Generating leads for the insurance business

Insurance agents need crm software

The paramount concern of insurance agents is a reliable strategy, which predictably generates leads that convert. As an insurance agent, you have already realized that leads come in different flavors and types. Generating leads is the air that insurance agents breathe.

Breathing requires oxygen and insurance sales require leads, preferably of high quality. Likewise, when generating leads, you need to attract quality prospects. And quality prospects are those who are aware of their insurance needs and actively seek to address these needs. All people have insurance needs; however, of different types and urgency. The job of an agent is to develop a strategy that constantly feeds their sales pipeline with prospects.

There is extended literature, analyzing various strategies on generating insurance leads. No single strategy is necessarily the most applicable in all cases. With so many marketing channels available nowadays, insurance agents can use a combination of both paid and non-paid (or organic) marketing channels. Regardless of the marketing methods you use, you need to set up metrics, so that you know what works best for you. To do that, you need to use an insurance CRM that supports your lead generation strategy. You can slice the lead generation operation in many ways, but when you compile all the methods available to you, you are left with online vs offline methods and paid vs non-paid methods.

This post intends to give you ideas, as to how you can develop and sustain a lead generating strategy, taking advantage of current online trends.

Social media and paid ads

This is one trusted method to generate brand awareness and, over time, start generating leads. Prior to starting any paid ad campaign, ensure that your online presence, your website, your content and your blog, are marketing-savvy; so that you can achieve a lower-than-average bounce rate. A low bounce-rate is what you want to have; namely, you want people to stay at your site browsing through pages, finding it interesting and useful.

Certain insurance CRMs feature integration capabilities with social media platforms. Once you’ve set-up this “connection” between your SM account and your CRM, you’ll be able to have prospects landing directly on your CRM. Once this “channel” starts working, you can experiment with small and gradual improvements, in order to find out what refinements work best for you. Always keep an eye on the deal-close rate that you achieve with prospects from paid ads.

Social media and organic traffic

This is your Holy Grail of generating leads. There is nothing more important than connecting with people who are looking for a solution to their problem. Organic traffic consists of the visitors who land on your website as a result of unpaid, organic search results. Generating leads by means of organic traffic takes time, effort, persistence and consistency. Generating leads through organic traffic is a two-step process. First, you need to create an online profile that converts visitors to leads. Then you need an insurance CRM that can integrate to your online profile; where all these leads are loaded automatically. Organic traffic, unlike paid ads, takes time to build and yield results. Always keep an eye on all marketing channels that feed leads into your sales funnel, so that you can enact micro-corrections and improve the quality of your leads.

Generating leads through referrals

Hands down, referrals from other customers help achieve the highest closing rates among all types of leads. This is simple to justify. When you create a happy customer you practically create organic traffic; but, that traffic reaches your doorstep offline, instead of online. Referrals are people who have a problem, they know they have it and they have made up their mind that they need to seek a solution to it. So, they’re already looking for a solution. They understand their insurance needs, or they have been dissatisfied with their past agent, and they’re actively scouting for a solution.

The ball is in your court; make sure that these prospects find what they’re looking for. They’ll eventually refer more prospects to your insurance business in the future.

Online networking

Join insurance-related forums or events, either locally, or nationally. This is mostly free; and, if nurtured correctly, it makes for a marketing investment well-spent. Like organic traffic, networking online takes time to thrive; and it is not easy to attribute. Networking enhances your branding efforts and should work hand-in-hand with your online profile or your website.

Lead vendors

This is not literally about generating leads, but when everything else seems daunting, you can always spend your marketing budget on purchasing leads from prominent lead vendor platforms. Such platforms can offer databases of prospects, by collecting and compiling data from different sources. Insurance agents who are making their first steps, finding their footing, oftentimes opt to buy leads from these platforms; that is, until they’ve developed their own marketing strategy. That way, an agent can start working on their business book, immediately.

Prior to spending money on buying insurance leads, educate yourself, as to how to go shopping. Look for quality leads; that is, leads who have not been sold to other agents. If this is impossible, look for leads who have been sold as few times as possible. Ensure that the vendor you are buying from is selling the insurance type leads that you need.

Tracking your channels

Regardless of the method that you decide to follow in generating leads, none will work optimally without you tracking your metrics closely. Even if you only stick to one or two channels to spend your marketing money, you need to identify the parameters that affect your bottom line. How many closings do you need to achieve per channel? How much are you spending per lead on lead-acquisition? Does your CRM help you track these metrics? If not, you might need to look for an insurance CRM that actually helps you track your lead generation channels.

Key takeaways

Leads are the engine of your insurance business’s growth. You need to establish a constant flow of new leads that feed right into your sales funnel. Generating leads will rather be challenging, in the beginning; and expensive, at times. You have to perform educated experiments with various marketing channels. No guesswork, no exceptions allowed. For that, you need to know your KPIs and which parameters will affect them. Using an insurance CRM will definitely help you monitor your KPIs; and, identify how you can improve on them. Develop an online profile that answers to the needs and preferences of your visitors. Consistently respond to their emails and texts, in a timely fashion. You can’t go wrong with it!

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