The Challenge with Personal Auto Insurance

Posted by Michelle McKinley on Thu, May 11, 2017

What Auto Insurers and Indpendent Agents Need to Know

Personal auto has generated poor results in recent years, and for many it’s not surprising. Factors that have contributed to the decline include more cars on the road driving further, increased medical costs, higher repair costs for newer vehicles, and distracted driving. “The industry enjoyed a long period of low claims frequency and mild severity. As the U.S. emerged from the Great Recession, claims frequency began to increase. Insurers reacted by raising rates, but then, more recently, severity spiked,” according to Jim Lynch, chief actuary and vice president of research and information services at the New York City-based Insurance Information Institute.

How Frequency and Severity Play a Part

The frequency and severity of auto accidents hit the personal auto insurance industry hard. Responsibility for increased frequency has been placed on people returning from work as the economy recovered after the Great Recession. About 40 percent of miles driven occur during daily commutes, with many accidents occurring during rush hour, according to Lynch. As people lost jobs during the recession, fewer cars were on the road. Lower gas prices have also increased the amount of traffic on the road. As a result, frequency increased more than 7 percent between 2013 and 2015, according to white paper released in October 2016 by the Insurance Information Institute.

While frequency has slowed since 2015, auto insurers have seen severity increase 5 percent annually over the past two years. Tyler Asher, president of Safeco Insurance cites a jump in fatalities, higher medical costs and costlier vehicle repairs as the reasons behind the increased severity.

The Cost of Repairs

In a Q4 presentation, Liberty Mutual compared repair costs for minor front-end damage on the same make and model for entry-level sedans built in 2014 and 2016. The 2014 model cost $1,846 to repair, while the 2016 model cost almost double at $3,551, according to the presentation. Tracy Dolin-Benguigui, director at S&P Global Ratings believes it’s not only the higher costs to repair new technology in cars, but the specialized labor required to fix sophisticated technology that’s raising the overall cost of vehicle repairs.

Less Safety

New safety features in today’s cars haven’t translated into safer driving according to Dolin-Benguigui. Industry professionals believe distracted driving is contributing to the frequency and severity of auto accidents – not just from drivers texting and driving but from the growing number of gadgets in vehicles. “More people are driving more miles, so there are more distracted drivers for longer periods of time on the road,” says Neil Alldredge, senior vice president, Corporate Affairs, for the National Association of Mutual Insurance Companies (NAMIC).

If there’s one take away for personal auto, it’s that auto tech will continue to play a major part, both on the insurance side and with respect to vehicles covered. Insurers will need to find new ways to underwrite risks and insure and engage with customers. For independent insurance agents, industry experts suggest using comparative raters to help them stay competitive with direct writers and captive agents in terms of how quickly they are able to turn around quotes.

Tags: auto insurance leads, personal auto insurance, auto insurance

LinkedIn Insurance Lead Gen Forms

Posted by Michelle McKinley on Wed, Apr 12, 2017

Take advantage of LinkedIn’s newest tool for Insurance lead generation 

LinkedIn continues to be a great source for organic leads, but paid marketing on LinkedIn isn’t always as profitable. Cost per click is much higher on LinkedIn, compared to other social media platforms, but is the traffic better?

A recent study by HubSpot found that traffic from LinkedIn generated the highest visitor-to-lead conversion rate (2.74%) almost three times higher than both Twitter and Facebook. LinkedIn also topped social media leads overall, which included traffic that came to business’ website from all social media other than LinkedIn.

LinkedIn for Insurance Leads

LinkedIn is a great tool for B2B marketers, because people join the social network to showcase their career, work expertise, and find content and information to make their lives better. That makes it the perfect place to target other businesses.

While LinkedIn is a great source for networking and reaching companies where you can sell employer benefits, health insurance, etc. generating insurance leads through paid efforts can be challenging.

LinkedIn has been working to improve ROI for B2B and lead generation marketers for years. Their most recent effort is called LinkedIn Lead Gen Forms. But will these forms work for insurance lead generation?

