In the ever-competitive avenue of life insurance – and one with very special moral considerations – insurance affiliates have to go the extra mile to generate and convert leads sustainably. You have to always grapple with trust issues and so much more before you can maximize your lead conversion potential.
The good news is that there are very specific strategies that can help you find clients for life insurance companies and convert them.
How To Generate Leads for Life Insurance and Maximize Conversions
Life Insurance Lead Conversion Strategy #1: Referral Programs & Partnerships
When it comes to lead generation for life insurance, one cannot underestimate the power of human interaction. Referral programs are extremely effective for enhancing peer-to-peer customer connection and digital worth of mouth.
Generating leads for insurance agents through a referral program usually boils down to developing a program that would be mutually beneficial for the referrer (the one inviting a policy seeker) and the referral (the one being invited).
Here are the most effective tools for referral life insurance leads generation:
| Referrer Tiers | Increasing rewards as referrers bring more clients is a great promo incentive. You can introduce several referrer tiers, allowing your referrers to receive small rewards from the referrals invited by the lower-tier referrers. |
| Diverse Rewards | On top of cash rewards that most life insurance referrers expect, you can introduce policy discounts, loyalty perks, and other smaller bonuses that might give your life insurance referral program an edge over similar programs |
| Two-way Incentives | Incentivizing both the referrer and the referral is a surefire way to make everyone interested in enrolling in a life insurance policy. Making the deal a win-win will maximize the potential of your referral program |
Another crucial strategy for lead conversion is building partnerships with related medical professionals and professionals from niches where having a life insurance policy is an obvious benefit (for example, policemen or firefighters).
You can expand into many niches, even though some might seem counterintuitive at first. For example, you can try unconventional life insurance sales ideas like attracting life insurance leads through bank employees: 42% of people with above-average income (over $150,000 per year) are interested in getting a life insurance policy.
Life Insurance Lead Conversion Strategy #2: Online Channels
Online advertising, both organic and paid, encompasses a gigantic number of traffic channels to tap into, from your website & blog to social media to forums and more. For every channel, you need a set of specific lead conversion strategies that would factor in the needs and wants of your target policy buyers.
Here’s how you can use online traffic channels to attract insurance agent leads:
- Increase your online presence. For your lead conversion strategies to come to fruition, you must constantly grow your online visibility:
- Maintain your website and blog. Create high-quality, relevant content around your activities, industry news, and interesting facts. Demonstrate your expertise to life insurance leads while making sure your content is visually appealing. According to statistics, 94% of users will leave a site with an unattractive design.
- Create social media accounts. Different social media will allow you to unlock different life insurance leads and test your lead generation and conversion strategies for different demographics. For example, LinkedIn is a prime source for B2B life insurance leads (companies that offer life insurance to their employees), whereas Instagram and TikTok are platforms for visual content and storytelling.
- Conduct webinars. Sharing your knowledge for free, especially via real-time sessions with life insurance leads, will grow your reputation and increase your leads to sales conversion rate.
- Utilize SEO for life insurance lead generation. Regardless of whether you run a blog or a social media page, content optimization for search queries is one of the top-selling life insurance tips. A savvy SEO strategy will attract warm life insurance leads.
- Create a sense of urgency. One of the most effective life insurance sales tips is to create a sense of urgency for life insurance leads. Introduce limited-time discounts, time counters, and other FOMO elements.
All things equal, prioritize warm life insurance leads who have already shown interest in the services you promote. Such leads have a significantly higher conversion rate and price because they know what they want and may only need a final push.
Life Insurance Lead Conversion Strategy #3: Automation
Marketing automation software provides insurers with a wide range of opportunities around the generation and conversion of life insurance leads:
- Lead generation automation. You can automate many lead gen routines; for example, if you’re flipping life insurance leads, you can route them directly to the advertiser’s sales department.
- Data analytics. For a successful lead conversion strategy, you must constantly analyze the customer journey across touchpoints. Such detailed analysis – real-time and strategic – can enhance conversion for leads dramatically and help you retain and reengage more customers.
- Optimization of interactions. Up-to-date CRM systems enable personalized, well-timed communication with customers so you can satisfy their cravings in the best way possible.
Life Insurance Lead Conversion Strategy #4: Offline Marketing
Leaflets, billboards, and TV commercials effectively complement progressive lead conversion strategies, usually resulting in higher conversion rates.
An important advantage of offline marketing is that it acts upon your online audience as well. Workshops, conferences, and other offline events are inexhaustible sources for online marketing content – more importantly – content that demonstrates you’re a real company that is not afraid of public speaking.
Life Insurance Lead Conversion Strategy #5: Lead Flipping
If you’re a crafty marketer, you can even flip life insurance leads. The only nuance is that you must first find a reputable life insurance lead provider that sells quality, relevant leads at your target price.
Convert Your Leads into Profits with Profitise
Profitise is a high-ticket insurance and solar affiliate network that pays one of the highest prices for web and call leads and provides customizable JavaScript forms that qualify leads on the fly.
Here’s what you get with Profitise:
- Easy-to-embed JavaScript forms to generate quality traffic
- One of the highest per-lead rates in the insurance and solar industries
- The ability to sell your leads instantly
- Support from an affiliate manager
Sell insurance and leads with Profitise as an affiliate.
Frequently Asked Questions
What is a life insurance lead?
A life insurance lead is an individual or company potentially interested in buying a life insurance policy or offering life insurance policies to employees as a part of an employee benefits package. “Potentially interested” means that an individual or a company representative in question has completed a specific qualifying action like filling out an application, registering for a webinar, subscribing to a newsletter, etc.
How can I increase my insurance sales?
To increase your insurance sales, you typically have to boost both the number of insurance leads and conversion rates. In practice, this means you have to revamp all generation, nurturing, and lead conversion strategies.
What is the typical conversion rate for cold leads?
The typical conversion rate for cold leads is less than 2%. While contacting such life insurance leads can be part of your strategy, it’s preferable to engage with warm and hot leads, as they tend to convert more quickly and more often.
How much does it cost to purchase life insurance leads?
Exclusive life insurance leads with a high conversion rate can cost anywhere from $50 to $150 per lead. Shared insurance leads may cost around $10 to $30.
