Internet Leads for P&C

[robtmccarthy]

I know there are plenty of threads on this in the Insurance leads topic. But those are heavily geared towards health & Life.

any of you P&C guys have good sucess with internet leads?
If so what lead company?
Approx closing ratio?
Approx cost per lead?

Netquote has been contacting me a lot with their 15 free leads. But they want a lifetime commitment for 200 leads purchased... 15 free when I am committing to 200 does not sound so generous.

Thanks for your input

 

[djs]

P&C internet leads are worse than health leads. At least, that's my experience.

Funny thing is, 5 years ago, I made good money with P&C leads, now, I lose money with them. I know I've changed a bit, but the reselling of the oversold P&C leads has simply gotten out of control.

Okay, I still think it depends on where you are getting the leads. For instance, Netquote doesn't have any territory around me available, they have already maxed out both the agents they sell to AND the waiting list for many lines of business. I know this isn't true everywhere, but in the bay area, it is brutal.

I would try sources where you have more control before I would try netquote. You need something where you can turn leads off for the weekend if you aren't going to be able to respond immediately. Netquote and Insureme are the 2 big guys, but I had better luck with smaller companies. Of course, now I usually don't do internet leads at all unless I'm really bored.

Also, there is a big difference between P&C and health leads. P&C leads tend to have a catalyst, such as just got a huge rate increase, new car, dmv letter, buying a house, whatever, that makes the need somewhat urgent. Health leads, if the need is urgent, then they are probably uninsurable. I mention this because when I did health leads, I could follow up a week or two later and close business, even if I hadn't talked to them previously, they had time to think it over. P&C, they have usually already solved the problem and don't want to talk to you.

I know, I didn't answer your question.

Dan

 

[robtmccarthy]

Can I ask who you do use? I am not in a major city so I doubt leads will be unavailable like it sounds for your area.

I would like to be able to turn off and on leads. That makes the most sense.

I don't expect mega results but a little boost to our personal lines would be good.

We have tackled some niches fairly well on the commercial side. But personal lines have gotten a bit sluggish.

The northeast is a tough nut to crack. As people say new yorkers aren't always the friendliest people.

 

[Bertolinoins]

Low closing ratio, cut throat pricing and low retention beyond 18 months... I am not sure why anybody is interested in Internet leads. It is a very hard way to make money.

 

[FLInsa]

Run away from Internet Leads.
And if you hear someone give a "guarantee", run faster!

 

[669comche]

As strange as this might sound I use internet health leads for my PC prospecting.

I aim to get 4 LOB's from a single lead so therefore my cost is $2 per lead.

Here is what I found with leads for my agency:

1) Auto leads are the hardest to sell with the lowest ROI. Usually price shoppers, low premiums and therefore low commissions.

2) Life leads are too expensive/much the same as Auto - Shopping on price.

3) Homeowners leads are ok, but as long as they are replacement. If someone is shopping whilst buying a home etc then you have to wait for escrow etc. Additional hassles I don't need.

4) Health leads - There's lots of them. Most want to buy either immedielaty or within a week or two.

Health leads allow me to recoup my lead cost pretty quickly, and then offer additional products.

 

[Tampa Bay Rep]

As strange as this might sound I use internet health leads for my PC prospecting.

I aim to get 4 LOB's from a single lead so therefore my cost is $2 per lead.

Here is what I found with leads for my agency:

1) Auto leads are the hardest to sell with the lowest ROI. Usually price shoppers, low premiums and therefore low commissions.

2) Life leads are too expensive/much the same as Auto - Shopping on price.

3) Homeowners leads are ok, but as long as they are replacement. If someone is shopping whilst buying a home etc then you have to wait for escrow etc. Additional hassles I don't need.

4) Health leads - There's lots of them. Most want to buy either immedielaty or within a week or two.

Health leads allow me to recoup my lead cost pretty quickly, and then offer additional products.

Interesting angle working health leads to generate P&C business.

 

[bree4479]

Net Quote is the best out there I have tried them all and by far the best.

 

[1manshow]

FYI: Netquote solicited me a while ago and I offered 1/2 their going rate of $13/lead on preferred auto. They took the deal at $6.50/lead.....fast forward 2 months...one sale from the first 50 leads that netted approx $300 commission..worst close rate ever and info. gathered by netquote is suspect and often incorrect. I get more leads from direct mail to a screened/prequalified list by a longshot and at a much better ROI.

 

[joshb]

As strange as this might sound I use internet health leads for my PC prospecting.

I aim to get 4 LOB's from a single lead so therefore my cost is $2 per lead.

Here is what I found with leads for my agency:

1) Auto leads are the hardest to sell with the lowest ROI. Usually price shoppers, low premiums and therefore low commissions.

2) Life leads are too expensive/much the same as Auto - Shopping on price.

3) Homeowners leads are ok, but as long as they are replacement. If someone is shopping whilst buying a home etc then you have to wait for escrow etc. Additional hassles I don't need.

4) Health leads - There's lots of them. Most want to buy either immedielaty or within a week or two.

Health leads allow me to recoup my lead cost pretty quickly, and then offer additional products.

Thats a good approach. You are right about auto leads, not only are they price shoppers, but they shop at EVERY renewal so you worked to collect a 6 month commission (I try to always sell a 12 month policy if the company offers it, but not always an option) and then they are shopping again. Another agent will eventually cut coverages enough to get the business and then you don't hear from them again.