There are many ways insurance brokers generate leads. Some are supplied leads directly from their employer or business they are contracted to, while others are expected to bring in their own leads. If you are self-employed or run a business it’s up to you to source them for yourself and employees. Here are some of the most common ways to generate leads in the insurance space:
→ Referrals: Common referral partners include other brokers, especially in related industries such as lending. Mortgage brokers and real estate agents are good sources. This is a good channel but can be inconsistent and lumpy as you don’t have any control over when you will get leads. For this to work effectively you need a really large referral network to ensure adequate lead volumes. The other downside is having to give away some of your commission for successfully converted leads.
→ Cold calling: This is probably one of the least favourite channels for brokers. But you can hire a VA (virtual assistant) or a telemarketing company to call potential prospects and book appointments for you. This can be costly and conversion rates tend to be much lower. Because you are interrupting people who aren’t expecting your call it really is a numbers game. Finding someone who is open to having a conversation can be like finding a needle in a haystack as it needs to be the right person at the right time. Really understanding your prospect, their problems and having a great script is key to getting the best results here. You also need a thick skin and it’s not for everybody.
→ Trade shows: Big events where your potential clients will be is another favourite with insurance brokers. Common events include things like; home shows (target market is homeowners), baby shows (new parents to be), wedding shows (couples about to get married). The biggest deterrent here is cost. Paying for a booth to exhibit will usually run into the thousands of dollars. The return is often not there. To get the most success here you need a strong strategy for before, during and post event. You need to follow-up on all leads quickly and you need to be very proactive during the event. Try to come up with fun and engaging ways to collect leads and capture their information.
→ Digital marketing: More and more insurance brokers are starting to understand the value of digital marketing and are trying to take advantage of it. We know 81% of consumers go online to find information on products or services they are interested in purchasing. This requires a lot of resources, energy and expertise on your behalf. You will need your own website, social profiles, sales funnels, campaigns and have to risk your own money figuring it all out. Then there’s no guarantees that you will generate leads or the ones you want. It also requires a large upfront investment in your own website, branding, paid media and lead capture systems. And that doesn’t include the time cost of setting everything up, continually optimising campaigns and keeping up with the latest digital marketing trends and changes.
→ Lead providers (what we are): This is a great way to get a consistent stream of buyer ready leads for your business and you only pay for real results in the form of leads. No setup fees, expensive monthly retainers or lock in contracts (depending on the provider). The lead provider takes the risk. Taking care of building all the sales funnels, ads and landing pages for free. You can scale as you grow and ensure there’s always a consistent pipeline of qualified, high converting sales leads for your business.