What are LinkedIn Lead Gen Forms?

If you haven’t run a Sponsored Content campaign on LinkedIn, it’s a way for businesses to promote posts and content. Similar to Facebook post boosting, with a LinkedIn Sponsored Content campaign you can set a target audience, and ensure that audience sees your posts by putting budget behind it. Unlike Facebook where a budget of $5 can get you a decent amount of engagement, the cost per engagement is much higher on LinkedIn.

To help marketers generate leads, and encourage marketers to increase sponsored content budgets, LinkedIn has found a way to make lead generation easier.

With LinkedIn Lead Gen Forms, you can create a custom form that includes the fields you require for conversion. You must first post to your company page, then select which posts you wish to sponsor/promote. After you’ve selected your posts, you’ll have the ability to add a form. You can customize your form with your logo, custom fields, short description, and Thank You page with a URL.

According to Divye Khilnani, who works on product management for LinkedIn, the professional network found that 80% of engagement comes from mobile devices, where lead generation is challenging. To make it easier for visitors to complete a form, LinkedIn prepopulates fields using up-to-date information from the user’s LinkedIn profile. LinkedIn Lead Forms are only served on the mobile app currently, but will be expanding to desktop later this year.

According to feedback from a LinkedIn survey of 50 B2B marketers, 90 percent beat their cost-per-lead goals with the new lead gen forms. They also saw a lower cost per lead with lead gen forms than with the standard Sponsored Content campaign.

Parasol Leads can help with your insurance lead generation efforts. We sell insurance leads for several products including:

Health insurance leads

Life insurance leads

Home insurance leads

Auto insurance leads

Annuity insurance leads

Medicare leads

Want to learn more about how we generate high quality insurance leads? Contact us today and follow our blog.

Tags: auto insurance leads, insurance lead generation, insurance marketing

Discover What New Trends are Impacting the Insurance Industry

Posted by Michelle McKinley on Sat, Apr 08, 2017

Top Trends Impacting the Insurance Industry

A recent CCC Information Services Inc. report examines a number of trends affecting the auto collision industry, as well as aspects of property and casualty insurance. Technology continues to be a huge change driver for consumers, insurers, repairers and the auto insurance industry in general.

It impacts insurance lead generation, and how agents can attract and close insurance prospects. Whether it’s changing how these players communicate, their expectations or the vehicles themselves, its impact is wide ranging, according to the 2017 Crash Course report.

How consumers use technology affects their expectations of insurers and other vendors they interact with on a regular basis. The report identifies a number of other factors that are changing the auto, insurance and repair industries including:

Younger, more diverse and digitally connected consumers

The U.S. population increased from 193 million in 1965 to 324 million in 2015. Fifty five percent of that growth consisted of individuals from foreign countries. For insurers, this influx means more possible policyholders who may have different views on insurance, require some education on their risks, and want to engage through different sales and service channels.   

Almost sixty percent of Hispanics are millennials which means they have unique expectations as consumers compared to other groups. Millennials now comprise the largest generation of the general population, and are more independent in a number of areas than baby boomers or Gen Xers. A recent study by Novarica identified millennials as researching items before purchasing them, frequently buying online, and preferring digital channels. Their preference for digital channels has to do with speed, flexibility and ease of use. Social media and chat options also matter greatly to millennials, while the telephone is still the preferred method of communication for older policyholders.

A Preference for Digital Processes

Consumers prefer to use digital channels for the claims process, according to the Accenture Claims Customer Survey 2014. Millennials went as far as to say they would switch insurance carriers if theirs did not provide a digital claims process. Millennials also value advice and assistance during the insurance purchase process. In its study, Accenture found that 80% of survey respondents said they would switch insurance carriers if theirs did not offer any type of guidance. They are also willing to pay for guidance. Demonstrating that millennials still need help understanding their insurance options.

Increase of Trucks on the Road

As the number of consumers who shop online increases, the more freight that needs to be transported. Trucks continue to be the preferred method for the transportation of freight. The U.S. Department of Transportation predicts a 40% increase in the amount of freight being moved in the next 30 years, while the actual value of the shipments will increase 92%. Growth in urban areas, and an increase in the number of vehicles – both private and commercial – on the road, increases the risk for all drivers.

