Insurance Agency Lead Scoring

Insurance Agency Lead Scoring


Many insurance agencies have not yet formalized their lead scoring system. This is a worthwhile effort for all agencies, and one that should be reviewed every year, while tracking the return on investment of their marketing programs.

What is the lead score? It is a methodology used to rank prospects on a scale and then assign a value to determine the level of interest and distribution. For example, suppose a major truck insurance appointment arrives at your agency. This cable is proprietary to 15 power units, they use company drivers and are not happy with their supplier. Perhaps your scoring system is on a scale of 1 to 10, and this score is rated 8. What could receive a higher score? And what types of leads are out of the profile and what score would they receive? Prospects may need a score of 8 to appear on their producer dashboards.

Is lead distributed to producers by territory? Does your lead management process vary depending on the type of lead, product or potential customer? For example, are business opportunities separated by large and small companies, by industry or product? Do groups of people over 50 analyze profit leads? And does your agency have a follow-up system to determine how many potential clients showed up for the appointment, moved to the pipeline, received quotes, and eventually became new business?

Sellers, sales managers, producers, and other business people often refer to prospects in vague terms like: new, warm, hot, cold, probable, qualified, etc. These terms do little to better understand a sales channel or convey the likelihood of purchase to other team members. Agencies may consider creating a simple scorecard to solve this problem and quantify their top score. Formalizing the lead score offers benefits such as:

  • Helps producers create ideal attributes to form a buyer image

  • Create a simple number system to take advantage of your buyer personality

  • Assign numerical values ​​to rank your best prospects

  • Create a simple rating acronym to determine probability of closing

What should be included in a lead scorecard?

Use a lead scorecard to quantify your focus on pipeline construction. Some attributes of your ideal client may include income, growth rate, type of client (company or consumer) and market niche. For example, are you targeting companies with revenues of $ 5m to $ 10m? Are your best prospects fast-growing companies, trucking companies, manufacturers, or consumers?

If you are selling to consumers, are they high net worth, middle income, millennial or senior generation? Are your prospects in a specific niche market such as banking, insurance, biotech, consulting, education, etc.? Create a scorecard with your ideal attributes and a custom qualification abbreviation to help you determine if you are selling to a prospect in profile.

Insurance agencies and brokers looking to reach the next level with their insurance marketing and lead generation, but lacking the in-house resources to achieve their marketing goals, can contact a competent insurance agency marketing company.




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