Best Ways to Generate Insurance Leads for Agents

Finding new qualified prospects is hard work for any new or seasoned insurance agent. You can consider the following lead generation methods to have a lucrative and long-term career in this business.

1. Request for Referrals
2. Cold Calling
3. Street Canvassing
4. Roadshows
5. Partnerships
6. Digital Marketing
7. Third-Party Leads
8. Referral Program

Request for Referrals

Word of mouth referrals is an excellent source of high-quality leads.

After providing a service to a satisfied client, ask them to recommend you to someone they know who needs your products. Always maintain a good relationship with your clients by reaching out to see if they need help with anything or simply to say hello, happy birthday or holiday wishes. Make sure they know that you’re there for them anytime they need you. They are more likely to remember to refer to you if they have an active relationship with you.

If you’re new or just getting started with a small client list, you can always get an introduction to potential clients from people who already trust you, such as your family, friends, or acquaintances.

Cold Calling

Cold calling is more difficult now than in the past, yet it’s still one of the most popular methods of lead generation for new insurance agents.

The leads generated can be random phone numbers you find yourself or pass to you from your agency. However, you must check to ensure they aren’t on the Do Not Call (DNC) Registry.

Most people dislike unsolicited calls, so it’s a hit or miss.
A few cold calling tips:

• It’s not WHAT you say, but HOW you say it.
• Record your voice and experiment with various voice tones.
• Qualify your prospects with questions.
• Build trust and then pitch.

Street Canvassing

A common prospecting tactic where you see agents standing near bus interchanges, MRT stations, or any public places with high human traffic flow.

You will usually ask people to fill out a survey for you, then have a follow-up interview to seal the deal.

You can also distribute educational material like FAQ flyers or brochures. The FAQ contains 5 to 10 frequently asked questions, such as financial planning for the future. When passing the FAQ, give a few key points to create interest from the potential customer.

Canvassing probably has a higher success rate than cold calling, because face-to-face interactions build rapport easier. However, the failure is more demoralising because the rejection is in person.

Roadshows

Insurance agencies will hold roadshows at trade shows, shopping malls, or even schools. Freebies are offered to attract the audience for a sales and advisory session. A good target audience is the young professional workforce. Customers may also receive gifts when they purchase a financial product or service.

Agents usually have to pay for the roadshow, so to not waste money, new agents should gain some experience canvassing first before trying roadshows.

To learn more, the Monetary Authority of Singapore (MAS) has published guidelines about roadshows and marketing financial products and services to retail customers at retailers and public places.

Partnerships

Partnerships with other businesses, restaurants, and retailers, such as supermarket chains or furniture and electrical product retailers, are another way to generate leads from referrals.

You can pay your partners for leads or recommend each other products or services. Your partners would ask a potential client for permission to have you call them. Alternatively, your partners could give out your phone numbers or business cards to get a potential client to contact you.

While it takes more effort, you can:

• Host financial planning seminars for your partners.
• Be a guest speaker for their event.
• Do old school advertising at their place.

Digital Marketing

In this digital age, you will need an online presence so that Internet users can contact you for your products and services.

For starters, have a website and be visible on popular social media platforms.
Then, ensure that your website and social media channel prominently display your contact information. You could also post testimonials and educational content to enhance your credibility.

Next, to find and/or attract customers, you will need:

• Search Engine Optimisation (SEO) – Search engines such as Google, Bing.
• Search Engine Marketing (SEM) – Google Ads, Microsoft Ads.
• Social Media Marketing (SMM) – Facebook, Instagram.

This lead generation method will require you to have web design and digital marketing skills or hire someone with the experience. However, building websites and advertising online are getting a lot easier these days. Done properly, your website will be your 24/7 salesperson.

Third-Party Leads

Some companies sell leads to financial advisers. These companies run digital marketing campaigns at a scale with high volume. Therefore they will usually work with experienced agents or agency leaders that are aiming for MDRT. New agents may not be ready for this yet.

Click below to learn more about Whotoengage leads generation services.

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Referral Program

You could increase the number of referrals by giving incentives for every referral that has a policy purchase. Include terms and conditions so that the program will be fair and not abused.

The incentives should benefit both the referrer and the referee. The referrer may earn cash rewards or shopping vouchers, and their family and friends may get referral discounts or shopping vouchers.

Conclusion

There are many lead generation methods. As an insurance agent, you’ll have to test which works best for you and respond to changes in the market and competition.

Advice for new agents, this job involves a lot of rejection, and it will be demoralising. It takes a lot of consistent hard work and time to close more sales.