Longer Lasting Cars

Today’s cars last longer than ever before, and fewer cars are being taken out of service each year. The number of vehicles over 16 years old is expected to grow to 30% or 81 million vehicles by 2021 according to IHS Markit. As a result, the insurance industry would see an increase in newer age vehicle claims where total loss frequency is lower, but repair costs are higher. In addition, the increase in older vehicles on the road could mean that more vehicles are totaled when involved in a collision, further increasing the costs associated with total loss claims.

Changes to the way consumers buy insurance will impact the way you market your insurance products. Parasol Leads can help with insurance lead generation services. Contact us today to learn more about our insurance leads, our insurance lead generation practices, and how to sign up to buy insurance leads. 

Tags: auto insurance leads, insurance industry, Insurance industry news

How to Get the Best Insurance Leads

Posted by Michelle McKinley on Wed, Mar 01, 2017

How to Identify the Best Insurance Leads

The hardest aspect of being an insurance agent is finding good insurance leads. It doesn’t matter how well you know auto, health or life insurance – you can’t survive as an insurance agent without quality leads. Hundreds of insurance agents compete for the attention of all web leads, and precious few find qualified prospects. Getting the precise leads that put you in front of prospects leads to higher conversion rates, and insurance sales, solidifying your career as an insurance agent.

There are numerous ways to generate the best insurance leads for your agency. The best method for generating insurance leads depends on you as an individual agent. Different insurance lead generation methods work based on your local market, level of competition, sales style and targeted niche. The following are the best insurance leads marketing methods for you to consider implementing in 2017.

In-house insurance leads

Insurance agents just starting out can benefit from working for a company that provides its agents with a steady stream of insurance leads. Many life insurance agencies provide leads to agents. While getting a steady stream of leads for insurance agents is a great benefit, the quality isn’t always there. If your close rate is low it may have something to do with the quality of the insurance leads you’re receiving. The best insurance leads will convert at a higher rate, and lead to a higher close rate.

Third-Party Insurance Leads

If your company doesn’t provide you with the best insurance leads, you can buy insurance leads from a third-party. With a third-party lead aggregator like Parasol Leads, you purchase insurance leads up front. There multiple benefits that come from purchasing exclusive insurance leads. Insurance lead generation companies like Parasol Leads generate leads through a variety of ways including SEO, search engine campaigns, paid marketing, email marketing and social media campaigns. You pay up front, and the company provides you with the best insurance leads that meet your specific geographic boundaries. The biggest benefit of buying third-party leads is that the lead provider does not take a chunk of your commissions. For insurance agents with high close rates, the lead cost is an insignificant fraction of the commission you can earn.

Another benefit of buying insurance leads is the ability to specify the lead attributes of your target prospects including age, income and desired benefit amount. This ensures that you receive the best insurance leads for your individual agency needs. Some insurance lead companies give you the choice between exclusive insurance leads and aged insurance leads. Exclusive insurance leads can be more expensive, but often have a higher close rate thanks to decreased competition.

Whether you’re generating insurance leads for yourself, using your company’s leads or using a third-party insurance lead company – lead quality will often determine your close rate. Learn more about Parasol Leads quality insurance leads.

The Best Life Insurance Leads

Auto Insurance Leads Pricing

Exclusive Insurance Leads

Insurance Lead Generation

Tags: insurance leads, auto insurance leads, Insurance agents, home insurance leads, life insurance leads

5 Ways Insurance Agents Can Use Social to Gain Clients

Posted by Michelle McKinley on Tue, Jan 17, 2017

Insurance Agents Need to Look to Social Media for More Clients

Younger financial consumers, especially millennials born after 1981, count on businesses to communicate to them via social media. A recent study from Corporate Insights found that millennials account for 43% of all mobile banking and finance usage. Another 51% said the use of digital technologies by insurance services firms is important to them.

