Traditionally, agents relied on physical interactions to generate leads. Whereas agents once met people at shopping malls, hockey rinks or perhaps school functions, COVID-19 disrupted traditional in-person lead generation activities.
Additionally, corporate marketing leads are often not shared in a timely manner with the right adviser.
A January 2020 survey revealed that almost 30 percent of agents believed their biggest challenge was lead generation, with nearly 60 percent of agents willing to pay 0.5 to 2 percent of their gross income for quality leads. At the same time, only 20 percent of agents have seen leads or the support to find new leads from insurance carriers.
These points of friction have a significant impact on conversion. Publicis Sapient's data indicates that effective prioritization and rapid response to leads yields over 10x improvement in conversion rates. Additionally, the top quartile of advisers have close rates that are 8x the bottom quartile.
Insurance companies can mitigate these challenges by managing the lead process with a structured platform. By providing useful content in a digitally accessible manner, insurers can begin attracting prospects to their virtual properties. The usage of Customer Data Platforms (CDP) – integrated with key data sources – can then capture lead information and enable the distribution of a relevant and compelling offer to the lead.
These leads can be routed through a tailored and personalized journey. Each step of the journey may be designed to build trust and refine the likelihood of purchase. Teams can set up triggers to help identify when a human agent could reassure the lead that they are making the right decision – by providing additional context and comfort.
Operationally, the solution platform can manage lead follow-ups and closures. Reminders or notifications to leads and agents as they progress through the journey. By providing relevant information on leads, agents can quickly improve their communication and capture feedback for follow-ups.