Insurance Agency Lead Scoring

Many insurance providers have not yet formalized their lead scoring system. This is a worthwhile endeavor for everyone agencies, and something which ought to be revisited yearly, while tracking the return of their marketing programs.

What is lead scoring? It is a methodology accustomed to rank prospects against a scale, then assign a worth to determine interest level and distribution. For example, let’s imagine a trucking insurance lead appointment gets to your agency. This lead is to use an owner of 15 power units, they normally use company drivers, and perhaps they are unhappy because of their carrier. Perhaps your lead scoring system falls with a 1 to 10 scale, which lead is scored an 8. What might be given a higher score? And what kinds of leads are beyond profile, and what score would they receive? Perhaps prospects must score an 8 to show up on your producer scorecards.

Is the lead distributed to producers by territory? Does your lead handling process vary by style of lead, product or prospect? For example, are commercial leads separated by small and large business, by industry or product? Are benefit leads parsed by groups over and under 50? And does your agency use a tracking system in place to view how many leads showed for that appointment, moved in to the pipeline, received quotes and ultimately convert into start up company?

Salespeople, sales managers, producers along with other business people often reference prospects in vague terms including: new, warm, hot, cold, likely, qualified, etc. These terms do little to raised understand a sales pipeline or convey probability of purchase with other members of the group. Agencies can consider setting up a simple prospect scorecard to solve this issue and quantify their lead scoring. Formalizing lead scoring offers benefits for example:

Helps Producers create ideal attributes to make a buyer persona
Creates a fairly easy numeric system to leverage your buyer persona
Assigns numeric values to position your best prospects
Creates a fairly easy qualification acronym to view likelihood to close

What must be included within a prospect scorecard?

Use a prospect scorecard to quantify your strategy to pipeline building. Some attributes of your ideal client might include revenue, growth rate, client type (business or consumer) and market niche. For example, are you currently targeting companies with $5m to $10m in revenue? Are your very best self prospects fast-growing firms, trucking companies, manufacturers or consumers?

If you’re selling to consumers, is he high net worth, middle-income, millennials or elderly people? Are your prospects in the specific niche market including banking, insurance, biotech, consulting, education, etc.? Create a scorecard using your ideal attributes plus a customized qualification abbreviation that may help you determine if you’re selling to an in-profile prospect.

Insurance agencies and brokers considering getting to the next level making use of their insurance marketing and to generate leads, but lacking the inner resources to accomplish their marketing goals, can reach a proficient insurer marketing firm.

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