Best Life Insurance Carriers: Generating Quality Leads

The life and health insurance market is a competitive space, with agents and carriers vying for the attention of potential customers. In recent years, most sales have moved online, creating a complex landscape where marketers and professionals must adapt their strategies to generate quality leads. Several companies offer lead generation services, providing insurance agents with valuable connections to prospective clients. These lead generation companies employ various techniques, from search engine marketing to live call transfers, to deliver exclusive or shared leads. While some carriers provide their agents with leads, many agents also source leads independently, employing strategies such as website optimisation and social media utilisation. This article will explore the lead generation strategies and platforms used by life and health insurance carriers and agents to navigate the dynamic world of insurance sales.

Lead generation companies

There are several lead generation companies that cater to the insurance industry, offering services for both health and life insurance carriers.

QuoteWizard

QuoteWizard is one of the largest insurance lead providers in the United States, generating over 300,000 unique insurance leads monthly, and servicing a nationwide network of more than 7,000 agents. They provide leads for auto, home, health, and life insurance, as well as Medicare and renters insurance. QuoteWizard has been in operation since 2001 and is now the insurance division of LendingTree, America's largest online lending marketplace.

EverQuote

EverQuote is America's leading online insurance marketplace, connecting shoppers with agents in real-time. They offer auto, home, and life insurance leads, as well as warm transfer calls. One of the unique features of EverQuote is that they source leads through their own properties and verified partner networks, and these leads are exclusive to EverQuote and not resold on other platforms.

Datalot

Datalot was founded in 2009 to simplify the online lead generation process. They provide live transfers and a range of insurance product lines, including auto, home, renters, health, and Medicare. One of the key features of Datalot is that they offer a pay-as-you-go model, with refunds available if a consumer does not meet the pre-set filter criteria.

SmartFinancial

SmartFinancial is another well-regarded insurance lead generation company, specialising in providing leads across multiple insurance product lines. They offer live call transfers, exclusive and shared web leads, and a technology-driven approach to target specific client demographics.

Flatworld Solutions

Flatworld Solutions is a popular outsourcing services company that offers insurance lead generation for auto, health, life, and home insurance. They generate tailored strategies for their clients, taking into account their business model, campaign goals, and budget.

InsuranceLeads.com

InsuranceLeads.com is a company that specialises in quality life insurance leads. They offer customers a fair and easy return policy for bad leads and have won several LeadsConcil LEADER awards, including Best Conversion Rate.

In addition to these companies, there are other lead generation vendors, such as ZipQuote, that offer leads in specific insurance categories. It is important for insurance agents and carriers to understand the nuances of the insurance industry and to utilise effective lead generation strategies, such as enhancing their website and launching referral programs, to successfully generate high-quality leads.

Online consumer search sources

QuoteWizard, for example, is the leading provider of search-generated insurance lead products in the United States. They generate high-quality insurance leads for major carriers such as Allstate, State Farm, and Nationwide. They achieve this by spending over $100 million annually on search engine marketing, which results in leads that convert 25% higher than the industry average.

Another company, Flatworld Solutions, offers tailored insurance lead generation strategies for auto, health, life, and home insurance niches. They generate leads specifically for their clients by taking into account their business model, campaign goals, budget, and other specific factors.

Additionally, there are several other online consumer search sources that insurance carriers can utilise to generate leads. These include:

• Google and Facebook Ads: Testing various angles with these online platforms can help determine which ads work best, and they can then be scaled with traditional ad channels.
• Newspapers: While considering reach, size, location, and circulation, print newspapers can be employed to generate new insurance leads.
• Online Directories: Free directories can improve local search engine optimisation, leading to higher rankings in local online searches for insurance.
• Social Media: Platforms like LinkedIn provide forums where industry advice can be offered, potentially leading to contact and referrals.
• Website Features: Enabling features such as contact forms, "Get a Quote" buttons, and testimonials can enhance a brand's credibility and lead generation capabilities.

Third-party lead providers

Some third-party lead providers offer the choice between exclusive leads, which are sold only to you, and non-exclusive leads, which are shared with other agents. Exclusive leads are more expensive but result in less competition for potential clients. The main drawback of third-party leads is the financial risk associated with paying upfront. If you fail to convert any of the leads, it can lead to a negative financial outcome, making this option more suitable for experienced agents with honed sales skills.

