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Technology Shifts the Economics of Insurance Lead Acquisition

Posted By Jeff Brown and Jaimie Pickles, Wednesday, May 9, 2018


As consumers continue to shop for insurance online in growing numbers, the demand for customer leads on the part of insurance agents and marketers remains strong. However, many agents find the quality of internet leads to be substandard. Now insurance agents and marketers have access to cutting-edge lead management systems (LMS) that have significantly improved the return on investment of internet leads.

Brave new world

Technology has changed the landscape of internet lead acquisition by offering a combination of filtered, appended and qualified lead data with optimized lead delivery mechanisms. The blend of high quality leads with the means to quickly begin the sales process greatly increases the ability to quote and ultimately close a sale. Additionally, technology can offer insights to consumer behavior, consumer intent and facilitate Telephone Consumer Protection Act (TCPA) compliance. (Consumers who do not consent to be contacted may file a TCPA lawsuit where damages can be as much as $1,500 per violation.)

Today’s most advanced systems automate the entire lead process for the agent. This automation can enable validating, buying and routing leads to individuals or agencies, then scheduling alerts so leads are acted on in a timely manner.

Lead management continues via technology with “sequential marketing” follow-up, scheduling calls and emailing shoppers directing toward a policy purchase.

Automated lead distribution and marketing technology has increased the likelihood of getting a quote by 38% — a phenomenon attributed to “speed to lead” — and has cut the cost of customer acquisition by 57% due to overall higher quality leads.

Advice for insurers

Here are four tips for insurance agents and marketers seeking higher quality, more reliable leads in 2018:

  1. Before you buy a lead, be sure it has been qualified and filtered to assure it is high quality.
  2. If your agency does not offer lead transfer automation, find out why and request it.
  3. When shopping for software, don’t settle for just lead acquisition tools, seek out “automated processes” and “continuous engagement” software that covers the entire customer experience.
  4. For agents, remember time is precious. Look for software that rejects faulty leads rather than sending you unfiltered and raw leads — saving you both time and money.

Tags:  insurance  leads  technology  trends 

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