Online leads are the latest breakthrough in insurance prospecting. A prospect visits a website to request an agent to contact them. The average close rate for these leads is 15-20%. This can be achieved with quick responses and persistence.
Average agents will call a lead at least twice and send three to five emails within the first five days of receiving the lead. The lead will be placed in a pile for about one month. After that, it will either be moved to an expand-a file folder or thrown out to the trash. If leads are only worked via email, the email will be kept in the folder until it is deleted. A 15% close ratio means that 85% of leads can be deleted or filed away permanently. Average insurance leads cost $8.00. 85 of 100 leads ($800) are being ignored or thrown out. Loss of $650 for the agent! Is this the highest premium paid for these leads? Although it is possible, agents will lose out on huge amounts of revenue if they don’t properly utilize these leads. These tips will help you increase your revenue.
1. Respond fast: Today’s consumers are impatient. Consumers have a 24/7 access to information. You can order pizza online and get it delivered within 30 minutes. You can order holiday gifts online and they will be delivered directly to your recipient. We can also shop for clothes and furniture using our mobile phones. When we order insurance online, why should it take us 24 hours to 3 days for a call back? Online shopping for insurance is similar to ordering insurance. To maximize your contactability, you must respond quickly and efficiently. Within 24 hours, 10 agents will be calling the prospect, leaving them exhausted and unable to speak with anyone.
2. You can respond in many ways. An autoresponder is key for getting to the prospect quickly. Let your prospect know you have received their information and are working on their quote to assure them that they are being taken care of. Reach out to your prospect by phone and email multiple times so they can reach you at their convenience. Some people will only read the emails and then take care of their insurance through email. Some people may be upset if they don’t hear back. Others will give up and decide to stop the call when they get the slowest phone. To provide consistent and reliable customer service, you must stay in touch with your client at all times via email and telephone.
3. You must keep in touch for the long-term. Contact for less than five to ten business days won’t get you the results you want. Keep in touch with the lead for between 30 and 60 days. People may be shopping, but won’t make a decision until after at least 30 days. To really think things through, some people wait until the calls end. Everybody shops differently. Each person’s shopping habits is unique. Multiple exposures over a longer period of time increases name recognition and creates an atmosphere of stability.
4. Renew: Most agents fail to follow up on renewals, despite their selling skills and persistence. Agents are aware that prospects tend to renew at the same time every year. To make the most of the resources provided by them, pull past leads and market again to them via post cards, calls, or emails. The prospect will be more open to discussing their insurance needs and not being bombarded by calls.
5. A CRM system can help you save time and organize your leads. Insurance agents will be able to track their calls and emails, get auto responders and keep track of them. These leads can be used to market to other clients in the future. This is the best way to keep your online investment in insurance leads.
Online leads can be hard work. It is not easy to make a living online. Agents can still make online leads work with persistence, positive attitude, and the right sales model.