Insurance Agency Lead Scoring System 2023

Insurance Agency Lead Scoring System

Many insurance agencies have not yet formalized their lead scoring system. This is a worthwhile endeavor for all agencies and should be reviewed annually while also tracking the ROI of their marketing programs.

What is lead scoring?

It’s a method that ranks prospects using a scale and then assigns a score to determine the level and distribution of interest. Let’s assume, for example, that your agency receives an appointment for the manager of a freight forwarding insurance company. This lead is owned by a 15 engine owner who uses company drivers and is unhappy with his carrier.

Perhaps your lead scoring system is on a scale of 1 to 10 and that lead is rated an 8. What could get a higher score? And what types of leads are off profile and what score would they get? Potential clients may need to achieve an 8 to appear on your producer scorecards.

Insurance Agency Lead Scoring System

Is lead distributed to producers by region? Does your lead handling process differ depending on the type of lead, product, or prospect?

For example, are commercial leads segregated by large and small company, industry, or product? Are benefit leads analyzed by groups over and under 50? And does your agency have a tracking system to determine how many leads registered for the appointment, entered the pipeline, received offers, and ultimately converted to new business?

Salespeople, sales executives, producers, and other business people often refer to prospects in vague terms like “new,” “warm,” “hot,” “cold,” “likely,” “qualified,” etc. These terms do little to help a Better understand the sales pipeline or convey the likelihood of a purchase to other members of the team.

Agencies can consider creating a simple prospect scorecard to solve this problem and quantify their lead score. Formalizing lead scoring offers benefits such as:

• Helps producers create ideal attributes to form a buyer persona

• Creates a simple number system to leverage your buyer persona

• Assigns numeric values ​​to rank your best prospects

• Creates a simple qualification acronym to determine likelihood of completion

What should be included in a prospect scorecard?

Use a prospect scorecard to quantify your approach to pipeline building. Characteristics of your ideal customer could include revenue, growth rate, customer type (business or consumer), and market niche. For example, are you targeting companies with sales of $5 million to $10 million?

Are your best prospects fast growing companies, trucking companies, manufacturers or consumers?

If you’re selling to consumers, are they high net worth, middle income, millennials, or seniors? Are your prospects in a specific niche market such as banking, insurance, biotechnology, consulting, education, etc.?

Create a scorecard of your ideal attributes and a custom qualification abbreviation to determine if you’re selling to a profiled prospect. Insurance Agency Lead Scoring System.

Insurance agencies and brokers who want to take their insurance marketing and lead generation to the next level but don’t have the in-house resources to achieve their marketing goals can turn to a competent insurance agency marketing firm.

Source by Alan Blume