Life insurance leads refer to potential clients who are likely to purchase life insurance policies in the near or distant future. Generating life insurance leads has been quite challenging for insurance agents
despite an improvement in market penetration in India compared to earlier years. At present, the penetration level is 3 percent which is higher than the non-life insurance penetration level.
How to generate life insurance leads in India?
A life insurance policy ensures the policyholder has sufficient funds to meet life goals, provides financial security, and provides tax benefits. Life insurance agents sell all sorts of life insurance policies to families, individuals, and businesses but it all starts with generating a lead. Various methods of generating life insurance lead sources exist in India such as creating valuable content, expanding social media presence, building a referral program, and so on.
Issues faced while generating leads for selling life insurance
Life insurance agents have a tough time generating life insurance leads due to the following challenges in India.
- Access to high-quality leads - Agents are unable to get access to high-quality leads even though there are many potential leads available. This is due to many factors. Firstly, agents are unwilling due to financial constraints to use technology that will enable them to find leads that matter. Secondly, due to the concentrated life insurance market in India, it becomes difficult for agents to get quality leads. Thirdly, despite the numerous advantages of life insurance, people do not show interest because it is not mandatory by law.
- Finding strategies to generate leads - Strategies and tactics are required before good leads can be generated in the life insurance sector. Agents often struggle to find the right strategies that will work for them. Instead, they use the tried and tested methods which no longer work with the newer generation. This lack of understanding makes it difficult for them to generate leads in life insurance. Without a strategy in place, agents are shooting in the dark.
- Shared leads mean higher competition - Oftentimes, agents end up in a shared leads scenario which means a higher level of competition among insurance companies and ultimately agents. As agents fight over that one client, they may miss out on other potential clients who may bring more value to them. This is often a big challenge for agents, especially in the Indian demographic where not much of the population is willing to purchase a life insurance policy.
- Measuring lead generation success - Measuring the success of lead generation is another issue that Indian insurance agents face. If lead generation is not measured, the agents will not understand how successful they are with a particular set of strategies. Additionally, documenting the success of generating leads is just as important. These are often ignored aspects of lead generation which cause problems for agents and make it harder for them to get the right leads.
- Inevitable digital shift dilemma - Generating leads does not happen with a single formula that works for all. Instead, different methods are required depending on the target niche. Today, a digital shift is required by agents to ensure they can harness the power of software technologies. As most agents are used to traditional methods of generating leads, it has become difficult for them to make the digital shift. Without a digital shift, they miss out on quality leads.
- Funding lead generation-related activities - Lead generation activities take up time and cost depending on the quality of the lead. Agents, especially independent ones, often do not have the funds to generate quality leads. Regardless of which method they use, they will be required to fund the lead generation activities. This is often a roadblock for several agents who are hindered due to a lack of funds and are unable to generate the leads of value.
- Changing needs -Priorities among people are changing and millennials are determined to stand their ground which makes them one of the toughest people to sell life insurance to. Despite the benefits of life insurance, many people believe they will be wasting their precious time and money if they purchase a life insurance policy. It is difficult for agents to quickly adapt to the changing demographics and sell in a way that resonates with people.
Ways to generate leads for life insurance sale
Before selling life insurance policies, you need to have life insurance leads. Here are some of the top ways to generate them.
Identify target audience
This forms the basis of all strategies to generate leads because you need to understand your target audience. It is best to think of the 4 W’s; who is possibly interested in buying, what might be stopping them, why they are interested, and where they can be found. Once you have a target audience, communication becomes easier as you can send personalized messages to the group. Generic messages never spark an interest so it is best to steer clear of those.
A recommendation is to create a profile of your target market. You can even go through research studies and reliable reports online by reputed companies to show trends that you can utilize to identify and thoroughly understand your target audience. Another method is to call your current customers and take a survey to understand what made them choose your services, their likes, and dislikes, and so on.
Create valuable content
One of the best ways to get free life insurance leads for agents is by creating valuable content. This can be through blogging, guest posts, and even uploading videos on YouTube. While videos are being consumed more and more, you want to ensure you get the point across within the first few seconds to keep people hooked and interested. Your content should always be entertaining, informative, and encouraging.
When you are involved in writing whitepapers and reports, it is best to encourage people to give their contact information in return so you can reach them. Try to write evergreen content as it ensures it will be useful to people many years down the line. Also, add relevant keywords without stuffing them unnecessarily. This enables the right people to find your content when they search on any search engine.
Create a referral program
Maintaining good relationships with your past clients is important because they can help generate leads. Building a referral program is among the top ways to get free life insurance leads for agents. By creating a referral program, you ensure that your loyal customers are rewarded for referring their friends and family to you for life insurance policies. This is one of the easiest ways to get high-quality leads.
You can give discounts on your client’s premiums or you can give any reward that is related to life insurance so they are happy to help you. Make sure your timing is not random as you have the highest chance of success when your client is happy. Did they write a testimonial on your website recently? Did they rate your business high on Google? Did they recently reach out to you? If so, that is the time to ask for referrals.
List your business in directories
If you think that listing in directories is no longer necessary, think again. People constantly check for businesses and insurance providers online if insurance is on their minds. As more people are considering getting life insurance in India, there is a very good chance they will try to look for an agent by themselves. By listing yourself or your business on several important online directories such as Google My Business, you can easily enable people to find your contact details.
