A life insurance agent is happy when their leads convert, with the final sales pitching topping the sales game. However, there’s much more to it: at the very least, you must generate quality leads in the first place before you can nurture and convert them.
Speaking of the life insurance lead generation strategies, there’s good and bad news. The bad news is that different demographics and psychographics of life insurance policy seekers usually require a unique lead gen and sales approach. The good news, though, is that there are some basic lead generation strategies that any insurer can adapt to their business realities.
Read on to uncover the lead generation strategies that will maximize your success in the life insurance industry.
Are Company Life Insurance Leads Worth It?
An insurance firm can generate company life insurance leads through marketing strategies, cooperating with lead generation companies, or buying leads from agencies or marketplaces, all three methods having pros and cons.
Company life insurance leads have obvious advantages. For example, if you’re a newbie loan officer coming to work for the first time, the leads are just there for you, and you’re all set to make a big buck. But not only that.
Here are the benefits of life insurance leads supplied by the company:
- Financial security: Simplicity is a major value in company life insurance leads. You – the agent – don’t have to risk your cash by investing in leads that may never convert.
- Time efficiency: You don’t have to be a jack of all trades when you can master one. With leads from your company, you’ll skip straight to the part you excel at – nurturing relationships and closing sales.
- Guaranteed quality: Your employer is as interested in high conversion rates as you are. You can be confident that you’re dealing with legitimate, fair-game leads.
- Proven Strategies: With an established life insurance company as your lead provider, you can be confident that these leads are generated through proven, time-tested strategies.
Source: Atlas Magazine
Now, let’s talk about the flip side of the company life insurance leads:
- Commission cuts: The company takes a certain percentage from every deal you close on home-supplied life insurance leads. The slice of the pie that goes to your employer could be substantial, affecting your bottom-line earnings.
- Risk of cold leads: Remember those hairy stats about 90% of new agents quitting within the first three months? That’s because some of these agents inherit leads from their predecessors, aged and cold. This means you could end up with a bag of life insurance leads that won’t go anywhere.
- Missed opportunity for growth: Relying solely on a steady flow of company leads gradually atrophies your sales skills. Lead generation is a precious skill you don’t want to weaken or sidestep.
If I had to summarize company life insurance leads’ pros and cons in two sentences, I’d say that they seem comforting because they are time-efficient and require no upfront investments. However, using home-supplied leads only limits your professional development and potential earnings.
Are Third-Party Life Insurance Leads Worth It?
Diversifying your efforts will help you find an optimal channel for generating life insurance leads or, even better, allow you to juggle different methods for the best results.
When starting as a loan officer, explore the company-supplied leads first. After getting the hang of how they work and learning what lead qualities are crucial for conversions, try the following: buying life insurance leads.
While I’m not arguing it is the best way to get life insurance leads, it is one of the easiest ones and definitely a good solution to use in tandem with your other lead generation strategies.
To make the most effect of buying leads for insurance, you have to find an established life insurance lead company with a good reputation. If you’ve partnered with a quality third-party life insurance lead generator, you’ll enjoy the following benefits:
- Time and resource efficiency: You can buy life insurance leads online in bulk, eliminating the need to acquire contact information and, depending on the leads’ quality, saving resources for nurturing them.
- Higher earnings: You pay upfront when you buy life insurance leads instead of paying the percentage of the closed deal, as with employer-sponsored leads.
- Targeted audience: Typically, life insurance leads for sale undergo qualifying and are segmented by demographic or other factors. If you get hold of life insurance leads representing your targeted audience, your CR will be high.
When looking for the best place to buy life insurance leads, consider your specific needs, the kind of leads you want to work with, and what the lead company offers you. Get educated about the different types of leads and how they are described by lead vendors when sold. Also, learn about the company’s policies that might be helpful for your lead conversion efforts.
Here are the three most popular types of life insurance leads:
| Cheap life insurance leads | These may be aged leads that were generated over 30 days ago and might have been sold to many agents. They are less likely to convert, hence the price. |
| Real-time life insurance leads | These leads are sent to you as soon as they submit their contact info, which means you can respond to them while they are actively searching for insurance information. You may even be the first agent to contact them about life insurance. |
| Exclusive leads | When a company sells exclusive leads, it guarantees you are the only agent receiving them. Without competition, exclusive leads are the easiest to convert. |
When buying life insurance leads, there are two more important nuances to keep in mind:
- Money-back guarantee. All other things being equal, it would be wise to choose companies with money-back policies so you can apply for refunds or new leads if some of the purchased leads are non-valid (incorrect contacts, wrong demographic group, aged leads).
- Targeting. Some companies may sell generic life insurance leads that won’t resonate with your business. With this in mind, make sure you buy life insurance leads who are at least filtered by location.
