Lead Management
Lead Management is the process of collecting and capturing insurance leads in a central system using automated processes, distribution the lead to agents and producers based on various criteria filters, tracking the follow-up sales activities, nurturing the leads via drip email autoresponders and managing the entire process of lead conversion.
Using an Insurance Lead Management and Tracking software system such as LeadPro247 is indispensable, especially if you are using internet to gather and identify leads, and / or buying internet leads from lead companies and insurance lead vendors.
Note that Lead Management is not something new or came of the blue! As insurance agents / agencies, you have been following most of these processes manually for a long time. The only difference here is the leverage of internet technology and use of insurance lead distribution, tracking and management software tools and systems.
However with the advent of internet technology and movement of advertising media to online and digital advertising, the volume of leads will be much higher than the traditional methods. Insurance customers demand more information quickly or even instantly. As a result, competition has also increased. Unless you keep up with the momentum and and technology trends, somebody else will take your business.
Components of Lead Management Process
The following are the key components of insurance lead management process. Note that the terminology might differ from sytem to system and supplier to supplier. But the gist of the processes and principles remain the same. Also, the end result / objective of the process remains the same: Conversion of more Leads efficiently and writing more Applications!
- Automatic Lead Capture from various sources and lead companies, thereby avoiding manual data entry
- Determining the lead distribution rules and filters, Distribution and routing of leads to your agents, if you are general agency
- Delivering the captured Leads to the agents quickly in usable methods (such as Email, SMS, Voice, etc.)
- Notifying the prospects immediately (with your contact information) via email
- Calling the prospect immediately after the lead is received by the agent; it should be done in minutes rather than hours!
- Logging the Lead follow-up activities and notes in the Lead Management system for further followup and tracking
- Delivering Drip Email messages to the prospects depending on the followup action; mutliple Autoresponder messages can be triggered automatically based on the followup action.
- Following promptly based on earlier action notes
- Updating Lead Sales Stages in the system based on the movement of sales process
- Measuring the performance of each and every lead handled by agents in order to assess the lead quality and conversion rates
- Improving the process continually and re-assessing the internet lead vendors and companies
- Using the system to locate the past customers and re-initiating the contact for renewal of insurance policies
We will discuss more about these insurance lead management process steps on this blog in future posts.
Insurance Lead Verticals / Types
Whether you are selling individual insurance policies to individual consumers or group policies to businesses, the sales management process remains the same essentially; the sales cycles might vary. In general, these discussions will applu all types of lead verticals, such as health, life, LTC, auto, P&C, home owners, property, renters, annuities, business / commercial, etc.
Lead Management Software Systems
The lead management software simply helps you to handle more leads, streamline your lead followup processes, and close more leads. The software system also helps you to access the lead information from anywhere, as far as you have access to the internet as these modern insurance lead tracking management systems are fully web based and provided as a subscription service. Usually there will not be any long term contracts and you can start using the system on the same day.