"Our biggest and fastest growing demographic are females between ages 25 and 34," said Nick Braun, founder of PetInsurance.com. "I attribute part of this to the online nature of our service, but I also have to give credit to our social Media presence, especially on Facebook, Pinterest, Snapchat and Instagram. 

It's important for insurance agencies to have a strong online presence, and individual insurance brokers should be using the medium to grow pipeline.

Tips for Using Social Media to Gain Insurance Clients

Generate Buss - Share new projects and events your insurance agency is currently working on/plans on attending. If you're going to be attending a conference, make sure to spread the word and share the news across all social mediums.

Follow Up - Monitor your social media communications. It's important to respond quickly to those who message your business. Don't leave them hanging.

Use Industry Terms in Hashtags - help potential insurance clients find you by using hashtags they'll be using to conduct searches. Hashtags play a big part in how your customers can find you in a sea of social media posts.

Share Facts - Share articles from major publications that can back up your opinions. Build credibility with potential clients on social media.

If you're not already on social, your insurance agency needs to be. Start building and growing your presence today. Need high quality insurance leads now? Contact Parasol Leads today to learn more about our insurance lead generation services.

Tags: insurance leads, auto insurance leads, insurance marketing, life insurance leads, health insurance leads

Buy Auto Insurance Leads

Posted by Michelle McKinley on Fri, Sep 16, 2016

Why Companies Buy Auto Insurance Leads from Parasol Leads

Auto insurance leads are a hot commodity these days. While digital marketing has made it easier to reach customers from a broader set of locations, it’s also increased the saturation of the market. Car insurance customers are being bombarded with ads in their inbox, on their favorite websites and on social media.

An extremely competitive landscape has made it increasingly expensive for auto insurance companies to get auto insurance leads. High CPCs make it near impossible to see ROI from pay per click and SEM campaigns.  That’s why insurance companies and independent insurance agents look to Parasol Leads for auto insurance leads.

Auto Insurance Lead Generation

Parasol Leads performs auto insurance lead generation through highly targeted campaigns. Whether it’s through organic, paid or social media efforts – our teams work hard so that you don’t have to. With years of experience, we know how to generate quality auto insurance leads that convert.

Auto Insurance Lead Pricing

Our auto insurance leads are delivered in real-time. We also provide filters for our insurance agents to be able to set lead criteria. We want to make sure that you only receive the types of auto insurance leads you’re looking for, and that you can close. We price our auto insurance leads at $18 per exclusive lead. That’s cheaper than the cost per click bid for insurance terms on most advertising platforms – and not every click leads to an insurance lead.

Auto Insurance Lead Filters

We provide our auto insurance lead buyers with filters including:

  • Geographic
  • Age
  • Credit rating
  • High Risk
  • Home Ownership
  • Current Auto Insurer
  • Filing Requirement
  • License Suspension
  • Min/Max Driving Violations
  • Previous Auto Insurance Claims
  • Min/Max Accidents
  • Number of Vehicles Owned

By setting filters for the auto insurance leads you buy, you can get exactly what you need to increase your auto insurance sales and grow your insurance business.

Contact Parasol Leads today to learn more about our high quality, fresh auto insurance leads.

Tags: auto insurance leads, insurance lead generation, buy auto insurance leads

Generate More Insurance Leads with a Marketing Plan

Posted by Michelle McKinley on Fri, Sep 09, 2016

Create a Marketing Plan for Your Insurance Agency and Sell More Insurance

Are your marketing efforts dysfunctional or disorganized? You can’t grow your insurance lead gen, let alone your insurance sales without an effective marketing plan. While taking the time to sift through your various campaigns may seem tedious, it’s necessary to optimize and make the most of your efforts.

Not sure where to start? Here’s how to get started with your insurance marketing plan.

Start Simple

Brainstorm best ways to educate your target audience. Define your target audience by analyzing your existing customer base. There are marketing tools that can help identify your target market, but you can also lean on market research and website data. Google Analytics and AdWords campaigns can tell you valuable information about your website visitors and leads. Likewise, social media sites like Facebook and Twitter can give you audience insights.

