Don’t let agents waste their time chasing dead ends. Save millions simply by rejecting bad leads before they enter your system.
Finding ways to help agencies empower their producers is a challenge that many insurance executives are spending their time thinking about and if they’re not considering productivity capacity wasted on unproductive leads, they should be.
It’s a well-known fact that leads purchased from internet lead aggregators (ILAs) aren’t always gold. Bad lead information, such as incorrect phone numbers or the inclusion of disinterested prospects, can cost your producers valuable time. Rather than reach viable prospects, producers hit dead ends and are forced to spend additional time removing bad leads from the system.
By using an entirely new breed of easily implemented lead management software, your agencies can benefit not only from leads that have been scrubbed of bad contacts, but also from the technology’s ability to append new data to each high-value record.
Here’s what to look for if you could see your agencies benefiting from enhanced lists.
Scrubbing of ILA provided leads
By analyzing leads provided by ILAs and rejecting bad leads — which typically make up over 40% — the best lead management software ensures that producers won’t have to waste their time chasing bad leads. This alone provides a money-saving boost in efficiency that can save a company millions in wasted time.
Lightning-fast routing and notification
Agents who respond to a lead within 3 minutes have a 38% higher quote rate. Without a modern lead-management solution in place, it typically takes over 10 hours for an agent to become aware of a new lead. Additionally, matching the right lead with the right agent has a marked effect on the ability to close business. Routing Spanish speaking leads to agents who can converse with them or matching prospects who are looking for home insurance to experts in that line of business increases close rates.
Accuracy + speed = results
When your agents aren’t wasting time on dead-end leads, and they’re able to contact high-value leads quickly, the results are synergistic. In fact, agencies who have top-of-the-line lead management software in place are twice as likely to close business as those who aren’t.
Make your in-book list work harder
Not all products are price competitive to new customers, but your existing book of customers, who already trust you and who may benefit from multi-line discounts, are more likely to buy. If your lead management software makes it easy to process internal lists, it’s possible to see a 50% – 75% increase in opportunities for cross-selling and upselling.
A substantial amount of data that could be used for selling goes to waste because companies lack the means to integrate it into tools where it can be put to work. Look for solutions that enhance each lead by augmenting their record with data from external sources (like missing phone numbers, addresses and any available demographic information) and from internal sources which can provide information such as policy, marketing and loss histories.
Who has auto and would be likely to purchase home? Whose policy is about to expire? Who has recently moved to town and may be looking for a new agent? The solution you implement should allow you to make use of the information in your enriched lead records to create specialized marketing plans that take advantage of all that you know.
In addition to dramatically increasing the efficiency of your sales pipeline, new lead management software solutions are ready to integrate with your legacy CRM systems, with no need to rip and replace – making them a low risk solution that’s up and running within months, giving you a quick return on investment.
I think that’s something that more carriers should know.
If you’d like to learn more about what lead-management solutions – like LeadFlow from Imprezzio – can do for your agencies, let’s talk. firstname.lastname@example.org
By Warner Carrillo
Warner Carrillo has 15 years experience in insurance with a strong innovative mind seeing the story line through the data. He is currently the VP of Client Engagement with Imprezzio