary services.