Daniel Kimm of Shape CRM Software and Daniel Cross of Verse.io sat down to talk about the lead habits that are crippling your sales and marketing teams the most. While many understand the effectiveness and even the...
The insurance business has always been built on relationships, and agents used to be able to achieve success by demonstrating care and attention to their clients. While it’s still a hands-on business, insurance has become wildly competitive and more complex than ever before. More agents are in the market and there are more insurance products available to consumers. In this new environment, it’s harder than ever to initiate a relationship in the first place, so more and more insurance agents are looking for effective ways to automate their lead generation and turn prospects into clients.
Perhaps more than any other business, insurance has a long history as a high-touch lead process. Sales used to be done almost exclusively over the phone and in lunch meetings, and once you signed a client, that person was usually a client for life.
But in today’s world, phone outreach has become almost obsolete. Hubspot says that 92% of prospecting phone calls go straight to voicemail, and the average buyer has completed more than 50% of the sales process before even talking with a sales person. Yet, the need for new leads and continuous engagement with existing customers continues to increase as agents look to sell new products and provide things like bundled packages and discounted pricing opportunities.
Some agents will continue with outdated methods, but call volume isn’t going to solve the problem. What insurance companies need is an effective way to generate leads from the right target market, perform rapid follow-up with them, and nurture them through the buyer’s journey. This all has to be done quickly, and in a way that educates prospects so they can be informed buyers.
That calls for the kind of automation and focus provided by Verse.io, because it was designed to handle all aspects of lead generation so agents can focus on identifying the best coverage for their clients and their specific needs. With an emphasis on both speed and efficacy, Verse is helping agents stand out from their competitors and build successful, growing businesses.
Verse gives insurance agents more than a tool for lead nurturing. It uses artificial intelligence and connectors to other sales and marketing tools to deliver important insights. When used the right way, these leads generate new clients. The information being provided to agents is packaged in an easy-to-use user interface and acts like a framework for how to most effectively acquire, convert, and close leads, and it supports alignment across marketing efforts and sales engagement. Because speed is so critical, insurance agents are then able to see where slow response time and poorly managed follow-up processes prevent leads from moving further along the sales funnel.
The collection of data points available to Verse users can help those in the insurance field to quickly do the following:
Understand who their good leads and bad leads are, what is driving them to the website, and what calls-to-action are most effective at driving closer to becoming a client.
Get the pulse for cadence and timeframes by learning what timeframes perform most effectively for prospects.
Identify and fix those areas of the process where lead nurturing efforts get stalled. While slow follow-up practices may account for a lot of issues, agents will often find that speed is not the only issue. With Verse, they will see that things like lack of conversion has to do with any number of things, all of which can be fixed. These might include poor communication on the part of the agent’s sales rep, the time of day communication happens, or even the type of channel used to deliver the communication.
Armed with this information, agents can rely on Verse to score leads and provide automated follow-up, bookings, and ongoing nurturing. After leads have been captured, Verse also enables agents to connect with them through texting, phone calls, emails, and other types of communication channels. Prospects can choose how they want to be contacted, which means that their needs are immediately met, courtesy of the agent. Also, because it also performs the follow-up rapidly after initial contact from the prospect, the connection with the insurance agent feels authentic because it’s top of mind for the potential client.
Consider what’s happening in this scenario: you have started communicating with a prospective client immediately after they have indicated intent to learn about insurance, and you’re engaging with them in a format with which they’re comfortable. In most circles, this would be called “a live one.”
Now, consider that your competitors are still cold-calling, getting voicemail, and wondering about the money they’ve dropped into buying lists, and the opportunity cost that calling demands. All the time they’re going about their lead nurturing in outdated methods, you’ve automated your outreach so you can ultimately build an effective proposal based on the prospect information that Verse has collected and delivered to you.
The insurance business is innovative and adaptable, but this is not always manifested in the tactics of agents. To thrive in this new marketplace, insurance companies can leave old marketing behind and use Verse to build a thriving pipeline of informed, engaged prospects.