In the insurance industry, there are never any guarantees. However, one thing for certain is that to be successful, you must be able to generate high quality leads. Generating high-intent leads is important year round, but even more so in the months and days leading up to the Open Enrollment Period (OEP). But as we all know, in most cases, leads won’t just fall into your lap. You have to have a well thought out strategy in place.
Whether you work for a large agency, or are an independent agent new to the game, your ability to effectively secure these leads will make or break you. To help you get a head start on the competition, we’ll explore a variety of different types of insurance leads, numerous generation methods, as well as the advantages of working alongside a lead generation partner.
Types of Insurance Leads
Before getting into the nitty gritty of how to actually generate leads, it’s important to understand the different types of leads available. Each lead type has its own set of pros and cons. Depending on your overall strategy, some might be more advantageous than others.
Exclusive Leads
Just like the name suggests, exclusive leads are exclusive to one agent only. In other words, the propect details at hand belong to one agent only. This means little to no competition. This is because you can assume that you’ll be the only one communicating with the potential client. With all this said, the conversion rates of exclusive leads tend to be substantially higher than other leads types.
Advantages of Exclusive Leads
Less Competition: These leads will not be hounded by a bunch of different insurance agents, allowing them to focus their time on you and you only.
Better Quality: Exclusive leads tend to be newer and more qualified.
Increased Conversion Rates: The lack of competition and freshness of the leads makes it easier to close sales.
Shared Leads
Unlike exclusive leads, shared leads are sold to several agents. Shared leads are generally sold to anywhere between 2 and 8 agents. Even though the competition is increased, the cost of these leads is generally much lower compared to their exclusive counterparts.
Advantages of Shared Leads
Reduced Cost: Since shared leads are bought multiple times, the average cost per lead is reduced. This means you can generate a high volume of leads for a relatively low cost.
Immediate Access to Volume: The affordability of shared leads makes them a great option if you want to quickly fill your pipeline with new prospects.
Consumers are Ready to Buy: Although these leads are more competitive, the prospects are oftentimes already at the buying stage, and just need a quick follow-up to seal the deal.
*While shared leads are a great option for agents, it’s important to note that they will be much more difficult, and potentially illegal to purchase come 2025 due to the recent FCC ruling. To stay up-to-date in regards to this ruling, pay attention to industry news covering the case.
Aged Leads
Aged leads are simply leads that are generated in the past, but have not yet been converted into sales. Since these leads also tend to be less expensive, they are perfect if you want to expand your client base without breaking the bank.
Advantages of Aged Leads
Affordability: They are much less expensive than fresh leads which makes them a cost-effective option when quickly trying to grow your pipeline
High Sales Potential: Just because they have been around for a while, doesn’t mean they don’t have conversion potential. In fact, many leads become aged simply because the consumer needed more time to survey the market. If you catch them at the right time, these leads prove to be highly valuable.
*Similarly to shared leads, the recent FCC ruling that will play out in early 2025, could have a major impact on the legality of using aged leads in the future. Be sure to pay attention to the case, to guarantee that you’re always operating within the confines of the law.
How to Generate Insurance Leads
Now with a firm understanding of the different types of insurance leads and their pros and cons, let’s explore some of the ways to generate them. There are several approaches when it comes to lead generation, and the best one for you will depend on your target market and available resources.
Online Marketing Strategies
Content Marketing & SEO: One of the best ways to generate leads for a low cost is by creating insightful content that answers the questions and concerns of your target audience. Blogs, videos, and infographics are all examples of content marketing. The way it works is—consumers looking for help or answers about insurance will enter their questions in Google or another search engine. If you create quality content, it will show up in their search results, bringing them to your article, video or other content. While these consumers may initially just want some info, the content will lead them to your brand.
Social Media Marketing: Using social media marketing platforms available on sites like Facebook, LinkedIn and Instagram is a great way to target specific audiences. These platforms let you specify your target audience by factors like age, gender, income and even hobbies. These features make social media marketing a powerful tool to help you reach your ideal client.
Email Campaigns: Email campaigns are another great tactic to use, allowing you to send content over time to nurture your potential client’s needs. There are many ways to go about email marketing, but the most common is to send out useful information or offers on a regular basis. This includes newsletters, industry news, policy updates, or promotional material. By building brand consistency over time, consumers will be more likely to take the next step in becoming a loyal customer.
Networking and Referrals
Building Relationships: Networking is among the most tried-and-true methods of producing leads. From attending industry conferences, to participating in local community events, networking provides opportunities in the form of revenue-driving collaborations and referrals from other industry professionals.
Customer Referrals: Referrals stemming from current client relationships are extremely valuable since the person referring to your services already trusts you. Suggestions coming from friends or relatives provide a sense of trustworthiness. Keeping this in mind, never hesitate to ask pleased clients for referrals. You can even incentivise them to do so by offering some type of referral rewards program.
Lead Generation Partners
What are They? Working with a lead generation partner, like Benepath, can be a game-changer for agents looking to increase their base of prospects quickly. Simply put, insurance lead generation companies specialize in insurance marketing tactics, so they can obtain the most qualified leads in the market, and in turn, sell them to agents like you.
Benefits of Working with Lead Generation Partners Instead of spending countless hours looking for leads or developing complex marketing campaigns, lead generation partners will do the heavy lifting so you can focus your time on closing sales. Additionally, since the leads are vetted for quality and intent before they reach your desk, you won’t have to worry about wasting your time reaching out to non-interested individuals.
Why Now is the Time to Use Our Lead Generation Services
As we approach the Open Enrollment Period, knowing how and where to get high-quality insurance leads is more important than ever. Don’t let this time pass you by without capitalizing on the opportunity that is millions of individuals in need of coverage. Benepath offers a diverse number of lead solutions ranging from exclusive to aged leads, giving you everything you need to be successful.
Why OEP is Important: During the Open Enrollment Period, consumers are actively searching for new coverage. Unlike other coverage types, when it comes to health insurance, individuals only have these couple of months every year to make changes to their existing plans or find a new one. That being said, securing new clients is crucial, and it becomes much easier when you have a fresh list of prospects sitting on your desk.
Working with Aged Leads During the OEP: Though these leads were created some time ago, the affordability aspect allows you to purchase a high volume of prospect details without hurting your budget. Additionally, aged leads are oftentimes quite effective during the OEP. This is because individuals who signed up to receive quotes in the past may have had minimal intent to actually buy a policy, but now since time is running out, they will be ready to get insured.
Final Thoughts on Insurance Lead Generation
Having a sufficient amount of insurance leads is pivotal to be successful in the competitive insurance industry. Especially with the Open Enrollment Period lurking around the corner, much of your success or failure lies on how you handle the next couple of months. While there are a variety of effective ways to generate qualified leads, what’s most important is that you have a steady flow consistently coming in.
While we encourage you to diversify your marketing tactics by working on social media, email and SEO tactics, don’t underestimate the power of partnering with a lead generation company like Benepath. Our in-house marketing team only generates the highest-quality prospects to send your way.
Not to mention that we have insurance marketing experts available to offer you ongoing support every step of the way. Also, since the FCC ruling coming up in 2025 will make it much harder to work with aged and shared leads, now is the time to act!
For more information and articles about lead generation, insurance marketing and sales, be sure to check out Benepath’s resource library! If you’re interested in taking advantage of our lead generation services, simply fill out a quick data form, or call us directly at 888-684-3121.
Kyle Mehlman is Marketing Coordinator specializing in SEO, copywriting and content creation. In 2021, Kyle graduated from the University of North Carolina, with a degree in Journalism and Media.