There are several third-party lead generation companies in the market, such as Flatworld Solutions, which offers tailored lead generation strategies for various insurance niches, including life insurance. Another example is Bold Penguin, a narrow-focused platform catering to insurance agents and networks, allowing you to find leads unavailable with generic lead generators. Additionally, Phonexa offers lead generation services, and Pinnacle Financial Services provides various lead generation tools, such as direct mailers, social media marketing, and educational events.

When considering third-party lead providers, it is essential to assess the quality of the leads and the company's reputation. It is also crucial to understand the financial implications, including the cost of the leads and the potential impact on your commissions.

Live call transfers

Live transfer insurance leads are generated through organic marketing strategies and paid ads that direct prospects to a form. This form collects information such as the prospect's zip code, name, phone number, email, address, age, and health condition. This information is then used to generate relatively accurate insurance quotes. Once the prospect has submitted the form, a representative from the company calls to speak with them and transfer them to a live agent who can complete the sale.

It is important to note that the content and strategy used by the lead generation company are crucial in attracting the ideal target audience. Additionally, the call centre agents transferring the calls should be properly trained to handle different questions and scenarios that may arise. This includes knowing how to handle prospects who show signs of dementia and not transferring them.

Overall, live call transfers offer a more personal and effective way to generate leads for life and health insurance carriers, leading to higher conversion rates and sales.

Customer feedback

EverQuote:

EverQuote, a prominent insurance lead company, has received mixed reviews from customers. Some highlight the quality and exclusivity of the leads, praising the option to customize lead reception based on ZIP code targeting and set daily lead caps. However, others have expressed concerns about the volume of calls and texts received after using their services. EverQuote also offers shared leads, which may not be ideal for those seeking exclusive leads.

Datalot:

Datalot takes a unique approach to insurance lead generation by focusing on live call transfers. While they offer advantages in lead quality and customization, potential clients should consider the feedback regarding pricing and lead relevance. Some customers may find their pricing structure and lead relevance less favourable compared to other options in the market.

SmartFinancial:

SmartFinancial is known for its tech-driven platform and flexible pricing. They offer verified live transfers and a tech-savvy platform, giving agents a competitive edge when buying leads. However, they fall into the higher price category, which may be a consideration for cost-conscious customers.

QuoteWizard:

QuoteWizard is one of the largest privately-held, independent insurance lead companies in the United States. They generate a high volume of leads for various insurance lines, including health, life, auto, home, and renters insurance. Customer feedback suggests that their leads close 25% higher than the industry average, demonstrating their effectiveness in lead conversion.

Flatworld Solutions:

Flatworld Solutions is a popular outsourcing services company that offers tailored insurance lead generation strategies. They have served over 18,000 clients, including global group companies, and are known for providing quality, cost-effective leads. Their ability to customise strategies based on business models, campaign goals, and budgets makes them a reliable choice for insurance agents.

Health Insurance Carriers:

Forbes Advisor's Consumer Sentiment Index provides valuable insights into customer satisfaction with health insurance carriers. Kaiser Permanente, Aetna, Oscar, and Blue Cross Blue Shield rank highly in their analysis. Oscar, in particular, stands out for its friendly online portal, easy access to specialists, and efficient claims processing. Blue Cross Blue Shield also offers a digital experience with the option to manage accounts and pay premiums online.

Life Insurance Carriers:

When it comes to life insurance carriers, Forbes Advisor's analysis highlights Pacific Life and Protective as the top-rated companies, offering competitive term life and cash value policies. Penn Mutual is also highly regarded for its financial strength, claims-paying ability, and competitive internal policy costs. However, customer feedback for Mutual of Omaha is mixed, with some praising competitive rates and simple underwriting, while others cite concerns about poor communication and unexpected rate increases.

In conclusion, customer feedback plays a crucial role in evaluating insurance carriers and lead vendors. By considering the experiences and insights shared by customers, insurance agents, and brokers can make more informed decisions about the companies they choose to work with.

Frequently asked questions