In a competitive industry that’s changing rapidly, there are many obstacles. Lead generation is one of the biggest challenges every Broker faces. Especially with the threat of competition emerging from non-traditional channels.
The number of quality leads received has a direct impact on Brokers and often forces their Agents to rely on friends and family for leads. This strategy is short-lived and results in high staff turnovers.
Finding and effectively training the right people makes any business more efficient. To do this American Income Life Insurance Company (AIL) needed to make sure that their Brokers kept motivated. Keeping them motivated meant continuously increasing the opportunity for ongoing sales.
What was the solution?
Partnering with Siren Group helped the Broker increase their insurance policies issued by over 32% in just two years. Siren Group helped make this achievement possible by providing the Broker with proven-to-work leads. Exclusive leads with an outstanding conversion rate – up to 24% leads converted into a sale.
The partnership included:
1. Exclusive Life Insurance Leads
A single American Income Life Insurance Broker received 34,721 leads in under two years. These leads were completely exclusive and were not sold to any competing Broker, giving each lead enormous potential. Unlike traditional internet leads with limited information, these exclusive leads included full contact information. As well as all the data necessary to make sure the delivery of high-converting, desirable Life Insurance prospects.
Many people start looking for life cover when they reach a key life stage such as marriage, buying a home or having children and starting a family. Through targeted campaigns run by Siren Group, two types of leads get captured:
- Families With Small Children
- Middle Age and Seniors
This relevant audience provided the Broker with a unique selling opportunity:
- Target parents with an in-person visit. 100% of them have children and are worried about the well-being of their family.
- Allowed the Agent to visit the middle aged/senior prospect during the day. Giving them greater opportunity to schedule more appointments in a day.
- Fewer appointments in the evenings and over weekends.
- The agents are also able to get referrals from the clients they visit which results in acquiring further leads.
- Increased referrals through ‘Mom Clubs’, ‘Senior Clubs’ and word of mouth.
Prospects are well-known for being reluctant to admit they need what you are selling or afraid to plan for their own impending obstacles. Like providing for family members after their own demise. But by following the process devised by Siren Group, the Agents were able to visit the client in-house. In a non-invasive way and successfully converted into a sale.
The benefits to the Broker of this effective approach included:
- Fresh tactic to securing a non-invasive, in-person meeting with a prospect.
- Face-to-face meeting allows the Agent to gain the trust of the prospect.
- No required costly advertising budget for the Broker. Siren Group invest capital into the ad campaigns .
- The Broker only pays for quality leads – no commission and no renewal payments.
- Improved quality of leads – full contact details.
- Reduced lead cultivation period. Reduced significant investment of time and resource from the Agents.
- The Broker was able to set and control the budget to prevent any overspending.
1. Lead Management
Just acquiring fresh leads only resolved the Brokers first part of the challenge: To increase number of leads. And reduce dependency on cold calling and/or friends and families for leads.
The Broker needed to solve the second challenge: Management of incoming leads. Assigning to the relevant Agent to optimize travel time and efficiency.
Resolved by using an effective, yet simple solution. Which entailed qualified leads uploaded to the Lead Management App. Then assigned to the relevant Agent.
The App, developed by Siren Group, is offered as free as a value-added service. It helped the Broker manage their Agents with an online portal. This assisted in assigning and monitoring the number of new leads, follow-ups, and conversion ratios.
Siren Group’s unique approach has helped the American Income Life Insurance Broker to :
- Decrease the number of high-risk ad campaigns
- Enhance lead acquisition
- Efficient management of leads
- Improving Broker retention
- Growth in market share and increased profitability.
“My insurance brokerage has been using Siren Group leads for over 2 years which helped us increase our insurance sales by 32% and helped engage and retain a lot of Agents that would have left if we didn’t have these leads.” Joshua Chalom State General Agent for 33 years at American Income Life Insurance Company.
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