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Acquiring high-quality leads is paramount to success in the highly competitive insurance brokerage world. The personal insurance industry, recognizing the value of targeted leads, invests hundreds of millions of dollars each year in purchasing third-party leads. However, recent industry data reveals that in 2022 alone, the cost of consumer leads for life, health, and property policies varied significantly, ranging from under $10 for a shared “Form Submit” lead to well over $200 for a consumer-initiated “Inbound Call” generated through advertising media.
Notably, average conversion rates for such leads vary widely, with form leads exhibiting conversion rates as low as 1% and inbound calls and scheduled appointments showcasing conversion rates of 20% or higher. Given this landscape, it becomes imperative for Carriers and Brokers to leverage the power of data science and software automation to optimize their lead purchasing and distribution processes.
Traditionally, insurance brokers have had limited control over the quality of the third-party leads they acquired, leaving it to lead vendors to determine which individual leads would be sent to the buyer’s sales teams. Matching leads to Buyers has essentially been a random process in lieu of any capability to match a consumer prospect’s persona with that of the Buyer’s historical customers. Consequently, sales agents are burdened with reaching out and qualifying every lead to identify those with the higher intent of engagement and potential for converting to a sale.
Streamline Your Entire Lead Cycle
When Buyers are compelled to purchase and process every lead that vendors provide without the ability to pre-assess relative quality, it impedes their ability to make informed decisions regarding which leads to pursue and prioritize. However, advancements in data science and software automation offer a transformative solution to this long-standing challenge, empowering Buyers to evaluate lead quality, make informed buy/reject decisions, and effectively allocate their sales resources to improve efficiency and increase profitability.
One such solution that stands out is LeadScorz, a cutting-edge SaaS platform incorporating artificial intelligence and advanced machine-learning technology that empowers insurance companies to raise the average quality of purchased leads and thereby increase conversion rates.
LeadScorz offers a comprehensive solution that streamlines management of the entire lead lifecycle for insurance companies and other B2C marketers by incorporating Artificial Intelligence to automate decision-making at key points in the lead Journey. By directly integrating its SaaS application with ‘upstream’ Sellers’ platforms and ‘downstream’ Buyers’ CRM software, LeadScorz enables its clients to harness the power of predictive modeling and process automation technology to automate decision-making and accelerate the sales process. By capturing leads at their inception and leveraging the LeadScorz Grading Engine™ technology, companies can effectively control their supply-chain and track the entire lead journey while increasing sales productivity and lowering their cost of sales.
By deploying multiple grading models, the LeadScorz platform provides flexibility that allows insurance companies to tailor their lead-grading process to their business requirements. Insurance companies can fine-tune their lead assessments by utilizing customized grading models for each product, ensuring that leads are evaluated based on relevant criteria. This targeted approach enhances the overall quality of landed leads, resulting in increased ROI on lead spend.
Call Routing Automation Increases Consumer Engagement
Another invaluable feature of LeadScorz is its support for routing “inbound Consumer calls” and “warm-call transfers” using automation and simultaneous-dialing technology to locate available agents in real-time. This seamless transfer of these high-intent leads to the appropriate sales agents ensures that leads with a higher likelihood of conversion are immediately connected to a licensed agent or scheduled for a virtual or in-person meeting. LeadScorz CEO Pat Murphy explains, “The ‘simultaneous dialing’ process maximizes the chances of successful conversions by finding available Agents and immediately connecting them with the Consumer.” As a result, insurance companies can capitalize on their most promising opportunities and drive greater revenue by streamlining call distribution and minimizing wait times for the Consumer.
Furthermore, LeadScorz allows insurance companies to establish individualized “pre-pinging criteria” for third-party lead vendors and prioritization of their own media-generated leads. This customization ensures that leads are processed and prioritized based on specific requirements, optimizing sales resources, and providing better service to consumers. By filtering out low-quality leads from the start, insurance companies can concentrate their resources on leads with a higher likelihood of conversion, ultimately improving conversion rates and overall sales performance.
Real-Time Performance Monitoring
The LeadScorz platform provides real-time monitoring and automated optimizing of clients’ grading models that enable insurance companies to make data-driven decisions and continuously refine their lead buying allocations and filtering settings. The self-optimizing Grading Engine ensures that predictive models adjust their accuracy and improve filtering by incorporating new sales data in real-time.
LeadScorz technology offers a comprehensive solution for insurance companies seeking to improve the quality of their leads. By leveraging advanced technology tools such as multiple scoring models, simultaneous dialing for inbound calls and warm-transfers, and customized filtering rules for third-party leads, insurance companies can automate and streamline their entire lead supply-chain while increasing margins.
With LeadScorz, insurance companies are harnessing the latest AI and Machine-learning technology to stay ahead of the competition and achieve greater success in the ever-evolving insurance industry.
To learn more about LeadScorz visit their website to download a Client Case Study or a free Grading Engine White Paper https://leadscorz.com/get -case-study/, or schedule a no-obligation demonstration https://leadscorz.com/book-a-demo/
