Insurance & Solar Affiliate News

The 5 Best Lead Conversion Strategies for Life Insurance Leads

02/16/2024

In the ever-competitive avenue of life insurance – and one with very special moral considerations – insurance companies have to go the extra mile to generate and convert life insurance leads sustainably. You have to always grapple with trust issues and so much more before you can maximize the lead conversion potential of your company.

The good news is that there are very specific lead conversion strategies that can help you find clients for life insurance and drive them to a conversion without losing too many of them down the road.

Read to learn more about the most advanced lead conversion strategies that will help you generate life insurance leads and convert most of them.

How To Generate Leads for Life Insurance and Maximize Lead Conversion

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.

The 5 Best Lead Conversion Strategies for Life Insurance Leads

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.

The 5 Best Lead Conversion Strategies for Life Insurance Leads

Here’s how you can use online traffic channels to attract insurance agent leads:

  1. 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.
  2. 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.
  3. 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 your services. Such leads have a significantly higher conversion rate because they know what they want and possibly need some 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. From a comprehensive life insurance lead generation system to simpler life insurance lead generators, you can automate many lead gen routines at your desired level. For example, if you’re buying life insurance leads, you can route callers directly to your sales department while adding web leads to your CRM system.
  • 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.

The 5 Best Lead Conversion Strategies for Life Insurance Leads

Life Insurance Lead Conversion Strategy #4: Offline Marketing

Leaflets, billboards, and TV commercials effectively complement progressive lead conversion strategies, usually resulting in more than average conversion of leads.

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: Converting Purchased Life Insurance Leads

Self-promotion is one of the most sustainable lead conversion strategies, but it takes a considerable amount of time, possibly months and years before your content generates enough life insurance leads.

But if you need clients here and now, there’s a way: purchasing life insurance leads from lead generator agencies and marketplaces. The only nuance is that you must first find a reputable life insurance lead provider that will sell quality, relevant leads at your target price and maybe even help you convert them. Note that some unscrupulous providers focus solely on the quantity of life insurance leads generated, while the chances of conversion for such clients are minimal.

Buy High-Quality Life Insurance Leads at Profitise

Profitise is a time-tested and client-trusted affiliate network that unites affiliates who sell life insurance leads and advertisers who buy these leads, among other leads like auto insurance, home insurance, health insurance, and solar panel leads.

  • Want to buy life insurance leads with higher conversion rates? 

Register on Profitise as an affiliate.

  • Want to sell life insurance leads at the best price in the market?

Register on Profitise as an advertiser.

For more information, contact us at info@profitise.com.

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.

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