How To Have Success with Insurance Leads

Fran Majidi January 20, 2023
Success with Insurance Leads

Whether you are new to buying leads or you’ve had some not-so great experiences with other providers, it’s important to first recognize that there is a process to put in place so as to have success with insurance leads.

Expect to do more than set goals and buy leads. Your account will be a living and breathing thing, which needs attention and adjusting along the way for best results. Don’t do a test run for 2 weeks. Give it at least one month, better yet two months, so you can evaluate the tweaks you make along the way. Otherwise, you won’t know your true potential and your true return on investment.

Here are some important tips to ensure your success with the leads you buy from SmartFinancial.

Getting Only the Customers You Want

Remember that buying leads is a marketing plan, and each territory you cover will be different and will/should therefore be treated differently. You may want a filter on one territory but not another, depending on minimum requirements and other details that affect the types of policies you’re looking to sell.

Take some time to make thoughtful decisions with filters. Also, don’t go overboard in trying to find the perfect customer by piling them on. You may end up getting no leads at all. It’s important to keep this in mind when setting filters and to let your account manager help you.

Relationships Are Everything to a Good Lead Source

Not only will your account manager show you how best to use filters, they will keep you updated with important information about market trends that will have an impact on your strategy.

The aim of an account manager is for you to see an increase in sales month over month. Instead of feeling intimidated by the options you have in setting your account, we always suggest communicating with your account manager, who will always guide you in the right direction, based on other agents’ successes and failures.

This is an important relationship to nurture for the life of your account because now you have an ally who is invested in your success. Read more about what to expect from your SmartFinancial account manager.

Here are some important things to consider when creating your marketing strategy:

Buy Multiple Lead Types

We understand that your carrier(s) may emphasize one policy type over another. However, it’s still a good idea to buy multiple lead types, and we’ll tell you why. Even if you buy renters or home insurance leads, you’ll probably end up convincing the customer to buy auto too. When you buy auto leads, you will likely sell home or renters too, if you play your cards right. As long as you focus on selling multiple policies, you’re on the right track by buying leads.

Consider Your True Cost Per Acquisition (CPA)

Each customer whose business you earned cost you something. Whether you spend time and money blogging or you allot a budget for paid advertising, you are spending money to get people to your website or on the phone. In many cases you spend money and leave the ball in the consumer’s court. With purchased leads, you always have the upper hand because you own that client’s important information. You can be proactive in gaining new business. In fact, your lead is never without value, even if you don't make the sale. Every six months, you have another chance at convincing the lead to switch carriers. Even aged leads are valuable and end in sales if handled the right way.

(For more on figuring out your CPA and to watch a video about how much you should spend per lead visit here.)

How Hard Will You Work It?

Your success or failure with each lead lies in your determination. How hungry are you? How many times will you follow up? Are you able to withstand several phone calls with no close in sight? Will you be the last agent standing? Sometimes, you have to go through a lot to earn a client’s business because one-call closes are rare. If you don’t like to break a sweat working leads, consider live transfer calls, which are more expensive, but easier to close because you have that person on the phone after one of our call center concierges has already verified their information.

But even live transfer calls are not guaranteed. What is guaranteed is that if you start working your leads as you would any other prospect, you will have the same close ratio. You will be successful if you are genuine and you care about protecting people.

Mirror and Act Sincerely

Don’t be laid back when the person on the other end seems rushed and anxious for a quote. And, don’t rush the lead if they want to chit chat. Learn to mirror the prospect and go at their speed, not yours. You are the one who needs to be at service, so let them set the tone.

Nurture this relationship and gain as much knowledge about this new person as you can. Even when in a rush, you can ask the right questions by explaining that you’re trying to see if any discounts apply. Everyone wants an agent who wants to save them money; they’ll make time, so find out who they are and what they have at stake that needs insurance.

If you develop a genuine rapport with a client, you’re sure to get a referral too. Referrals cost you nothing, and they are the most under-explored aspect of purchased leads. But existing leads are a perfectly great way to meet other people.

What Else Needs to Be Insured?

As the prospect begins to reveal more about their job, lifestyle and general profile, take notes on all the types of insurance you anticipate he/she will need, not just the product for which they want a quote. Your powers of persuasion will come into play here. For instance, a high-net individual who lives in an apartment may not have considered renters insurance but it’s your job to explain why it’s an important coverage to have along with the auto policy they wanted.

Our most successful agents are insuring entire households, not just one car. It takes some skill to maneuver big wins like this but that should be your ultimate goal. Once you get the hang of doing it, it’ll become second nature. We encourage all our agents to think big and treat individual leads as a fountain of potential business.