Insurance Agent Forum

[Melmunch3]

I am working on an insurance leads website and I am compiling a list of aspects that leads can be compared by. I would appreciate any additions that you can think of.

Thus far, I have:

1. Price per lead.
2. Volume discount?
3. Method of generation.
4. Volume of leads.
5. Crediting policy.
6. Number of agents getting the same leads.
7. Available filters.
8. Method of delivery.
9. Agent website access.
10. Follow up features.
11. Marketing material.

Any others?

[healthagent]

Ability to pause or put your account on vacation. Ability to block out certain zip codes.

[flatfive]

There are a few key considerations regarding quality of the lead that many people overlook:

For event driven leads, such as closing on a mortgage, turning 65, or having a baby; how far back do they reach for that list? In other words, do they mail exclusively to people will turn 65 in the next 3 months, or who have already turned 65 in the last 3 months? Perhaps they mail to everyone who turned 65 in the past year? You can imagine how different the quality of those leads are even though they can all be described as "new retirees." I'd pay a LOT more for people who turn 65 in the next 3 months. It's all about how many respondents are truly in the buying mode and how many are just curious or misled by the mailer.

How quickly are the leads distributed? If a company gets back 150 leads, how quickly do they get categorized and inserted into the database? Some companies do this daily, some weekly and some less frequently than that.

Maybe this is covered by your number 3 and/or 11, but you want to know exactly what the prospect is responding to so you understand their expectations. There is a big difference between someone who thinks they are sending for a free booklet talking about changes in Medicare with no agent visit, and someone who knows they are requesting information about something they would have to pay for and will be contacted by an agent.

They key to a good lead is reaching the prospect while whatever prompted them to return the lead is still fresh on their minds. With a strong lead, you spend much less time establishing the need since they have themselves expressed the need by returning the lead.

It can be difficult to get this comparison, but a good way to look at this is to assume we have a qualified prospect, Joe Smith. Which lead company can get Joe Smith's name in front of me the fastest? You might be shocked to find that a lead program you thought was great is 2 or 3 weeks later than a competitor in getting that name to you. I'll take a fresher lead any day even if the lead is otherwise weaker in terms of prequalification.

[Melmunch3]

Flat, that is excellent advice. I know it isn't really your market, but do you have any comments for internet driven leads?

[flatfive]

No, I really haven't tried internet leads enough to comment on them. I did notice another thread here about using shared leads that had some very good tips. Many of the tips apply to using leads in general, but perhaps it is all the more important with the internet leads. The biggest factor being pointed out in that posting that I can attest to with a huge database to back it up, is that you need to pounce on your leads immediately and try to be the very first person in contact with them. That changes the dynamics in a HUGE way. Once they start getting called by multiple agents, they start to feel like they have been thrown to the wolves, so you need to get to them quickly and tell them they can feel free to ignore other calls that are sure to follow. You gain a certain credibility just by being first since it suggests you are the better business person, and that you are the person who was intended to reply to their inquiry. All the others the others can be labeled by you as people who "are part of the mass marketing effort that can't be avoided." hehe

[TAB]

Good advice...thanks..

[centurybenefits]

Originally Posted by Melmunch3

I am working on an insurance leads website and I am compiling a list of aspects that leads can be compared by. I would appreciate any additions that you can think of.

Thus far, I have:

1. Price per lead.
2. Volume discount?
3. Method of generation.
4. Volume of leads.
5. Crediting policy.
6. Number of agents getting the same leads.
7. Available filters.
8. Method of delivery.
9. Agent website access.
10. Follow up features.
11. Marketing material.

Any others?

I have found that if you put in some good text content along with your quote/lead form you will rank higher on the search engines. I would also like to know why all of my posts are getting spammed if anyone knows please let me know

[Melmunch3]

Because they are spam. Posting the same thing over and over is spam.

[benhhill]

Most agents want to try on the shoe to see if it fits before buying it. You might offer a trial run before asking someone to sign a contract.

[dfielder]

I am in the process of putting together a site that provides federal employees who are ALREADY PAYING FOR LIFE INSURANCE THAT DOUBLES IN PRICE EVERY 5 YEARS. My site would educate them on their current cost plus the increase. Once they realize how bad the group plan is, we give them an option for a local agent to help them replace that insurance.

Premiums have averaged 600-1500 annual premium term. Have not even tried to sell these people Universal or whole life.

Very good lead in that they are already paying, it's going to go up and it creates the interest.

How many of you would want that type of a lead and what would be a fair price for exclusive leads?

