The insurance market has expanded with more qualified insurance agents providing insurance services in recent years. There are around 424,564 licensed insurance agents and companies in the USA alone. When finding insurance leads, they utilize different lead generation strategies. Some use traditional methods, while others prefer to buy leads.
Purchasing leads is a safe option as it guarantees qualified insurance leads without spending too much time and resources. Putting a little effort into purchasing leads from a credible source will result in quality leads and thriving insurance business.
Things to keep in mind before buying insurance leads
1. Do not rely on other agents to discover a good lead source because many don’t want to disclose it to protect their quality leads.
2. Beware that not all lead services will suit the type of insurance policy you are providing.
3. Your geographical region also matters when looking for a reliable lead source.
4. Do adequate research on the lead source’s background before purchasing leads.
A guide to buying insurance leads
Compare the lead companies you’re eyeing with these criteria to find the best one.
· Lead generation
How does the company generate leads?
It is the first question you must ask and find the answer to. Many providers will tell you that they generate leads through paid search or their website. Organic search results or affiliate partners bring traffic in return for a commission on their website.
Choose a lead company that efficiently generates insurance leads. Organic search is the best way to drive traffic, so choose a source that generates insurance leads through organic search.
· Lead information
The lead company provides information with the lead. It is crucial to appoint a company that gives appropriate information to help you secure the sale.
Check for free samples on companies’ websites to know what information you will be getting.
· Lead volume
When selecting a lead source, find the number of leads they can provide you. It will help you learn how often you would have to purchase the next round of leads. It improves consistency and results in a stable flow of leads.
However, this factor doesn’t make the lead company “the perfect one” because as long as you get high-quality leads, the regularity of leads doesn’t matter.
· Filter options
Insurance agents can control the quality of the leads they will be purchasing by being super selective through lead filtering options.
Many premium lead companies have a lead filter option that allows insurers to customize the leads according to their need. However, the filtered lead costs more than the original lead. But this investment is worth it as you can improve the quality of your lead.
Purchasing leads in bulk is beneficial when dealing with insurance lead companies because many of them provide a volume purchase discount. However, if a company doesn’t publicize discounts, make sure to ask them whether they have such discounts or not because it can save you a hefty sum of money.
· Lead price
The last yet most important factor when choosing a lead company for buying insurance leads is the price per lead. The price tells whether the company is worth trying out or not. It’s acceptable to save money but don’t compromise on the quality of the lead as the closing rate depends on it.
Therefore, it is better to find a good balance between lead quality and lead price to attain a good return of investment (ROI).
Shared leads vs. Exclusive leads. Which one should I buy?
Another factor that insurance agents ponder over is whether to buy shared leads or exclusive leads. Here is the difference between shared and exclusive leads, so choose the one that satisfies your need the best.
Shared leads are internet leads sold to multiple insurers (between 2-8 agents). It’s the right option if you’re looking for low-cost leads and want to buy in bulk. The major drawback of shared leads is that they are not high quality.
On the contrary, exclusive leads are for only one insurance agent. Buy exclusive leads if you want high-quality leads with an impressive closing rate. However, it is too costly if you need a high volume of leads.
Therefore, decide between exclusive and shared leads while keeping your budget and preferences in mind.
In conclusion, the answer to “how to buy leads for insurance” is a little tricky because you have to make decisions while keeping several factors in mind. Therefore, take your time and find the best and most reliable lead source.
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