How to Get More & Better Life Insurance Leads for your Business - The 4 Best Strategies
In the past, Life Insurance used to be something that people spoke to their local broker or financial advisor about. They’d take a trip down to their local high street, walk into a physical location and sit on comfortable chairs whilst discussing their needs. But now, with the explosion of internet marketing, telephone marketing, and huge comparison sites like Money Super Market, getting in front of prospective customers is harder than it’s ever been before.
If you’re the owner of an insurance broker, you know what I’m talking about.
So Life Insurance sales is harder than it’s ever been, but what can you do about it?
Here’s how to get more and better life insurance leads for your business in 2024.
Here’s the 4 Best Strategies to Test out in 2024
1. Referrals
Referrals are by far the best form of marketing that a business can achieve. That’s because an opinion from someone that a prospect trusts is one hundred times more valuable than a billboard that says ‘Best Insurance Broker’.
So, how can you use referrals to your advantage?
For an Insurance Broker, there’s 2 types of referral:
B2B Referral
This is when another business recommends you. Now, this is a tricky one to do since most businesses are going to require a quid-pro-quo situation.
To do this, you’ll need to find a business that doesn’t offer your services (and vice-versa) but you share a target market.
For instance – to stick with insurance firms – imagine you’re a life insurance broker. You may find that a referral agreement with a local mortgage broker is very valuable.
Neither of you offer each others services, and when one business sees that there’s a need for the other, they then make the referral.
It’s quite likely that one business will see more from this agreement than the other. So it may be worth considering incentivising the referrals. Say 10% of the commission paid, for instance.
Client Referral
These are possibly the most valuable form of referral, particularly in insurance services. That’s because people are nervous about these types of industries. They know they’re important but most people aren’t particularly clued-in and there’s a lot of trust required.
A client referral from a friend or family instantly bridges that trust gap. That’s why it’s essential that you’re incentivising referrals.
Ever been offered an Amazon Voucher for signing up a friend? This is exactly the strategy behind it!
2. Live Transfer Leads
Live Transfer Leads are possibly the best lead product in Life Insurance Lead Generation. These leads are telemarketing leads that are generated in real-time and delivered straight to your phone or dialler.
Sounds a little too good to be true, right? Well, this is how they work:
Our lead generation experts search for prospects based on the type of customer that you need. They then speak to hundreds of prospects, pitching your services until they have a client ready for a sale. Once they are, they’re transferred directly through to you. So, all you have to do is the easy part and sell!
3. Digital Marketing
- Build a great brand. If you haven’t got a great one already, create a new one strictly for lead generation.
- Keyword research – identify if there are any low hanging fruit opportunities. These could be specific insurance policies, or policies for specific customers, like Whole of Life Insurance policies, or car insurance for drink drivers.
- Build your marketing material around this so that you can advertise on multiple platforms and reach the largest audience possible for your budget. It’s vital that messaging across your marketing material stays consistent. That way you can create the Halo effect.
- Set a spending plan for daily, weekly, and monthly spend and stick to it, unless things are really going wrong.
- Hire a professional to manage and optimize your campaigns.
4. Life Insurance Marketing Databases
Yes, the old tried and tested cold calling. So, we don’t recommend cold calling, more like lukewarm calling.
What’s the difference?
Well, cold calling is cold prospects who have no idea who you are and you don’t know whether they even fit your criteria. With lukewarm calling, all our marketing leads have been vetted and verified by a lead generation expert and then a compliance officer.
Often, this type of lead will be opted in for a call back.
So whilst working marketing databases looks a lot like cold calling, they are very different.
The benefit of life insurance leads lists is that you can acquire a large volume of them for not a huge investment. Due to this, the potential ROI on these type of leads is far greater than any other type of product.
Nonetheless, it’s important to remember a few things about life insurance leads lists. First, they require more tenacity and experience then any other form of lead. And second, it’s essential that you source them from a reputable lead generation agency. Otherwise you’ll be wasting your time and energy.
Conclusion
In the competitive landscape of life insurance lead generation, there are still plenty of lead generation options to choose from.
Telemarking provides the ultimate full funnel approach, from lead generation to remarketing. No media vehicle provides as much control over targeting, nor personalised messaging.
Whereas digital allows businesses to improve their customer experience and nurture leads from a distance more effectively.
In most cases, we believe that a balanced and mixed approach is best. Sure, there’s a lot to get through but we’re always here to offer advice if you need it.
