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Best Insurance Lead Sources

Six Best Insurance Lead Sources in 2022

The marketing landscape changes all the time, and extremely quickly. We’ve been in digital marketing and have been marketing professionals for years and we can be the first ones to tell you that things have definitely changed so much over the years. Whether it be media placement, TV ads, radio, creative, digital, we did all things that were marketing. 

We also have managed millions of dollars a month on Facebook, Instagram, YouTube, Google, traditional media, direct mail, and more. But more importantly, we have some insight into what the top of the industry is doing right now, and we want to give you the six largest, most successful prevalent lead sources that the insurance industry is using.

#1: Word-Of-Mouth & Referrals

The first thing is what’s called word-of-mouth and referrals. Now, this is kind of a no-brainer and a little bit of a cop-out, but if we left this out, it would be leaving out the most important lead source. The challenge with the word of mouth in the referral strategy is that it isn’t scalable from the sense of you not controlling how many referrals you get. You can only control what you’re asking for referral strategy is, and that asking for referral strategy is only going to be after you have that initial client or that initial meeting.

That being said, word-of-mouth and referrals should be a line that is up to the right. You should be able to get ‘X’ amount of referrals per ‘X’ amount of deals. You should know your numbers. Some of my friends in the industry are able to use actually specific referral strategies to extract multiple leads out of one lead because of the referral strategy. We would challenge you to look into that.

It’s a huge part of growing your business, but it isn’t going to be something that you can control and scale. You still need to do that initial conversation. 

#2: Direct Mail & Seminars

The second source that we want to go through is still a very important source. This is the direct mail lead. Now, the reason I’m covering direct mail is because it is a staple to the insurance industry. It’s really what has been the marketing path for the last 20 years.

But, we’ll tell you right now that that direct mail is struggling. There are still pockets of the country in which direct mail is really successful, but as a large-scale thing, you can’t just put out direct mail and expect a 2% response like you once could.

You’ve got to be more strategic with your direct mail. We would say that the last AEP of people that were counting on direct mail returns were severely let down across the country. However, that doesn’t mean that you can’t be successful in direct mail. It doesn’t mean that direct mail isn’t a really good strategy for you.

Our suggestion would be to start small. Even if you can get a 1% to 1.25% response, that’s about as much as you’re going to get these days, probably less than that on average. However, there are certain pockets in the area of the country that are getting good results with direct mail.

Where direct mail does really shine is seminar marketing. If you’re going to be doing an in-person seminar where you’re able to educate, direct mail is one of the things that you would want to focus on.

Seminars are a really great way to build your business. However, you have to have time because that seminar direct mail needs to go out five weeks before your actual event. You still need to understand that seminars are not very nimble and you have to be there in person.

#3: Internet Leads

The third thing we want to cover is what’s called internet leads. Now, internet leads are different from Facebook leads because the way that internet leads work is you can basically find publishers that will give you what is called an internet lead where the source is not necessarily shared in terms if it was Google, Facebook, Instagram, YouTube, or whatever else. You’re basically using web assets that have been created and are gathering leads, using all sorts of traffic, and then you’re basically buying that internet lead. 

An internet lead from an actual internet lead publisher is called a shared lead. 

So, internet leads are a really great, cheap way to get leads, especially for those that want to hustle. A lot of times it is social media that is the reason the internet lead comes into your plate, but it’s important to understand that an internet lead isn’t a Facebook lead.

Internet lead is basically a lot of different sources and then giving you your daily cap of lead. For example, say you need 50 to 150 leads a day to feed your salesforce. Internet leads are a source that people are using to do that, and then there’s a whole process of how you gauge internet leads. 

This then leads on to our next point: Facebook leads.

#4: Facebook Leads

Facebook leads are different. This means that what you’re doing is you’re specifically using Facebook and only using Facebook to generate leads. Facebook does have its pros and cons. Probably the biggest Facebook con right now is that it’s saturated. The reason it’s saturated is that anybody can build a basic campaign and use Facebook to sort of pull leads out, but the quality of those leads are are very, very basic. 

There are all kinds of different ways to structure campaigns on Facebook. You can do messenger campaigns, lead forms, conversion campaigns, you can build a warm audience and market that way. Overall, there are a lot of different ways, so not all Facebook leads are created equal. However, a Facebook lead is going to be more expensive than an internet lead because it’s custom and not shared. But, you’re guaranteed exclusivity on the Facebook lead, whereas you’re not so much with internet leads.

#5: Call-Back Leads

The next thing that people are doing right now is what’s called call-back leads.

Here’s an example of what a call-back lead is:

There are 10,000 people turning 65 every day in this country. There’s a way to get that data. There’s a way to solicit that data. What you can do is you can actually get old internet opt-in leads or you can get data that’s been scrubbed. Then, what’ll happen is you’ll have a call center that will call through that data list and qualify a prospect for a future meeting with an agent.

What happens is basically the call center that is selling you a callback lead. The call center has talked to that person and they’re open to a discussion around Medicare, life insurance, or whatever type of callback leads you’re getting and they’ve qualified that the person will answer the phone and that they will talk to you. Now, it’s still a contact rate game because you have to call that lead, get them back on the phone, and set the meeting. But, it is still a lead and it’s a lead that, in general, people are still having some success with.

#6: Live Transfers

Live transfers are different than call-backs. You’re basically paying for an individual that is already on the phone to be live transferred into an actual buyer that is ready to take that call. So, a “transfer” is meaning that a person is on the phone, they’ve already been qualified somewhat, and you’re going to get that transfer. 

Now, there’s a thing called a buffer time, which means that you will pay a certain amount of money if that phone call lasts longer than ‘X’ amount of seconds. A lot of different people have different buffers, depending on the quality of what’s going on and the pricing. Obviously, it’s more expensive of a lead if it has a longer buffer.

But basically, what ends up happening is you’re basically paying for a 100% contact rate. This works a lot of times in call centers where you have a concurrency cap of at least four or five. A concurrency cap, for example, is where you can have five multiple conversations at once, meaning you can have five concurrent calls at a time. If you can get to that volume where you can have four or five concurrent calls, you can get transfers. 

Work With the Marketing Experts Today!

We hope that this has helped you get your head around your marketing budget, and to understand that if you want to scale, you have to have some type of marketing budget to gain more referrals and leads.

What’s your marketing strategy look like?