Best Strategies To Source Life Insurance Leads

Life insurance agents face a highly competitive market, making lead generation one of the most challenging parts of the job. There are two main ways to access life insurance leads: company leads and third-party leads. Company leads are generated by insurance agencies using their internal data sources, while third-party leads are sourced from lead generation companies that specialize in the insurance industry. These companies often provide exclusive leads, allowing you to target a specific audience but at a higher cost. Aged leads, which are less expensive, can also be purchased in bulk, offering higher ROI potential. Social media platforms, such as Facebook, and LinkedIn, are powerful tools for generating leads, allowing agents to build trust and connections with potential clients. Additionally, content marketing and search engine optimization can help agents provide valuable information to leads and improve their online presence.

Where can I get life insurance leads?

Company-provided leads

When a company provides leads, you don't have to invest your own money in leads that may not result in sales. These leads are typically offered without upfront charges, so you don't risk your money on leads that might not convert to sales. This means you can focus on contacting prospective clients and selling life insurance.

However, company-provided leads are often not exclusive. They may be old and well-worn, having been passed around several agents before landing in your hands. This is because companies tend to reclaim and redistribute leads after agents quit or depart. As a result, you pay for these leads in the form of lower commissions.

If you are new to the industry, company-provided leads can be a good starting point as they allow you to focus on honing your sales skills without worrying about sourcing leads. However, as you gain experience and become more confident in your sales abilities, you may want to explore alternative lead sources, such as third-party lead providers, to access exclusive leads and reduce competition.

Lead generation companies

Most lead generation companies allow you to customize your leads to target a specific audience. You will need to pay extra, but this gives you more control over the quality of the leads you receive. Providers often enable you to filter leads based on a range of criteria. However, the biggest drawback of third-party leads is the level of risk. Since you pay for the leads upfront, the only way to get back your money is to close sales. Some lead generation companies have a return policy that gives a refund if the leads have inaccurate information or cannot be contacted.

There are a few other ways to generate life insurance leads. One way is through lead aggregators, who purchase and resell leads. These leads are less expensive, but they are often not delivered in real-time and have a high share rate. Another way is through cold calling, which involves contacting clients with whom you haven't had any prior contact to give a sales pitch. This is one of the cheapest forms of generating leads, but it requires excellent sales skills and a significant time investment.

You can also generate leads through content marketing, which provides helpful and relevant information to leads so they can make informed decisions. This helps leads become more familiar with your expertise and products in a non-sales environment, creating trust and loyalty. Additionally, you can list your business on online directories and listing sites such as Yelp and Google My Business, as well as in local newspapers or magazines to reach leads who prefer traditional methods. Using social media to reach the life insurance market is also an effective way to engage and generate leads.

Cold calling

• Prepare in advance: Be ready for whatever response you get. Expect questions from prospects and be ready with the answers. Have a detailed understanding of the insurance products you are selling, including their features, benefits, and any special conditions.
• Listen to your customer: They will lay out their pain points, so you can solve them with your products. But only if you give them room to talk.
• Develop a script: To help you sound as professional as possible, develop a script that begins with a greeting and introduction. Always ask the prospect if you are calling at a convenient time and, if so, state the purpose of the call. Your script should also include common objections that insurance representatives are likely to receive, along with statements to help you overcome them. Practice your script and ask someone to role-play with you.
• Send a warm-up email with an introduction video before your cold call. This helps to build a connection with the prospect.
• Be positive: Keep your calls happy and upbeat. Physically smile—people can hear it in your voice. Set out pictures that make you feel good on your desk and take breaks to stay positive.
• Check "do not call" lists before picking up the phone: Cold calls are made to individuals with no prior relationship with the company. Verify that the person you are calling has not registered their number with a "do not call" registry.
• Follow cold calling laws: Identify yourself and state the purpose of your call within the first two minutes. Only call between 8 am and 9 pm in the time zone of the insurance lead, unless they have said you can call at any time or work shifts that fall outside these hours.

Social media and content marketing

Creative Content and Influencer Partnerships

Creating engaging content is crucial to standing out on social media. Develop informative and interesting posts that highlight the benefits of life insurance products, allowing your audience to evaluate their advantages. Use various content types, including images, videos, and text-based posts. Partnering with influencers in finance, lifestyle, and family content niches can also expand your reach and tap into their dedicated following. For example, Northwestern Mutual successfully collaborated with influencers during the COVID-19 pandemic to break down barriers associated with financial planning.

Listen to Your Prospects and Engage

Monitoring your social media channels for comments and messages is essential. Respond to your audience's inquiries and keep your replies personal. This builds credibility and moves prospects through the awareness, consideration, and decision-making stages, ultimately leading to sales. It is also crucial to be aware of new trends, industry events, and trade shows, as these provide excellent opportunities for brand exposure, lead generation, and partnerships.

Optimize Your Online Presence

List your business on online directories and listing sites such as Yelp and Google My Business. These sites are free destinations where leads can easily find you when searching for local life insurance agents. Additionally, consider local SEO strategies if your target market is specific to certain geographic areas. Optimize your Google My Business listing and use location-specific keywords to improve your search engine rankings. Remember, SEO is a long-term strategy that requires continuous effort and data monitoring.

Seasonal Campaigns and Data Analysis

Develop a detailed calendar outlining your marketing campaigns and promotions throughout the year. Consider using a seasonal calendar to target peak demand and create thematic campaigns. For instance, a "Tax Season Preparedness" campaign can educate leads about the tax benefits of life insurance. Continuously analyse data and key metrics such as Customer Acquisition Cost (CAC) to identify areas for improvement and allocate your budget effectively.

Cold Calling and Referrals

While not solely reliant on referrals, cold calling can be an effective and inexpensive way to generate leads. It involves contacting new clients and delivering a compelling sales pitch. However, this method requires impeccable sales skills and significant time and effort.

Referrals

Another way to generate referrals is by cross-selling. Cross-selling and referrals help agents retain customers, and there are no disadvantages to using these tactics together. For example, if you have a client who is a personal trainer, you can recommend their services to a client who wants to get in shape. In exchange, the personal trainer can recommend your life insurance services to their clients who obviously need them.

While referrals are a great way to generate leads, it's important to note that they may not provide enough volume to sustain your business. Therefore, it's crucial to employ other lead generation strategies in addition to referrals.

Frequently asked questions