I have been generating life insurance leads in the UK market for the past five years. Until 2019, I worked with one partner; However, as of late, I have started to work with a few more brokers and diversify my portfolio. This has allowed me to interact with different people in the life insurance field, understand broker’s needs, and improve the quality of my leads. It has also allowed me to recognise the gap in brokers knowledge of the lead generation process and how to bridge this. So what does Kj do best when he finds a gap? He bridges it with a guide.
Purchasing leads of any nature is often a daunting experience for brokers and brands that are new to their industries. Unfortunately, life insurance is no different, and various pitfalls can leave you with a negative ROI.
So let’s start with a quickfire checklist to ensure all your bases are covered when purchasing life insurance leads:
Customer Journey
Many Brokers skip this integral part entirely. Before even you consider a supplier, you need to ask about the customer journey. How do suppliers generate leads? Do they use paid advertising or organic traffic? If the supplier uses paid advertising, what platforms do they use for advertising, and what advertising creatives do they use? (This is important for the UK insurance niche as this can cause compliance problems).
Utilise Test Budgets
Building trust with the lead generators sourcing your leads is imperative. Rather than letting them off the leash to send as many leads as possible, request a small test budget of leads in the first instance. This will allow you to analyse the rate at which leads are sent whilst also allowing you to test the quality of the leads. If everything checks out, you can slowly increase the budget until you’re at a point where you’re happy for leads to flow in at an unlimited rate.
Looking For Life Insurance Leads in the UK?
So are you ready to work with a reputable lead generator that will help your business grow? Not only by providing you with the best leads but also by providing solutions to problems you didn’t even think you had! This guide is created on behalf of 05 Media, a company that prides itself in working with Life insurance brokers as equal partners.
Compliance Is Key
The UK market is particularly stringent regarding compliance with regulations, such as GDPR. How generators produce leads should be scrutinised before you allow them to send prospects. This ensures you can carry out all the necessary checks to be confident and verify that everything is above board.
Returns:
Establishing a returns policy with your lead generators is an excellent way to cover yourself if leads are of no genuine value. For example, a lead may be uncontactable after several attempts to reach them on their phone number. This may not be the generator’s fault, but the lead itself is of no use to you if you can’t get in touch with them. So you would be within your rights to formally reject this lead, deeming it non-payable. You can also place stipulations for the age and addresses of the leads, etc.
Use CRM
No one likes to work on excel sheets in today’s age. It’s always a great idea to use an appropriate CRM. Surprisingly, many life insurance brokers processing hundreds of leads per day don’t use CRM systems, making Lead delivery, Quality reporting, and Quality Feedback a tedious process for both broker and the supplier. As a lead supplier, I have stopped working with life insurance brokers who are not using a CRM platform, bar a few big clients, as it shows how much they value growth and creating efficient working processes.
Lead Verification
You can minimise the rate at which leads are returned by having watertight verification systems on your lead capture form. Examples would be to ensure you have verifications in place on fields such as the lead’s phone number and email address. If either of these is entered incorrectly – generally via a typo – then the lead is worthless. Verification ensures that details are entered in the correct format, giving you the best chance of establishing contact and making the sale.
Price
We all want to save money. However, so many things may affect the lead price, such as traffic source, Lead Quality, Customer Journey, etc.
To give you an example, Just from Facebook advertising, we generate three types of leads.
- 1- Direct Web Leads – Normally Validated Leads
- 2- Qualified Web Leads – We qualify Leads by explaining the process to prospects and then allow them to apply for life insurance on our website. This results in leads that are well informed about what they want and the process.
- 3- Super Qualified Leads – We educate leads, Validate their information, and verify lead data using a 2-factor authentication. This does all of the above and uses non-traditional methods to verify the customer intent, offering an extra layer of validation for the brokers.
In the three types given above, as a lead supplier (in terms of advertising cost), Number 1 will cost the lowest, Number 2 will cost a little more, and Number will cost 3x more than what it costs to acquire Number 1. So, as a supplier, I can’t offer them all at one rate.
Every lead generator has a different structure. Ask your supplier about the best options for you: balancing out their costs and the quality of the end lead provided to you.
Contact Rates
In my experience, contact rates are the biggest concern of any lead buyer. One of the first questions we ask our buyers is about their contact times. I want to know how quickly my buyers can contact the leads. Ideally, I want a lead to be contacted within 10 minutes of delivery. The longer you take to contact the lead, the colder it will get.
Similarly, it is crucial to see how quickly your supplier can transfer leads. Using an automated system that can deliver leads through API instantly is excellent; otherwise, you might want to revise your arrangement with the supplier and ask them to upgrade their delivery systems. Make sure all leads are transferred to you with zero delays.
Clear Communication
Once you start working with a supplier, it is essential to have a clear line of communication. Are you facing issues with contact rates? Issues with the lead quality? Have your supplier or one of their members on speed dial to support you whenever you need it. Similarly, if there are any issues on the supplier side, provide them with a way to communicate directly with you or your team.
Volume
As mentioned earlier, you need to build trust with your suppliers. Also, have backups in place for all possibilities. Especially when suppliers are using paid advertising, make sure you and your supplier agree on a backup plan in advance. Advertising networks can be unpredictable. For example, last week, Facebook went down for a couple of hours. Every lead gen was affected, even those not using Facebook advertising, as the competition on alternative networks increased because everyone rushed to fill their caps.
In short, volumes can be unpredictable at times and make sure you have a backup plan if your supplier starts facing any delivery issues.
Looking For Life Insurance Leads in the UK?
So are you ready to work with a reputable lead generator that will help your business grow? Not only by providing you with the best leads but also by providing solutions to problems you didn’t even think you had! This guide is created on behalf of 05 Media, a company that prides itself in working with Life insurance brokers as equal partners.
First Pressing?
Finally, It is crucial to establish how many buyers your lead generator is pushing leads to. Your supplier will create a bespoke landing page for your brand in an ideal world, but sometimes this isn’t the case. While it’s more cost-effective to purchase leads sent to multiple brokers, the quality of these leads is often much poorer. This is where our second tip comes into play, because every generator is different. Make sure to test a wide array of lead suppliers to ensure you have an optimised funnel of prospects heading into your database.
