The current customer base provides a company with the lowest hanging fruit to generate additional revenue.

Effective cross-selling strategies can improve profitability and increase customer retention at the lowest cost of customer acquisition. The challenge is for the insurer to deliver the right cross-sell product to the right policyholder and at the right price and time.

Cross-sell strategies need to take into account past customer behavior, change in customer mix, a combination of offerings that have the best chance of success, and a host of other such considerations to make them as effective as possible.

All such strategies need to be data-driven business decisions.