What to Expect from Auto Insurance Leads

Fran Majidi
December 22, 2020
What to Expect from Auto Insurance Leads

Are you new to auto insurance leads? Many clients at SmartFinancial started buying leads only recently, when they realized that digital distribution was the only way to bring home a paycheck during the pandemic.

Maybe you bought leads in the past and ended up wasting your time and money. Many of the agents who work with SmartFinancial came to us with horror stories about bad leads, no refunds and simple mismanagement with little agent support. Our services are different.

SmartFinancial’s emphasis is on the relationship between agent and account manager and working together to increase sales each month. Our leads are shared by fewer agents than most of the competition’s leads. We also offer a generous refund and credit policy.

But first things first. Let’s start fresh. Before you even pick up the phone to buy leads, let’s go through the entire journey step-by-step so you know what to expect and to make sure that you’re doing everything you need to do to have success with the leads you buy.

How Does SmartFinancial Get Auto Insurance Leads?

SmartFinancial has a robust content marketing plan and a team of SEO writers who create articles that people shopping for insurance find useful. After finding answers to important insurance-related questions answered in the article, the readers who elect to compare auto insurance rates will fill out our brief form, which asks for all the information you’d need to generate a quote. Once that form is submitted that reader becomes a lead. We also run advertising relevant to car insurance shoppers, who fill out the forms as well. No matter our source, we get the best traffic with the best contact rates in the industry.

What Are Filters?

Filters cover the factors you require of a lead. For instance, if you do not write policies for high-risk drivers, you can filter out those leads. Your account manager will go over your options and advise you based on your needs and budget. You don’t want to overload your account with too many filters, however, or else you’ll get very few leads, which cost quite a bit. Discuss this in greater detail with your account manager after you sign on for SmartFinancial leads and calls.

What Are My Options for Insurance Leads?

Let’s start with the most affordable kinds of leads, shared leads, and then exclusive leads, which cost a little more. And finally, the most expensive, live transfer calls, which are pre-screened in our contact center and have the highest closing potential because contact is already made and the caller has been screened according to your requirements and filters.

Shared Insurance Data Leads

Our competitors generally share one lead with about 5 agents. We usually share a lead with 3 or 4 agents only. So, the odds are more in your favor with our leads. With this said, don’t expect that there won’t be any competition. You still have to jump on shared data leads as soon as you can after they come to your email inbox and/or text message. Not only are there a couple of other agents competing with you, there’s also the possibility that the active shopper has also given their information to another insurance comparison website.

The takeaway here is this: Always act with urgency when it comes to every single lead type. The faster you are to respond, the more likely you’ll get the prospect’s business. The longer you wait to make contact, the less valuable the lead. With that said, no lead is without value, even if they sign up for insurance elsewhere. Aged leads can be closed.

A smart insurance agent will have a good management system in which they mark each unsuccessful lead as an ex-date. You can ask permission to call just before renewal to see if the lead wants to switch then. Agents make sales doing this. In fact, you may be ahead of the game by contacting the lead before they start itching to compare for a lower rate.

Many agencies buy shared leads in bulk for their producers and even to train new producers and new agents because they are very cost-effective.

Exclusive Insurance Data Leads

If you decide you would rather pay more and have less competition, exclusive data leads may be the right product for you. With these, you’ll be the only agent we share information with on a lead. That sounds perfect, right? Well, nothing’s perfect because we have no way of knowing whether or not the lead has been shopping elsewhere or will continue to do so after we get their information. So, you still have to act fast, calling as soon as a lead’s information lands in your lap.

You also have to keep calling until you get the lead on the phone. Don’t leave a message. Calling more than once often allows someone who doesn’t recognize your number to realize that it’s an important call. Don’t ever give up after one attempt (or even two, three, or even five attempts). Each lead is different and each will need a different level of effort. But one thing they have in common is that you need to keep calling until you get someone on the other line.

Just as people are different, your strategy must be flexible enough to work on many different types of car insurance shoppers. Adjust your elevator pitch based on the rapport you establish early on in the conversation. If the person is a talker, you may be able to give them the extended version. If they seem like they want to rush you off the phone, give the most important soundbites and get them talking as soon as possible.

Live-Transfer Calls

Live transfer calls will be expensive but well worth it if you handle them properly. They are the most likely of all lead types to close because before the call is sent to you, the shopper is called by one of our Call Center concierge members. Our agents go over all the information the lead entered on their form to ensure that it’s all accurate. They will also make sure that the lead fits your filters before transferring the call to you.

The easiest way to fail with these calls is to answer with a generic greeting. The caller will feel like they just wasted all their time with the Call Center agent. When they get transferred to you they want their quote ASAP or else they get frustrated. What should you do? Be on the lookout for the number assigned to your live-transfer calls. They will always come from the same exact number. Instead of saying, “Hi, this Bob from Wonder Insurance,” say “Hi, [insert lead’s name if you have your dashboard pulled up and can see it there], this is Bob with SmartFinancial and I’m ready to get you a quote today.” After that you can establish rapport.

You may want to quickly go over some important information, and in the process get the lead into “yes-mode” so that when you ask, “Are you ready to buy a policy today?” they will hopefully say yes one more time.

We’ve touched on the basics of leads and calls, but there are many ways your account manager will help you optimize your investment. Most of our agents see a progression in sales over time, after tweaking account settings for the most successful outcomes. Some of our account managers have done insurance sales and may be able to give you some tips on how to work leads.