Understanding Online Insurance Leads
Thinking out of the box has always been a part of every business. In most cases, it can spell the difference between success and failure. Businesses have to be creative in meeting their bottom line, especially those in competitive niches like insurance. The old, traditional way of doing things might still work. But it wouldn’t hurt to try a few different things.
In the insurance industry, one avenue of sales leads that has kept agents competitive is the Internet. It has proven to be an efficient and cost-effective way to generate leads, particularly to enterprising agents who understand online insurance leads thoroughly and know how to get the most out of them.
Online leads typically come from websites that offer insurance quotes to consumers. As technology changes the way that consumers do their shopping, so are the consumers who now go online for their insurance quotes rather than going to an agent’s office.
The popularity of online insurance leads gave rise to a complementary business: the leads generation industry. As the name suggests, these are service providers that generate and sell insurance leads. They sell it either exclusive to an agent or shared among many.
The difference between an exclusive and shared lead does not only cover who has access to the lead. It spans to the cost of the leads as well as the conversion rate. Exclusive leads cost higher, but convert higher because only one agent chases after the leads. Shared leads, on the contrary, are cheaper but with lower conversion rate.
Finally, the most important thing that an agent needs to know about online leads is that they are served hot. Leads are delivered soon after the prospect signed up for an insurance quote. This works greatly in favor of the agent, as the level of interest of the customer from an online lead is still high. This also means that an agent needs to act fast. A lead that is a couple of weeks old is stale and may be worth nothing.