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Harvard marketing professor Theodore Levitt expressed it very well when he said: “People going into a hardware store to buy a quarter-inch drill bit don’t really want a quarter-inch drill. They want a quarter-inch hole.” So before delving into the core substance of generating health insurance leads, let me ask you a simple question.
What’s your ultimate motive?
Well, it is simple. You want to generate more leads so that you can sell more policies.
But there is a puzzle. It is not about how many leads you can generate, but how you can generate more quality leads.
Valuable Tips for Generating Quality Health Insurance Leads
In health insurance, traditional marketing and purchasing lead data continues to be the primary source for building sales lists.
But let the truth be told, there’s a better approach. In this article, I’ll outline highly effective lead generation strategies for the Health Insurance sector.
1. Lead Generation through IoT – Internet of Things
IoT or “Internet of Things” is simply a network of objects connected via the Internet that are capable of collecting and exchanging data. These objects include wearables like fitness trackers, smartwatches, and more. These gadgets collect and record a person’s health data.
According to Cisco, the number of devices connected to the Internet of Things (IoT) is set to rise to 50 billion by 2020.
With the increasing popularity of wearables, there would be much more data available for your benefit. You can use this data to customize and collect relevant information. It will help you to pitch your insurance policy while addressing the needs of your prospects, without sweating out too much.
On the other hand, suppose, there are two leads, Alex (25 years) and Adrian (40 years). It is quite ordinary that your insurance agents will consider Adrian more prone to health risks when compared with Alex.
But there is a possibility that Alex lives a sedentary life and binges on unhealthy food. Whereas Adrian keeps his health at the topmost priority and is super health-conscious. Here, Alex is getting an undue benefit, and Adrian is a victim of generalization.
Now in this situation, data derived from IoT enabled devices will be unique. It allows health insurers to quote policies more accurately based on actual risks.
Outsourcing your lead generation process helps you to get organic data with a higher conversion rate. It ensures that you have quality leads with minimum cost involved.
Knowing that your Lead Generation process is in good hands, you can pay more attention to engaging and nurturing those leads. You can focus on other aspects of the function, such as management of the lead generated by the agency and sales conversion
3. Referrals and Schemes
Introducing Referrals is another vital strategy in lead generation. Here, you showcase your product or service through other people or companies. It enables you to incorporate the all-time effective method of marketing – Word of mouth.
It is a win-win situation for you and your customers, as both the parties are at gain.
So, always ask for referrals. Jot them down and ask the referring party if you could use their name while contacting these leads.
On the other hand, once the lead arrives in your system, what then?
There is no point in accumulating leads unless you have a proper lead management strategy in place.
Health Insurance Lead Management Strategy: An Effective Approach
Lead generation using all these methods will go in vain if you don’t know how to manage the leads. Now there are two options either you can manage your leads manually or bring in a technological solution.
In managing your leads manually, you will have to keep track of leads from all channels and add them to your list by putting in substantial amounts of your working hours that could have been used for more beneficial tasks like follow-ups.
It sounds tedious and clearly inefficient!
On the other hand, let us take a look at the technological solution – LeadSquared CRM.
LeadSquared CRM is a customer relationship management software that gives you the edge over your competitors. It enables you to create a robust lead management process.
Let me explain how:
How LeadSquared helps in Managing your Leads?
The growing competition calls for new techniques for managing customer relationships. LeadSquared CRM provides a technological solution to stay one step ahead in the competition and not lose a client due to lead mismanagement.
Here are a few mechanisms that help you in engaging and nurturing every lead in your system.
Capture Every Health Insurance Lead
Your leads flow in the company form almost all channels known to modern marketers. These include your websites, social media, PPC campaigns, lead aggregators, events, etc. All of these leads are captured automatically in the LeadSquared CRM.
The software enables you to conglomerate your leads automatically, which were earlier clustered in different silos. All these leads can be viewed and tracked through a unified interface, thus eliminating the chaos from the follow-up process.
Segment Your Leads and Distribute them effectively
Once the leads are captured in the system, the software will segment them on the basis of interest, location, and other predefined criteria.
Based on the segmentation, CRM distributes the leads to your salespeople. Here leads are assigned in a round-robin fashion, providing every salesperson equal opportunities to meet their targets.
Automated Notifications and Reminders
When the leads are assigned to any salesperson, they will get an automated notification, email, or an SMS. The reminder informs them about the new leads that were added to their task.
It enables you to follow up with these leads at the earliest. And truth be told, the faster you call your prospect, the higher would be your chances of a sale.
Prioritize Follow up calls
For a successful sale, you must devote your time in following up with the leads with more potential. It will definitely increase the efficiency of your team, thereby paving a pathway for surpassing your sales targets.
But how would you know which leads have significant potential?
LeadSquared CRM gives you actionable insights in this context. The software tracks the journey of your prospects and records every interaction they have made.
For instance, if a prospect views the pricing of different health insurance policies, their lead score will increase.
In the same way, if they have opened an email explaining how to choose a health insurance policy, their lead score will increase further.
The software will then do the math and will prioritize leads for you, enabling you to make the most of leads with high potential.
Automate Engagement Campaigns
There are very few chances that any lead will purchase in the first follow up call. To ensure maximum conversion, you will have to engage your leads with utmost care.
You will have to be there in their entire journey. First, in the awareness stage, you must engage your prospects with informative content like – An email explaining types of health insurance. CRM software automates emails and text after identifying relevant triggers.
In the same way, the software automates several inputs for the consideration stage and decision stage, allowing you to convert more leads into sales.
Increase Productivity with Mobile CRM
LeadSquared mobile CRM enhances your productivity in client meetings outside the office. The mobile application enables you to add the details of your prospects and send them to the verification team in real-time.
This increases your efficiency by reducing the delay in the verification and underwriting process.
Maintain Long-term Customer Relationships
After making a sale, your company must focus on client retention. It will open up different upsell and cross-sell opportunities.
Suppose a client has purchased a health insurance policy from you. Now after some years, they would want a policy that caters to their entire family. Here, if you have maintained a robust client relation, it is more likely that they will come to you.
In the same way, you can also pitch life insurance to a customer who has displayed an interest in a health insurance policy.
Also read: Insurance lead generation best practices
Land More Leads and Close More Deals with LeadSquared
An outstanding lead generation process, when coupled with a robust lead management system, creates a perfect set-up for a highly efficient sales process. LeadSquared CRM fills every gap in the lead management process and transforms your sales cycle into a targeted approach.
Book a free demo now!