Today, businesses in various domains understand the importance of being relevant on websites and staying connected. And insurance companies are no exception.
One of the critical components of ensuring online success is consistent and smooth lead generation. Though the process to generate leads is no different for the insurance industry, it has proven to be daunting for several insurance agencies.
However, the good news is that there are plenty of lead generation strategies that insurance companies can implement as long as they know what is more suitable for their business.
If you’re an insurer and looking for ways to boost your lead generation, here is all you need to know.
Current Trends in Insurance Lead Generation
In the current digital landscape, brokers, insurance agents, and carriers are open to embracing innovative technologies to grow their business and remain competitive. In fact, more than 96 percent of executives admit that innovation has increased significantly in their businesses over the past two years.
Here, we have rounded up some current trends in the insurance industry to help you gain a competitive edge.
1. Sales Enablement Technologies
Insurance agents and carriers continue to employ tools to not only track but also engage buyers effectively. Incorporating tools allow insurance carriers to move through their sales funnel to buy and address the post-purchase needs.
According to a recent HighSpot report, the incorporation of sales enablement tools is increasing. It encompasses all kinds of tools from training, onboarding, sales, marketing, and analytics that sales teams use to deliver improved customer experience and sell effectively.
The study further finds that only 20 percent of companies reported employing sales enablement tools to increase leads in 2013. However, the statistic increased to 60 percent in 2019.
2. Integration with CRM Tools
CRM tools have also become a raging trend in the insurance industry.
Agents are gaining more understanding of who their leads are, what their needs are, and what are the ways to serve them to hold effective communications, fuel analytics, sales enablement, and future programs.
Most of them start with leveraging multiple CRM databases such as Velocify, VanillaSoft, and Salesforce, to track leads and prospects.
3. Real-Time Delivery and Personalization
Nowadays, insurance companies are aiming to offer a better customer experience. They use technologies to cut through the noise to reach prospects and inspire them to choose the service. Of course, they need to do this in an appealing way for it to work.
Technology has allowed the industry to offer on-demand services to clients, making real-time delivery a possibility. The insurance industry harnesses the integration of customization to deliver a better customer experience to stay competitive.
Challenges In Insurance Lead Generation
Selling an insurance product has its own set of challenges. Unlike other products, prospects or buyers are either reluctant to say that they require an insurance policy or uncertain to plan for their looming obstacles. This is why lead generation has itself become a major problem that makes or breaks the practice.
It takes a sheer amount of effort, research, and understanding to overcome barriers like these, especially when there is a threat to compete with various non-traditional channels.
However, implementing technology-based outreach solutions such as predictive dialers, ringless voicemails and rich text messaging can work great for the practice, whether it concerns an underserved market, getting ready referrals via networking, or investing in tech-savvy tools to deliver qualified leads.
Here are some more challenges lead generators often face;
- Having accurate and relevant data
- Shaping and holding conversations
- Generating sufficient qualified leads
- Turning leads into buyers
- Recruiting, training, and equipping the qualified Salespeople
Best Way to Get Insurance Leads
1. Purchase the Lead List That Is Highly Relevant
It is an excellent strategy that requires you to buy a list of insurance leads for carriers from other companies. Though it can be an expensive deal, it presents an opportunity to obtain data of the new customers or clients your company has never been contacted before. It can include potential buyers who will be interested in purchasing from you or use your offer if they contact you.
2. Exchange the Lead List with Cross-Selling Industry Segments
This is another smart way to find and reach new prospects and buyers. You can contact the agents or brokers who work in similar meta markets that are ready to share the data with you that doesn’t clash with anyone in the business.
If you are dealing in car insurance, exchanging data with Car dealer or Dealer who works in buying and selling old or renewed cars, Exchanging data with a Property dealer for Home insurance, With hospital or baby products sellers for Live or Health insurance selling.
3. Segment Your List Based On Different Criteria According To Your Product
Insurance can be of a variety of types, so each provider requires different strategies and tactics to turn a lead into a sale. Segmenting your leads based on demographic factors in insurance works well for you to pitch the right product.
For e.g., if you segment your data with Age group between 30-45 years, having a child age between 0-7 years, Social class – middle or upper-middle class, with no insurance or underinsured people, will give you genuine leads who has all criteria to be a perfect prospect for Child plan or Retirement plans
4. Differentiate the Cold and Warm Leads
Warm leads are more interested in exploring more about your services as they cross the awareness stage of the buyer journey and are in the consideration phase. You must learn to differentiate between cold and warm leads to make the most of your lead generation plan. Focus on warm leads as they are more likely to turn into potential customers compared to cold leads. Warm leads look for more collaboration opportunities.
5. Choose the right Channel for Cold and Warm Outreach
Multichannel outreach refers to a process of using various channels to find, connect and engage leads. These channels can be different digital platforms that get your message to potential customers. You need to opt for the most effective channel for both cold and warm outreach to generate more insurance leads.
For cold and warm outreach, you can;
- Send rich-text messages
- Write inclusive emails
- Pitch the clients to meet using voice broadcasting or ringless voicemail
- Make phone calls
Result-driven Outbound Marketing Channels for Insurance Lead Generation
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Calling Warm leads with Predictive Dialer
Use predictive dialers to improve or upgrade your outbound call volume and obtain plenty of right-party contacts. The smart, automated dialer improves insurance agent’s efficiency and productivity by placing calls even before he or she becomes available.
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Following up with Email
Email is one of the tried and tested channels you can use to connect with prospects. It is the best way to keep the clients in a loop or provide them with any new information instantly and stay in touch with them after an initial conversation or in between 2 purchases or renewal payments.
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Notification with Text Messages
Promote your expos, events and generate traffic with text messages and notifications. You can send prospects anything from image, audio to video, and locations using this marketing channel.
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Payment Reminders with Ringless Voicemails
Make the most of this non-intrusive technology to deliver Payment reminders to clients’ voicemails directly that helps you to generate recurring business or referrals, too. It is an ideal solution for getting a quick response from prospects and reaching the mass market.
Cutting the long story Short:
In today’s competitive time, if you stick to a straight approach to lead generation which is traditional flat or banal, you will lose the race. It’s time to change the approach towards data and reaching out to that data to get more productive leads for your Insurance business to grow it in the growing world. To know more about how using leadsrain’s outbound marketing tools you can excel in your Insurance lead generation get in touch with our experts today on support@leadsrain.com and get started..!!
