Insurance Leads Sources Pros and Cons
Leads are central to any agent’s insurance business. They take up a majority of the time and resources that a business has at its disposal. Because of this, it just makes perfect sense to devote a lot of strategic planning when generating insurance leads.
Today, we take a look a look at three of the top sources of insurance leads: business institutions, tertiary schools, and insurance leads companies. When understood completely, these sources could be the bread and butter of your own insurance business.
Business Institutions – Nowhere is there a great demand for insurance than business institutions. As part of their benefits packages, companies big and small offer competitive insurance policies to attract and keep talent.
PROS: Demand is high. Businesses are always on the lookout for competitive rates, year in and year out, as a way to offer good insurance packages to their employees and also save on their annual budgets.
CONS: This is perhaps the hotspot of insurance business. Because of high demand, the supply catches up real quick and there is stiff competition.
Tertiary Schools – Insurance is not exclusive to the old and the employed. Some strategic insurance agents have made real headway in turning insurance leads from universities and colleges to successful customers.
PROS: There is less competition, as this remains an untapped source of good insurance leads. College students have substantial purchasing power, especially those in higher-income schools. Not as much as people already in the workforce, but enough to buy themselves some insurance policy.
CONS: Conversion is low. Although the money is there, a majority of college kids are still at that point in their life when they feel like they can do anything. Most of them feel no need for insurance. There is less chance you can get lots of customers here.
Insurance Leads Companies – The easiest way to get a continuous flow of fresh insurance leads is through an insurance lead company. They do the difficult part of generating leads so you won’t have to, allowing you to focus on sales.
PROS: Offers high-quality leads for a fee. They solve an agent’s constant problem of scouring for good leads. The key here is finding a reputable insurance lead provider to partner with. Once you find one, you get yourself a business that is poised to succeed.
CONS: Prepare to spend because insurance leads will cost you, not as much especially if you consider that you have to advertise and market your products only to get good leads. Think of it as outsourcing your marketing and advertising. You get good leads without you having to do anything.