Focus on the Funnel

Focus on providing your message to your target audience. Avoid company comparisons, and focus on moving prospects down the funnel and closer to converting. Create a content calendar that focuses on bringing prospects down the marketing funnel, providing them with information about your agency and what sets you apart.

Set Revenue Goals

Sounds simple, but it’s a vital part of your marketing plan. Once you have goals, map out how to reach those goals monthly, quarterly and annually. Establish key metrics. In order to reach goals it’s important to track trends and establish realistic projections. Pay attention to conversions to optimize your campaigns for maximum revenue.

Survey

To build a better marketing plan you have to understand your traffic. Conduct survey’s or add a field to your web forms to find out how your visitors/prospects are finding your company. Once you identify your biggest traffic sources you can allocate budget and time accordingly.

Need help generating insurance leads? Contact Parasol Leads today for quality leads. Set filter criteria that meets your insurance agency needs. Sign up to become a lead buyer today.

Tags: insurance leads, auto insurance leads, insurance lead generation, life insurance leads

Tips for Selling Insurance on Value Not Price

Posted by Michelle McKinley on Fri, Sep 09, 2016

Selling more insurance without relying on price alone

The difference between a live insurance agent and an insurance lead generation website is the fact that you can leverage more than just price comparisons. As a professional insurance agent your biggest value is your ability to connect with prospects and help them understand the value of the insurance they’re buying.

If you only deliver price to your clients, you become easily expendable. Selling on price alone leaves you vulnerable, as insurance rates fluctuate your prospects may be able to secure a lower rate. While price is the primary driver of insurance sales, relying on price alone leaves you as an agent and your insurance company vulnerable.

Here are topics that can help you as an insurance agent, sell insurance on more than price.

Claims

When insurance leads come to you – whether it’s through prospecting, purchasing or insurance sites – they’re focusing on price. It’s your job to flip the script, and discuss other policy factors that will have an effect on them. It’s important to share the claims process with them, and describe how your insurance company will help guide them through the claims process. Use past examples to help illustrate how your insurance agency makes the difference for clients submitting claims.

Purchase Points

Find out why or what motivated them to make their purchase. If an insurance lead is coming to you, it’s most likely because the prospect just made a recent purchase. It may be a car, home or motorcycle but it’s important to know what made them buy. Very rarely will someone tell you they made their decision based on what was cheapest. They’re going to say it was safe, had good ratings, was in a good neighborhood, or other factors. While insurance isn’t as sexy as a new convertible it does provide a sense of security. Getting your prospects to state these reasons aloud can help them make value-oriented decisions.

Accidents

Accidents happen. Most of us have experienced some time of accident before, whether it was a car wreck or home disaster, we’ve had to overcome issues thanks to our insurance policies. By asking your insurance leads about the worst accidents they’ve witnessed or experienced, you can remind them what they get from insurance coverage. It may not be the cheapest, but it can help save them or their property.

Discounts

It’s difficult to avoid talking about price. Talk to your insurance leads to get to know them. By building a personal relationship, you can determine if they qualify for any discounts. Discuss all discount options with them, reviewing savings and all. Help them understand how much they’re saving thanks to discounts you’ve helped them find.

Need more insurance leads? Parasol Leads generates high quality insurance leads that convert. Contact us today to learn more about our auto, life, Medicare and health insurance leads. Sign up to become an insurance lead buyer today.

Tags: insurance leads, auto insurance leads, insurance lead generation

3 Ways to Grow Your Insurance Sales

Posted by Michelle McKinley on Fri, Sep 09, 2016

Grow Your Insurance Agency with these Secret Weapons

Generating insurance leads isn't easy work. Insurance agents face a wide range of challenges as they attempt to find new customers in an ever growing and competitive market. With so many insurance companies out there, how do you set your business apart? 

