How Live Transfer "Hotkeys" Are Changing The Life Insurance Sales Game
Obtaining valuable leads as a life insurance provider can often prove to be exceptionally difficult. As reported by moneymarketing.co.uk, only 35% of people in the UK have life insurance cover despite that fact that six in 10 households agree it would benefit their family. And according to a 2022 research report by Direct Line, a whopping third (35%) of those who do not hold a life insurance policy believe that policies in general are simply far too expensive anyway.
But it’s not all doom and gloom; the market is definitely there… if you know where to look. More than two-fifths (42%) of UK households admitted to not knowing how much life insurance costs, presenting an excellent opportunity for expert lead & marketing campaigns to educate the country while also securing sales in the process.
why is it so difficult to generate Quality life insurance leads?
Given that the average household (up to 71% of them – double the number of life insurance policy holders) in the UK tend to hold multiple recurring subscriptions for various streaming, gaming and music platforms (Spotify, Amazon, Netflix, etc.) you may rightfully be wondering why the consumer perspective of life insurance is so apathetic or even negative, at times. After all, what’s an extra £20 a month to help secure your entire family’s future?
The answer lies firmly in the realm of consumer psychology. Nowadays, people are easily distracted, and often value short-term pleasure over long term investments that don’t offer some form of immediate return. The uneven economy, combined with the lower attention span of consumers in the modern technology climate, has encouraged younger & healthier individuals (the life insurance leads you want!) to live in and value the present rather than fully considering the future. To put it in perspective, the US National Center For Biotechnology Information claims that between 2000 and 2015, our attention spans shrank by a whopping 25%.
Who knows? By now, there’s a good chance you’ve taken to skimming this article or are just about to click off it, right? Well stick around, because we’re about to tell you how the “hotkey” lead generation approach avoids this problem entirely and potentially secures prospects you would have not managed to capture otherwise.
What are "Hotkey" Leads?
In short, the term “hotkey” is used to describe what is essentially a boiling hot, quote-ready lead. In the context of Direct Data Squad’s life insurance “hotkey” offering, they take the form of live transfer, quote-guaranteed leads that have been generated via outbound dialling. Each and every one of these prospects will match your chosen criteria and will be transferred over to you instantly. In our case, if you don’t quote any of our hotkeys, it won’t be classed as billable, and will be replaced for free.
In short, we do all the hard work of finding interested customers, and then hand these people straight over to you for a quote – with an average 40% conversion to sale rate amongst our previous clients.
We tend to ask those who are still unsure about hotkeys to look at it this way: “if you were to quote 10 prospects, how many of those would you usually convert into paying customers?”
How do "Hotkeys" differ from regular leads?
As one of the top data & lead providers in the UK, Direct Data Squad has tried out various methods of generating leads for life insurance over the years. However, no approach has been as effective for our clients as these “hotkey” offerings. Web leads (via social media, search engine ads, etc.) are either too unreliable, or far to expensive to generate. Cold-calling is difficult enough on the best of days, but for life insurance in particular, it’s simply a lesson in futility.
Our average “40% conversion to sale” number is not an exaggeration. Life insurance hotkey leads really do just work that well for our clients. We’ve established successful collaborations with over 45 life brokers since becoming the #1 life lead provider, and most of them keep coming back for more.
The process, in a nutshell
In our case, we source life insurance hotkeys through our extensive network of professional and experienced call centers. Our clients provide the criteria, and we start making calls based on our own datasets. Once we’ve secured a genuinely interested customer (somebody who is actually ready to purchase a policy) over the phone, we transfer them directly over to our client’s sales team. It really is that simple.