All Insurance companies suffer from unconverted quotes, partly due to the popularity of aggregators and the abundance of choice consumers now have. Getting these leads can be great for brokers, but they do come at a cost, which can be fairly substantial. So what more can brokers do to avoid these costs?
Well it’s astonishing how many insurers dash straight to the Price Comparison Websites (PCWs) before making sure they handle all the potential leads from their own website.
Many insurance customers still like to go directly to brokers – especially ones they trust – so it is worth rewarding customers who do visit your site with a good quote and good customer service. See how Insurance Choice are dealing with it here.
Our 5 key steps to revive unconverted Insurance quotes aims to improve the conversion process both with and without the help of aggregators.
Step 1 – Accurate data capture
It is going to be extremely hard to speak to a customer if you don’t know their name or their phone number, which is why data capture is so important. Getting important details is an essential part of any quote and key for retargeting a customer if they leave a quote incomplete.
If a customer has remained idle on your site or decided they want to leave, a quick pop-in can be enough to capture their details in order to speak to them later.
Step 2 – Prioritising valuable leads
You’ll be surprised at how many leads you will begin to receive once a good data capture system is in place. The important thing now is to make sure the most profitable leads get the most of your time and resources. Using priority filters you can make sure that leads with the least risk are sent straight through to your call agents, to maximise the chance of them converting.
Priority filters are incredibly flexible and can be placed on a combination of individual fields. This way, you ensure leads for sensible accountants wanting to cover their estate cars reach call agents before the 18-year-old aspiring rock stars wanting to insure their hatchbacks. This is a key process to have in place when you start to revive those leads. The best insurers are constantly adapting this process, as they discover which leads produce the most revenue.
Step 3 – Calling these leads
Once your best leads start to come through, your best option is to call them. Other industries rely more heavily on email remarketing, but in insurance time matters, so waiting for a reply will give your competitors a huge advantage.
With the use of an intelligent dialler your company could be put directly in contact with internet leads through a traceable system. This will let you measure your results and focus on the most profitable leads.
Step 4 – An efficient email campaign
Having an email campaign is important for those leads you may not be able to reach by phone. After a few attempts, an interactive email will make sure they have a copy of your quote fresh in their mind. Around 88% of customers prefer a HTML email over simple text, so be creative with it. By adding links and videos, your email will be far more engaging than one that is simply selling.
Personalised emails can produce an uplift of up to 20% if the message is right. So it is well worth investing in this as a back up to your outbound call strategy.
Step 5 – A continued marketing strategy
Retaining customer information is essential for all sorts of reasons. Renewals, remarketing, promotions and gathering feedback are all essential parts of quality service, that every customer now expects to receive. Having a system that can automate all of these processes makes life a lot easier. It also reduces the number of mistakes that are often common with a more manual system.
Why not try a text campaign?
All of the above processes can be carried out with a text message, using flexible features like shortcodes and keywords. Over 97% of all text messages sent to phones are actually read by mobile users, making it by far the most effective method of reaching large numbers of customers.
A combination of channels is by far the most effective method of reviving leads and bringing them back to your company. By following these 5 steps, all leads will get the attention they deserve and not be left for a rival company to follow up.
If you have any questions about any of the systems mentioned in this article, feel free to contact one of our Customer Engagement Specialists on 0800 011 4105, so they can explain the benefits to your company.