[somarco]

The phone & email address should be verified before the lead is made available. At least one vendor does this automatically. No disconnected/non-working phone numbers or bum emails.

Of course it doesn't mean the lead isn't bogus, but at least those items are internally cross referenced against something like WhitePages before being distributed.

A filter I use, and very few vendors have it, is currently insured. It adds to the cost and decreases the number of leads I get but significantly reduces my effort.

[bill3173]

Originally Posted by somarco

A filter I use, and very few vendors have it, is currently insured. It adds to the cost and decreases the number of leads I get but significantly reduces my effort.

You've mentioned this before, and I am curious as to why you won't accept leads that indicate they are currently uninsured.

Do you have any solid numbers on this issue, as far as leads?

I know that when I get referrals from current clients about "friends" that want to talk to me and they are currently uninsured and over 35, it ususally goes no where, but ocassionally an STM, or some other product gets placed. However, uninsured 35 and under is usually a good referral for health or Life.

As far as lead purchase, I have found that uninsured follows the same trend outlined above, almost identical. Isn't it worth it to pursue some of them?

Also, you mentioned that you don't talk to people that have music on their vm or answering machine. Is it because you think they are idiots?

I have answers, but just wanted to hear another voice of experience.

PM me your charges for the answers

[somarco]

why you won't accept leads that indicate they are currently uninsured.

I do buy such leads from time to time, but only when things are slow and I want to supplement my other leads.

Someone who is currently insured is presumably paying something (usually too much) for coverage.

Someone who is not insured is paying nothing.

Trying to take someone from paying $800/mo to $400/month is much easier than taking them from $0/month to $400/month.

I waste too much time talking to folks who are expecting plans to cover everything, including their current pregnancy, and don't want to spend more than $40 per month. When I talk to folks who are not insured, I always ask . . . how long have you been looking?

The response ranges from a few months to several years.

Someone who is serious can find a plan that fits their needs and budget in days, not months or years.

They are not serious buyers if they have been looking for more than a month. If they have been looking for a while, and are now ready to buy, it is almost always because their health has changed and they know it.

Sure, there are exceptions, but they are rare.

referrals from current clients about "friends" that want to talk to me and they are currently uninsured

Referrals are different. They don't have a hard cost like purchased leads do.

Yes, I get referrals from folks who are not insured too, and I work them. Most of the referrals are people who are insured and paying a fortune.

Also, you mentioned that you don't talk to people that have music on their vm or answering machine. Is it because you think they are idiots?

Many of them are. Most of them use vm as a screening tool.

My wife works with folks who never answer their phone unless caller ID shows a name and number they recognize. Everyone else goes to vm where they can listen to rap.

PM me your charges for the answers

No problem.

I send a bill to Sam every month for my advice and contributions. I don't make as much as John does from association dues, but it does keep the lights on at the somarco mansion.
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why you won't accept leads that indicate they are currently uninsured.

I do buy such leads from time to time, but only when things are slow and I want to supplement my other leads.

Someone who is currently insured is presumably paying something (usually too much) for coverage.

Someone who is not insured is paying nothing.

Trying to take someone from paying $800/mo to $400/month is much easier than taking them from $0/month to $400/month.

I waste too much time talking to folks who are expecting plans to cover everything, including their current pregnancy, and don't want to spend more than $40 per month. When I talk to folks who are not insured, I always ask . . . how long have you been looking?

The response ranges from a few months to several years.

Someone who is serious can find a plan that fits their needs and budget in days, not months or years.

They are not serious buyers if they have been looking for more than a month. If they have been looking for a while, and are now ready to buy, it is almost always because their health has changed and they know it.

Sure, there are exceptions, but they are rare.

referrals from current clients about "friends" that want to talk to me and they are currently uninsured

Referrals are different. They don't have a hard cost like purchased leads do.

Yes, I get referrals from folks who are not insured too, and I work them. Most of the referrals are people who are insured and paying a fortune.

Also, you mentioned that you don't talk to people that have music on their vm or answering machine. Is it because you think they are idiots?

Many of them are. Most of them use vm as a screening tool.

My wife works with folks who never answer their phone unless caller ID shows a name and number they recognize. Everyone else goes to vm where they can listen to rap.

PM me your charges for the answers

No problem.

I send a bill to Sam every month for my advice and contributions. I don't make as much as John does from association dues, but it does keep the lights on at the somarco mansion.

[bill3173]

Originally Posted by somarco

They are not serious buyers if they have been looking for more than a month. If they have been looking for a while, and are now ready to buy, it is almost always because their health has changed and they know it.

