What determines the quality of insurance leads?

(This is a guest post from Chris, Director of Marketing at Prostar Insurance in Washington.)

For an independent agent, the quality of a lead can make a huge difference in how much premium they quote, and how they build the relationship with their client. When dealing with unsolicited phone or Internet insurance leads, very little is known about the individual beyond their name and basic contact info, so it can be a challenge to qualify, especially if the person has been shopping multiple sites with tunnel vision on the lowest price.

That said, there are a few key areas that determine the quality of a lead, the first being their risk. Risk analysis is important to determine whether they will be a good client for you or not. Sometimes, high-risk people also are high-maintenance. They don’t make payments on time and can be a hassle to insure with a low chance of building any meaningful relationship. If the lead is a business owner, this usually means more business and WA liability insurance policies for the agent. Of course, the amount of insurance lines the agent is granted to quote in the first place determines the quality of the lead.

For Prostar Insurance, much of the business comes from the customer realizing that their personal and Washington business insurance premiums go down when they quote everything.

Ultimately, the quality of a lead is solely dependent upon the relationship you are able to establish with them. If a customer calls the agency for auto insurance, he or she might be inclined to take advantage of a discount and save money when partnering their homeowners insurance together with the auto. Then, we quote their business insurance and they save a thousand dollars a year on their general liability.

And only then, after being so excited from saving so much money, five of their closest family members catch wind of their incredible insurance experience (through word of mouth or Facebook) and call up Prostar the next day!

If the relationship is the cake, than referrals are most certainly the icing, and no one wants to eat cake without icing. The importance of referrals can’t be understated, and the easiest way to earn them is by forging the relationship first.

Beyond individual policy options and insurance needs, the more connections a converted lead can bring to the table, the better quality lead they are. At Prostar Insurance, the relationship and subsequent referrals determine the quality of a lead.

What do you think, how do you rank the quality of your leads?