Working Insurance Leads...the Right Way

How do you get your insurance leads? For most agents, they come through references, from a qualified insurance lead provider, directly through the company website, or through cold calling or even going door-to-door seeking out customers.

But once you have these insurance leads, how do you go about converting your prospects into customers? There are several strategies you can follow. First and foremost, make contact with the prospect as quickly as possible. There is no doubting that the one who contacts the client first has the best chance of making the sale. If you’ve bought your leads from a lead generator, consider the information they are providing hot, as in it’s information that was secured the minute you receive the lead and the customers whose names they are providing are ready to buy now. In many cases the insurance shopper will still be at the computer when if you call immediately.

But what if there are 100 names on the list and you need to determine where to start? A good place to begin is by learning how to separate the good leads from bad leads. This is something you should determine with the help of your sales team, as they are the ones charged with turning prospects into customers.

Here are a few strategies to try:

  1. Customer lead scoring.

    Lead scoring is when you track your prospect's behaviors and Web activity to determine their level of interest in your solution. The simplest form of lead scoring is to have a high-scoring offer and a low-scoring offer on your website.

    Start by sending an email blast out to all the individuals on your lead list inviting them to your website. When they get there they will find two articles. One is a piece of content that could be widely popular for visitors with a general interest in your focus area, such as an article on how to save money on insurance. The high-scoring offer should be something more specific, such as a $100 gas card for anyone who signs up for an insurance policy via interaction with your website.

    In this simple form of lead scoring, you would prioritize leads for your sales team that convert on the high-scoring offer. Before you turn those leads over to your sales people, however, it would be a good idea to analyze them a bit further.

    For example, prospects who checked the box saying they are interested in a policy immediately are the ones who should get a phone call right away. Those who checked the box that says they are interested in a policy in the future end up at the bottom of the pile, and depending on the sales force’s workload may or may not get a call.

    Some companies like Velocify (formerly Leads360) offer a streamlined approach to lead scoring that helps agents determine the value of leads based on many factors. Other lead scoring companies include eBureau and PowerScore by Microsoft Dynamics.

  2. Lead nurturing is crucial to convert tire kickers.

    When it comes to getting the most out of your leads, lead nurturing is often an even better choice than lead scoring. This strategy enables you to stay engaged with those less-than-ideal leads who with the other strategy would have likely been ignored completely. Instead of being ignored, these people will receive targeted emails that may ultimately convert them without a sales person having to contact them.

    The key here is to look for people who are actively reading your content, even if they're not a perfect fit for your company just yet. Your email marketing program (Constant Contact or Mail Chimp) can provide this information.

    Related: Email Marketing for Insurance Agents

  3. Trim your contact lists for better growth.

    You may be proud of the fact that your monthly emails go out to 3,000 people, but how many of the recipients are actually opening the email and thus engaging with you? If you’ve been sending messages to the same people for years, but seen very little business come about as a result, you probably have the wrong names on your list.

    According to Return Path’s most recent Email Deliverability Benchmark Report, only 76.5 percent of emails sent globally actually make it into recipients' inboxes. The rest just float around in cyberspace and are never delivered.

    So how do you go about cleaning out your list to make sure it is as efficient as it can be? Look back at the past several months’ worth of sends and remove all the email addresses that have bounced. You should also remove the addresses of people who have not opened an email from you in several months (this information is available to you when you send out emails through a service like Constant Contact or Mail Chimp).

    A third strategy to clean up your list is to determine what kind of action, if any, people with general inbox addresses like admin@companyname.com or marketing@companyname.com have taken. If the open rates on those addresses is low, you may want to remove them. Oftentimes when someone doesn’t want to engage with you, they will offer a generic email that pretty much guarantees they can’t be found.

No Comments

  • Gravatar Image
    Gary February 3, 2014 Reply

    Use an independent analysis tool, like that provided by The Policy vault (www.policy-vault.com), to persuade your customers to trust in your analysis.

    The alternative would be a painful and hard sell, at least in most cases...

  • Gravatar Image
    James February 8, 2014 Reply

    "The high-scoring offer should be something more specific, such as a $100 gas card for anyone who signs up for an insurance policy via interaction with your website."

    Isn't this rebating and thus illegal?

    • Gravatar Image
      brownj February 10, 2014 Reply

      Hi James, in most states that is true (exception of California and Florida). You are correct. Aside from those states, anything of value given back to the prospective buyer is considered rebating however the definition of such varies from state to state. It is still not a common practice because agents must offer the same incentive to all prospects - Here is a quick breakdown of the law from the Coleman Law Firm - http://www.colemanlaw.com/newsletters/elder-law/unfair-and-deceptive-insurance-practices-rebating/#sthash.ldpfjZZj.dpuf - Thx for the info and look for a more detailed article about this in the near future.