Insurance agents have a lot of factors to consider when purchasing insurance leads online. Each of them has a significant impact on an agents ability to close a lead and create a positive return on investment. Some of these factors may seem elementary but they all need to be considered as part of a formula to determine lead quality and value. When buying internet based leads it is important to keep track of all factors so a good decision can be made regarding the initial trial run with any lead service. There are many lead companies that fall short with this check list. All lead services listed on Insurance Lead Picks have strong scores for the following factors.
Insurance Lead Filtering Options
Filters can make or break a lead service. The goal for any agent is to only spend money on highly targeted leads. The more filter options the better. Look for services with pre-set filters and custom filters available. Pre-set filters will typically be free or at a low cost. Custom filters will generally increase the cost of a lead but can really bring positive returns, especially in larger markets.
Insurance Lead Data
While it may seem obvious lead data is critical. Duh. However, it can vary from provider to provider. You will generally see a nice set of data and personal information with top tier providers. This tells you that the prospects had to take more time to fill out the quote form and will generally be closer to “buy” mode. More data also gives you more fields to filter to really target your ideal prospect.
Insurance Lead Delivery
Delivery is important in terms of time and method. Unless you are buying aged leads agents should not accept anything less than a real-time delivery platform. Time is critical with shared leads as the first contact has a much higher rate of success with shared leads. Look for email delivery at a bare minimum. Many top providers are now offering lead delivery integration into a number of 3rd party CRM platforms.
Fake Leads
Fake leads are a real turnoff when buying leads. However, EVERY company is going to have them at some point. Fake leads cost agents time so look for companies that can keep them to a minimum as well as companies that have a liberal and easy return process for fake leads.
Lead Competition
Lead competition is another factor to consider when buying leads. A shared lead can be sold to 3, 15 or 25+ agents. Those numbers all have a price but if you are paying market prices for live shared leads look for companies that have a maximum sell rate of 8 agents or less per lead.
Insurance Lead Cost
Cost is definitely a factor when buying leads but it really shouldn’t be much of a factor when starting with a new lead company. The price is completely relative to lead quality and your ability to close the lead. In some circumstances a $50 lead can be cheap and a $3 lead can be expensive. It all depends on the quality of lead you get.
Insurance Lead Volume
The amount of leads a company can provide does has an impact although it should be minor. If a company can provide you quality leads that generate a positive return you should buy them. Lead volume is great for consistency and time management but we don’t recommend ruling a lead company out because of low lead volume.
Agent Testing
Test, test, test and test again. Did we mention you should test? The goal is to figure out which lead companies can provide you a quality leads you can profit from. Each lead company has it’s strengths in terms of insurance lines and geographic regions. We recommend testing as many lead companies as you can and keeping the ones that provide you value. Sample size is important when making a lead partner decision. We recommend going for 30+ leads to make a decision.