Revamp your website
Do you have a website? If not, create one because people will be looking for it. You want to ensure you use SEO and include all the relevant keywords. If you know your target audience well, this should not be too difficult. You should have landing pages that answer the questions of your target audience and encourage them to purchase a life insurance policy from you. A website can also highlight your expertise.
When creating landing pages, make sure you do not stick to a single format. You can have infographics, blog posts, videos, guides, and so on. This will keep them interested and coming back for more. Try to include written and video testimonials from your existing or past clients if possible. You can also include web forms so people who want to ask a question can directly do so by giving their contact details. It is a win-win for you and the lead.
Leverage social media
Social media is an excellent place for you to get quality leads. You want to post your best content on the platform where your target audience can be found. You can even link back to your posts and website. Try not to be preachy when you post on social media because people will run in the opposite direction. Instead, share information in the best way possible to show them you have their best interests in mind.
Simply posting on social media will not suffice because it is all about engagement. You want to bring in the latest news about life insurance, be on top of the trends, and weave all this information into your posts. If someone asks a question, make sure to respond to their queries thereby showing everyone you are good at what you do. Instead of posting too often, post quality content consistently. This helps improve your reputation.
Use paid advertising
Paid advertising is one of the ways to get life insurance leads for agents. It is advisable if you want to reach more people and you know which demographics to target. You can use paid advertising on social media such as YouTube, Instagram, and Twitter. You can also opt for Google Ads. Regardless of where you are posting these ads, make sure you are targeting the right keywords and including CTAs throughout.
If you are willing to try paid advertising, make sure you have a means to track your progress. You can use tracking tools such as Google Analytics to see how your ads are performing. Paid ads do not have to be very expensive and you have the control to tweak them when necessary. This allows you to save costs and get leads.
Respond to all feedback
While positive feedback is what everyone wishes for, negative feedback is just as good because it shows you where you can improve. It is recommended that you respond to both positive and negative reviews diplomatically and professionally. The way you respond enables you to attract more leads because everyone watches how brands treat their customers. By replying to every post, review, and mention, you show people that you take your job seriously.
Try email marketing
You can stay in touch with customers and prospective clients through email. It is cost-effective, gets the point across, and enables you to reach as many people as you wish. You can divide your lists into two groups; clients and prospects. You can share educational material with your current and past customers. You can share the importance of life insurance with your prospects to show them why they should get a life insurance policy.
Email marketing is a way to nurture your leads but that does not make it any less effective. Taking email marketing seriously, following up with those who showed some interest, and showing prospects they are safe with you ensures your leads turn into customers. As your email subscriber list grows, you can segment your leads even further for better engagement and personalization.
Network and expand
While social media, websites, and search engines can be great for you, you should also network further in face-to-face interactions. You can participate in insurance events and conferences where you can meet more like-minded people and learn about selling insurance policies. It enables you to learn from industry leaders. You can even host seminars that are about life insurance and its importance thereby generating leads.
When you reach out to related businesses for networking, you can expand your reach manifold and this can help you find some of the best life insurance leads. Working in partnership with other firms whereby you expand their reach and they do the same for you is a mutually beneficial relationship. These networking tactics enable you to keep generating leads and get more clients in the long run. It may take time, but focusing on quality is key.
Provide free quotes
In India, there exists a common misconception among many people that life insurance is a costly investment. However, the reality is quite different. To dispel this notion and encourage people to consider life insurance, we present an opportunity to receive free life insurance quotes by simply providing their email address or phone number. This approach serves the dual purpose of debunking myths surrounding life insurance policies while also piquing their interest in purchasing a policy, leading to the generation of high-quality life insurance leads.
One crucial aspect of this strategy is the platform where we offer these complimentary insurance quotes. We aim to target websites that cater to our specific audience, ensuring a greater likelihood of converting leads that genuinely matter to us. By redirecting interested individuals to our website or other informative content, we create an opportunity for them to learn more about our services and offerings.
Cold calling
Cold calling can work if you have a targeted calling list. For example, if someone has shown interest in your content and left their contact details, you can call them. If people have shown even the slightest sign that they are interested, you can add them to the list. Make sure you make the call about them, listen to their objections and concerns, answer their questions, practice your script, and use social proof. These techniques increase your chances of succeeding.
Key takeaways
Life insurance lead generation is full of challenges for agents. However, by adopting new technologies, expanding social media presence, and using a myriad of tactics to generate leads, agents can start to discover lead generation like never before. The key is to continually keep learning, adapt to the changing Indian demographics, and then create strategies based on them. Even though market penetration is low by industry standards, agents can generate leads that convert.
Would you like to join PBPartners, the best PoSP company in India as a life insurance agent and be a part of facilitating seamless point-of-sale services for our customers?
FAQs
Q: Do life insurance agents make money when they generate a lead?
A: A lead generates money for an agent only when the lead turns into a client who ends up buying a life insurance policy. The agent earns a commission based on the life insurance policy sold to the client.
Q: Which is the best method of generating leads in life insurance?
A: The best way to get life insurance leads depends on the market, niche, and competition levels. Sometimes the online methods will work better while at other times the face-to-face methods will do wonders.
Q: What type of information is part of a life insurance lead?
A: Some types of information in a lead are demographic particulars, contact details, and the life insurance coverage type they are interested in. A lead may also include health details.
Q: What are company life insurance leads?
A: A company life insurance lead is provided by the insurance company. It is recommended only for new agents who are learning how to sell insurance. An insurance company offering leads is used to attract new agents to work for them.