Optimize Your FAQ

One way to grow insurance lead generation from your website is to maximize your FAQ section. Many customers visit FAQ sections before making purchasing decisions. Many of your visitors come to your site by typing "why" or "how" queries into search engines. so it's natural they will gravitate towards your FAQ or "Why Choose Us" pages. Help your FAQ section rank organically on search engines by optimzing for high volume queries. Make sure to answer popular questions, and provide valuable information about your company and practices. Include a strong call to action on your informational pages to inspire form submission.

Video Marketing

Video content marketing is growing in popularity, and is becoming a powerful lead generation tool. Based on data compiled by Digital Sherpa, 75% of users visit a website after viewing their video. In order to generate leads from your video content, require prospects to provide an email or an opt-in to access your video. Keep videos short and to the point. The type of content you provide should be based on audience interests. The goal is to intice the visitor to submit their information. 

Finalize Your Target Audience & Go After Them

It's extremely important to define your target market. Whether you're selling Medicare insurance or auto insurance, it's important to define who fits within your target audience. You may already know your market, but if you don't you can use tools like Google Analytics to help you define them. Google Analytics can provide you with the gender, age and interests of your current audience. Once you've finalized your target audience, go after them on marketing platforms like AdWords and Facebook. Use all targeting available to you to narrow your audience, and drive more conversions. Your CPC may be higher, but your conversion rate should be too.

Contact Parasol Leads for high quality insurance leads. Improve your ROI and grow your insurance business today.

Tags: insurance sales, insurance leads, auto insurance leads, insurance lead generation, life insurance leads

Improve Your Insurance Sales Pitch by Asking These 5 Questions

Posted by Michelle McKinley on Mon, Aug 15, 2016

Improve Your Pitch with These Steps

As an insurance agent your sales pitch can be the difference between dead leads and sales. The contents of your pitch, and your delivery have everything to do with whether a call dies or leads to next steps.

Perfecting your pitch should be an on-going process, one you make a priority. At the heart of your insurance sales pitch is conveying your expertise. Remember, you are the insurance agent, the person with insight into the industry. Next, is your ability to solve a problem. In this case, a person’s lack of insurance coverage or expensive insurance rates that are higher than they need to be.

When preparing for a sales call consider the following:

Is my delivery personable?

Gather information on a prospect before conducing a sales call. Use the information you’ve gathered to tailor your pitch to the client. It’s important to recognize that someone who rents an apartment is going to have different needs and circumstances than a homeowner. Ask questions during your call that can further personalize the prospect’s experience. For example, if the lead has children you can mention the good student discount. Use the data you have to offer various coverage options, plans and pricing. Share stories of similar experiences to make you more relatable to your prospect.

Do I provide background?

There’s a fine line between sharing too much and sharing too little. You want the prospect to understand why you’re contacting them, and who you are. Give the lead an overview that builds confidence in you as an insurance agent, and your company as an insurance provider. Give them a reason why they should care about the services you can provide.

Am I being honest?

Never lie to a prospect or omit information they may need to make a final decision. For example, be upfront with your experience and time in the industry. For experienced insurance agents make sure to share your background in the industry, highlighting what you’ve been able to do for clients. For those agents with less experience, talk about your ability to dedicate more time to help them with their individual needs.

Am I focusing on the lead?

Your background and experience should be shared in a way that communicates your ability to serve the client. Explain how your experience makes you best suited to help them secure the lowest rates for the most amount of coverage. Focus on the prospects needs. You may have original called to pitch them on auto insurance, but may find that they are need of multiple policies. Make sure to pitch them on a multi-line discount of applicable.

Am I highlighting my abilities?

No pitch would be complete without showcasing you or your company’s abilities. Share what makes you or your agency stand out from your competitors. If you’ve earned rewards as an agent, or if your company has made any lists or received accolades make sure to include these in your conversations. Make sure to be honest, and only play up those skills you possess.

Do I close strong?

Leave the prospect with takeaways and establish next steps. Make yourself available for follow-up conversations. Never leave a prospect hanging. Have marketing follow up with additional touches and outreach.

Tags: insurance sales, insurance leads, auto insurance leads, tips, Insurance agents