Creating Effective Lead Generation Strategies
The inbound or purchased leads for life insurance don’t usually come from nowhere. It’s unlikely that the person just dials a company that sells insurance and buys on the spot. In real life, as soon as individuals express their interest in insurance on the Internet, they become life insurance leads for agents working in that area.
Knowing how to find prospects for life insurance entails analyzing market trends, studying consumer behavior, enhancing communication skills, and effectively using different ways of interaction.
Source: Zippia
Learning about the intricacies of effective lead generation strategies helps insurance agents gain independence from company-supplied leads and generate the best life insurance leads.
The following chapters will explain how to get life insurance leads through different tactics.
Life Insurance Lead Gen Strategy #1: Content Marketing
Engaging content plays a crucial role in generating online life insurance leads. In many industries, content marketing campaigns have proven an effective communication strategy, especially for the B2C market segment. And they are far from being the priciest solutions.
Content marketing allows for establishing unintrusive relationships with your audience. It is ideal for proactive leads who are impressed with your content, either texts, images, or videos, and become leads by clicking CTA buttons, submitting forms, or directly contacting you.
Some of the content marketing strategies for life insurance lead generation include:
- Establishing yourself as a trustful source of information through informative content that resonates with health and life insurance leads
- Increasing online visibility so it is easy for online users to contact you or refer to someone
- Setting up communication channels with life insurance prospects through comments, reviews, or social media messages
- Building networking with other businesses through backlinks and referrals
- Targeting specific keywords that are most relevant to your audience
- Showcasing your expertise and successes through testimonials, case studies, etc.
Perfecting your content marketing campaign is a lengthy process. Optimizing your website for search engines will take three to six months to show results. That shouldn’t discourage you from starting your website and social media accounts: the sooner you start working on your content, the sooner you will attract people looking for life insurance with it.
Life Insurance Lead Gen Strategy #2: Email Marketing
Emails are a tried-and-true universal communication method used by businesses and individuals, with the industry’s average open rate being 21.36%.
Email campaigns can be integrated into the life insurance lead generation system for different stages, especially nurturing quality life insurance leads. You can take a mixed bag of leads and gradually filter out premium life insurance leads.
Additionally, you can use email automation tools to send emails immediately after certain conditions, like clicking a CTA button or requesting information about life insurance policies on your website.
Life Insurance Lead Gen Strategy #3: Sites and Directories
Unlike content marketing campaigns that require a certain amount of time before they can generate life insurance leads at full throttle, listing your services in online directories can provide results almost immediately.
Source: Yellow Pages
Online platforms like Yelp and Yellow Pages will grant you the visibility level of a well-established business, unlocking one more stream of qualified life insurance leads. Likewise, being listed on directories makes you visible to local leads.
Life Insurance Lead Gen Strategy #4: Understanding Your Target Audience
Knowing your target audience is an underlying value for the successful development of all lead generation strategies. The insights about demographics, lifestyles, and user pain points allow more cost-effective content marketing, personalized email campaigns, and continuous refinement of customer experience.
Here are a few examples that illustrate the importance of understanding your audience:
- Insurance plans for young families: To attract the attention of young families, create content related to college savings plans, financial security, etc. Likewise, you can offer special deals like building policies.
- Targeting retired people: You can adjust social media and Google ads to target specific demographics with materials about retirement plans and long-term insurance.
- Participating in online events: If your term life insurance leads include medical workers, you can participate in online forums about medicine and health insurance.
Life Insurance Lead Gen Strategy #5: Compelling Communication Skills
How you communicate with people is a make-or-break component of life insurance sales. Your live communication must express emphasis, morality, and confidence at the same time. You should establish yourself as a trustworthy professional and a person ready to offer support, insights, and guidance.
Buy Quality Life Insurance Leads From Profitise
Profitise is an advanced marketplace for affiliates and advertisers, allowing you to access a vast pool of leads in the life insurance industry and related market segments. We provide customizable settings targeting options so you can hit the leads you need to buy or sell without overpaying or being underpaid.
Whichever lead generation strategies you choose, Profitise will help you tune them to the fullest.
Contact Profitise now at info@profitise.com to get the life insurance leads that are perfect for you!
Frequently Asked Questions
What factors are important when deciding where to buy life insurance leads?
Regardless of the type of life insurance leads you want to buy, ensure that the company employs robust lead-qualifying techniques and has a money-back policy.
What are the benefits of buying leads for life insurance agents?
Agents can purchase life insurance leads to increase the clients’ pool quickly and diversify their lead sources.
How do life insurance agents get clients?
There are three strategic methods for life insurance agents to get clients: obtaining leads from the employer, buying life insurance leads, and generating leads independently through lead generation strategies.
