The Exclusive Internet Lead

Working internet leads is a bit different than old fashion prospecting. Internet leads are an affordable and efficient way to market life insurance products. When I first started selling insurance we had a source that would open a phone book and dial numbers just to see if they had interest in a comparison. The prospect was written down on a piece of paper and I believe we paid $5 each. We’d contact the prospect and try to get them a comparison rate. More times than most, the person’s policy was months if not years away from lapsing and we were more expensive than others. This was not efficient marketing and these were considered warm leads.

Today with the internet, prospects and research, shop and quote different life insurance companies. The website is a good example of a quoting engine. Our goal is to get visitors to the site to perform a quote where we can present different companies with different products and rates. We let the visitor take control. If the visitor requests a quote or application we know this is a hot lead. Most likely, this person’s situation requires immediate or time sensitive action which makes this an easier sale. So internet leads are great, there are a ton of qualifiers one can place, there are filters and rules Agent’s can put in place so that your only getting leads specific to a niche, age group or even zip code.

If your an Agent and purchasing internet leads then likely you’ve come across a variety of flavors. There is shared leads, these are leads that are generated via a website and sold to multiple Agents. There are hot transfers, this is a prospect that has phoned in via some sort of marketing effort and is pre-qualified by an Operator and is then transferred to your phone line. Finally, there are exclusive internet leads. An exclusive lead is an internet lead that is only sold one time.

Pros of Exclusive Internet Leads
Only sold to you – An exclusive lead is only sold to one Agent. You are not competing with other Agents, the timeliness of your phone call is less important compared to a shared lead.

Higher Conversion – Because you are not competing with other Agents exclusive leads tend to have a higher conversion rate. We’ve seen search leads that we generate in-house convert as high as 30%.

Cons of Exclusive Internet Leads
Price – The cost of exclusive leads is much higher than shared leads. This is due to the quality and efficiencies it can add to your bottom line. Some exclusive leads can cost as much as $85.

The pros outweigh the cons but it comes down to an investment strategy. Yes they are more expensive and you will spend more however, your efficiencies will go up, you’ll close more business and you’ll make more money in a shorter amount of time.

So what should you consider when shopping for exclusive internet leads? There are two things you should consider when pricing exclusive leads. First, what questions are asked that qualify the lead and what is the cost per lead. An exclusive lead with a simple quote request such as a persons name and phone number is is much less valuable than exclusive lead with contact information, health history or even a request for an application. An application request should close more often than not. These are leads where a visitor has viewed a product and seen a premium associated with it and would like to start the application process.

The cost per lead is another factor and it should go hand-in-hand with the lead fields. A standard term life insurance request with a persons contact information, coverage amount and duration should cost around $25. This figure is assuming all age groups. Pricing exclusive leads is also based on any filters you require. 40+ ages are often more expensive due to the higher premiums. Expect to pay north of $30 for a basic exclusive lead of a 40+ person.

There are many options for those looking to work exclusive life insurance leads. Lead aggregators are aggressively running promotions and deals for those that buy in volume. Always negotiate the rates, pricing for leads are not set in stone and there are plenty of companies to choose from.