Sure, there are exceptions, but they are rare.



Referrals are different. They don't have a hard cost like purchased leads do.

Yes, I get referrals from folks who are not insured too, and I work them. Most of the referrals are people who are insured and paying a fortune.



Many of them are. Most of them use vm as a screening tool.

My wife works with folks who never answer their phone unless caller ID shows a name and number they recognize. Everyone else goes to vm where they can listen to rap.

Good answers, thank you. I just got off the phone with a referral - couple in their late 40s', haven't had health insurance since 2002. We talked about policies in the $300 range.

In your expert opinion, what would be the chances that they would be placed? Their interest level is high, but I would say 0 for a $300 health policy, but we talked a lot about dental.

My guess is they will take a dental plan and "wait" on the health insurance.

[GetInsurance]

Originally Posted by dfielder

I am in the process of putting together a site that provides federal employees who are ALREADY PAYING FOR LIFE INSURANCE THAT DOUBLES IN PRICE EVERY 5 YEARS. My site would educate them on their current cost plus the increase. Once they realize how bad the group plan is, we give them an option for a local agent to help them replace that insurance.

Premiums have averaged 600-1500 annual premium term. Have not even tried to sell these people Universal or whole life.

Very good lead in that they are already paying, it's going to go up and it creates the interest.

How many of you would want that type of a lead and what would be a fair price for exclusive leads?

$15.00

[sunmed]

Melmunch3,

I would be interested in your internet leads! Currently, I'm getting 200 to 300 internet health leads per month. When will the internet leads be available on your end? I'm primarily looking for health leads. The filters that I have now are age 35 to 60, current insurance and more than 1 person on the lead request. Will you offer these filters as well and if so, how much? Thank you!

~Sunmed

[The New Guy]

Originally Posted by Melmunch3

I am working on an insurance leads website and I am compiling a list of aspects that leads can be compared by. I would appreciate any additions that you can think of.

Thus far, I have:

1. Price per lead.
2. Volume discount?
3. Method of generation.
4. Volume of leads.
5. Crediting policy.
6. Number of agents getting the same leads.
7. Available filters.
8. Method of delivery.
9. Agent website access.
10. Follow up features.
11. Marketing material.

Any others?

Are they linked to an online insurance service. e-health, etc..

[somarco]

In your expert opinion, what would be the chances that they would be placed? Their interest level is high, but I would say 0 for a $300 health policy, but we talked a lot about dental.

For an expert opinion I will have to bill you.

The only thing Sam pays for here are wags and B.S.

Still want an opinion?

[Melmunch3]

Actually, this was for one of my many projects that never did get finished...I had a great site built, but I just got too busy... Bob, you know I get distracted a lot, right?! (Yes, I really do owe you a phone call)

The site is Insurance Leads about 88.5% complete

And to clarify, I was never getting into the lead business, just wanted to know what people like to know about their leads... I should really rejuvenate that project!

[Lucysmith]

Originally Posted by flatfive

There are a few key considerations regarding quality of the lead that many people overlook:

For event driven leads, such as closing on a mortgage, turning 65, or having a baby; how far back do they reach for that list? In other words, do they mail exclusively to people will turn 65 in the next 3 months, or who have already turned 65 in the last 3 months? Perhaps they mail to everyone who turned 65 in the past year? You can imagine how different the quality of those leads are even though they can all be described as "new retirees." I'd pay a LOT more for people who turn 65 in the next 3 months. It's all about how many respondents are truly in the buying mode and how many are just curious or misled by the mailer.

How quickly are the leads distributed? If a company gets back 150 leads, how quickly do they get categorized and inserted into the database? Some companies do this daily, some weekly and some less frequently than that.

Maybe this is covered by your number 3 and/or 11, but you want to know exactly what the prospect is responding to so you understand their expectations. There is a big difference between someone who thinks they are sending for a free booklet talking about changes in Medicare with no agent visit, and someone who knows they are requesting information about something they would have to pay for and will be contacted by an agent.

They key to a good lead is reaching the prospect while whatever prompted them to return the lead is still fresh on their minds. With a strong lead, you spend much less time establishing the need since they have themselves expressed the need by returning the lead.

It can be difficult to get this comparison, but a good way to look at this is to assume we have a qualified prospect, Joe Smith. Which lead company can get Joe Smith's name in front of me the fastest? You might be shocked to find that a lead program you thought was great is 2 or 3 weeks later than a competitor in getting that name to you. I'll take a fresher lead any day even if the lead is otherwise weaker in terms of prequalification.

I think this provide the best solution so you should follow it.