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Lead Generation in Insurance

In Search of the Golden Leads

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Despite increased data resources and analytic capabilities, insurance marketers continue to struggle to sort the wheat from the chaff when it comes to lead quality. This was just one the findings in a recent Aite Group industry report - "Lead Generation in Insurance: In Search of the Golden Leads", authored by Senior Analyst, Samantha Chow released in August 2017. 

Within the report, LexisNexis Risk Solutions was highlighted as an ‘Innovative Vendor’, one of just a handful of vendors who were ‘doing unique things.’ 

Acquisition & Retention Solutions offerings, including LexisNexis Market Magnifier, LexisNexis Campaign Analyzer and LexisNexis Lead Optimizer were called out for special mention for their ability to provide superior insurance-specific insight in lead-gen campaigns.

Impact Points

  • This report provides an overview of the current strategies and tools being used by carriers to support their lead-generation (lead-gen) marketing efforts. It also summarizes the lead-gen vendor landscape and capabilities of those vendors. Based on over 100 interviews and qualitative surveys with marketing lead-gen executives at insurance carriers and agencies across the U.S. and lead-gen vendors in the U.S. and the U.K., this study provides the voice of the insurer and vendor to describe their lead-gen strategies and efforts to support this sales channel.
  • As insurers’ agents age and retire, and as more consumers shop online, insurers are relying increasingly on leads. Lead consumption performance differs considerably among insurers, however. Some insurers are doing a much better job than others in using leads.
  • Marketing lead-gen budgets for the U.S. insurance industry are expected to see some increase over the next few years, with life insurance being the key line of business with the most substantial increases.
  • Insurance organizations use multiple marketing strategies to support lead gen efforts; however, most of them execute lead purchasing within the organization rather than outsourcing it.
  • More vendors are offering lead bidding as a purchase option, yet most carriers purchase leads at a set price.
  • Pay-per-click leads are purchased by the majority of carriers and agencies, while 5% of carriers and agencies report mining remnant leads.
  • Nearly three-quarters of carriers and agencies report primarily using in-house efforts to execute their digital strategy. Thirty-two percent report using outside agencies in addition to their primary in-house efforts.
  • Only 37% of insurance organizations have the ability to route leads to specific agents or call center representatives with prioritization.
  • A little more than half of carriers and agencies use their own internal analytics to support lead scoring.
  • Proper management and follow-up are key to the success of lead-gen programs, yet over 40% of insurers report nonstandard methods or no follow-up.
  • Most lead-gen vendors support more than just the insurance industry and multiple insurance lines of business.
  • Life insurance and auto insurance have the most coverage from lead-gen vendors.
  • Only 37% of vendors report being extremely well-versed in insurance regulations.

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