With only 52% of Americans having a life insurance policy, the life insurance market provides plenty of opportunities for companies and agents who are crafty enough to acquire leads cost-effectively in bulk.
Well-thought-out life insurance lead generation strategies can ensure enough clients for any life insurance business if you leverage organic lead generation and purchase life insurance leads.
Read on to learn about the most effective life insurance lead generation strategies, from capturing leads’ attention to nurturing them to a conversion.
A life insurance lead is a person who has shown interest in a life insurance product or service by providing an email or phone number or filling out a form. Depending on the leads’ intent level, there are cold, warm, and hot leads, all requiring different nurturing approaches before you can convert them.
Cold leads are at the beginning of the sales cycle, knowing little to nothing about the insurance product in question. Such low-intent life insurance leads require careful and prolonged nurturing to bring them to the stage of direct sales.
Warm leads are deeper into the sales funnel, having shown moderate interest in the company’s insurance services or products: filled out a website form, subscribed to email newsletters, etc. These leads usually require a more narrow-focused marketing approach like, for example, informing about specific advantages of a particular life insurance.
Hot leads are ready or almost ready to purchase an insurance policy, possibly requiring a small nudge to take action. These leads are usually contacted by the sales department with a sales attempt.
Here are the differences between the types of leads:
|No interest in the product/service
|Moderate interest confirmed by taking a target action
|High interest confirmed by an attempt to look for details like the most advantageous solution
|No interaction with the insurance company
|Moderate (sporadic) interaction with the insurance company
|Regular active interaction with the insurance company
|Purchase is unlikely
|Purchase is possible
|Purchase is likely
|Require lots of time and attention
|Require some time and attention
|Require a slight nudge
When it comes to life insurance leads, it’s paramount to qualify them correctly so they connect to the right sales or customer support department. Qualifying a lead takes time and effort, when both the marketing and sales teams must work together.
Qualified life insurance leads come in various types:
|Information Qualified Life Insurance Leads
|Provided specific personal information like location, purchase preferences, or insurance needs
|Marketing Qualified Life Insurance Leads
|Met the insurer’s marketing team criteria: filled out a form, subscribed to a newsletter, etc.
|Sales Qualified Life Insurance Leads
|Met the criteria provided by the insurer’s sales team; for example, requested a quote
Lead scoring is ranking potential clients by their purchase intent, helping insurance companies understand which clients need to be quickly directed to the sales department and which still require nurturing.
Overall, lead scoring helps you predict which leads will convert and how to best move them toward a purchase.
Here’s how life insurance lead generation typically unfolds:
What sets life insurance apart is the intangible nature of what is being sold. However, this isn’t the only factor complicating lead generation for life insurance.
Some of the lead generation challenges to overcome are:
|People tend to buy what brings them immediate benefits, which is not the case with life insurance services. As an insurer, you have to sell the promised peace of mind.
|Most clients find it challenging to understand the terms and principles of life insurance policies. A significant portion of the target audience does not delve into the subject and makes choices based on recommendations and reviews from friends, colleagues, and influencers.
|The life insurance seekers’ demographics are broad, which makes targeting more difficult than addressing one specific buyer persona.
Attracting qualified life insurance leads can be challenging, but with the right approach, you can get quality life insurance leads that are more likely to convert into paying customers.
Before diving into life insurance lead generation, it’s crucial to create buyer personas and understand their pain points, needs, and preferences.
Here are the most effective generation strategies for the life insurance sector:
Creating sharable content will establish you as an expert in the insurance field and increase your reach and visibility. Content that informs, educates, and entertains will increase loyalty and make converting qualified life insurance leads easier.
The publication schedule is also essential. Frequent posting of high-quality content signals your readiness to go the extra mile in solving arising challenges. According to Hubspot’s research, active blogging helps achieve a positive return on investment (ROI) 13 times more often.
Social media offers a great space for engaging with your audience.
Start by creating a Facebook group to discuss relevant insurance topics. Use hashtags on Twitter and Instagram to maintain contact with like-minded individuals. Leverage LinkedIn to connect with B2B clients.
Did you know that landing pages with multiple offers receive 266% fewer potential clients than pages with a single offer? If your website falls into this category, it’s time to reconsider your conversion rate optimization (CRO) strategy.
Ensure that a landing page has no more than one offer and that your call to action (CTA) is clear and compelling. If a visitor’s attention is scattered, they may lose interest. Your CTA should be persuasive and clear so visitors can provide personal information without hesitation.
Contextual advertising for insurance services allows you to acquire new clients in the first days after launching paid ads.
The ad text should focus on memorability. People are not inclined to buy life insurance online based on momentary emotions, so making them memorize your brand is beneficial.
To capture your audience’s interest, add the following to your ad text and landing page:
Likewise, make sure to simplify the application process so clients can complete the form in one take.
Whether you’ve exhausted your organic traffic channels, can’t generate enough organic leads, or want to save on marketing, you can buy leads for life insurance.
Purchasing leads for insurance is the best way to get life insurance leads on the spot and of desired demographics and quality. A reputable lead generation agency, marketplace, or affiliate network will grant you as many qualified life insurance leads as you need at your target price – you just need to find one.
At Profitise, you can revolutionize your life insurance lead generation system by tapping into a huge market of lead buyers and sellers. There’s nothing difficult in trading life insurance leads: set your target demographics, price per lead, and the type of leads to buy or sell.
The two main ways to attract new clients are buying life insurance leads and life insurance lead generation. The choice depends on your goals, budget, and the availability of time and resources.
The best places for life insurance leads are your website, blog, social media platforms, forums, local events, communities, etc.
The cost of a life insurance lead varies from around $10 to $300, depending on whether the lead is qualified, their type (shared, exclusive, live transfer, etc.), and the lead agency itself.
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