Cost Effective and Cheapest Ways to Generate Insurance Leads

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Cost Effective and Cheapest Ways to Generate Insurance Leads

how to find cost effective and cheap insurance leads

The Many Faces of Leads

Let’s kickstart this article with a reality check. There are numerous ways for insurance agents, brokers, companies and carriers to generate leads however with a little thinking we can categorize leads into five (or more, I left a few out for now, i.e. Direct Mail) basic categories, plus one often overlooked category of lead generation;

  • PPC, Inbound Search
  • Organic, Search or Social
  • Lead Purchasing, Buying from a 3rd Party
  • Referrals and Networking
  • Be in the Right Place at the Right Time with the Right Message

Later in this article I will discuss, dare I say debate, the current state of the first four categories above but the focus of this article is the fifth category, “Be at the Right Place at the Right Time with the Right Message“. Please allow me to clarify, I am NOT an insurance agent or have a direct stake in insurance lead generation. I do, however, have an indirect stake in that I am the architect of a lead generation process for a local independent insurance agent, Lademan Insurance Agency. One other reality check here, the success that we have achieved for lead generation and sales in the first two months of 2016 is the result of hard work, not only by me, but most importantly by the agency. A great deal of the credit is due to the president at Lademan, Nick Bader (otherwise known as Insurance Nick on the streets of Facebook, Twitter and Instagram).

Where to Find the Best Insurance Leads?

A simple answer for a simple question, your best insurance lead is your NEXT LEAD. Where to find your next lead? Above we discussed the five categories of leads but if you noticed I highlighted and underlined, “Be in the Right Place at the Right Time with the Right Message.” In 2016, the right place at the right time for a great majority of people is social media.

Pros and Cons of Different Insurance Lead Generation Strategies?

  • PPC, Inbound Search
    • Pros – Direct path to new leads, tend to be genuine leads with consumer intent to purchase, full control (can start and stop campaigns anytime)
    • Cons – Expensive, Life Insurance leads typically run $25-35 CPC
  • Organic, Search or Social
    • Pros – Inexpensive, “controllable” meaning that the brand owns and publishes the content
    • Cons – Slow, unreliable and inconsistent results
  • Lead Purchasing, Buying from a 3rd Party
    • Pros – Inexpensive, tend to be genuine leads with consumer intent to purchase
    • Cons – Competition (the same lead is sold to many brands), Timing (sometimes consumer already purchased)
  • Referrals and Networking
    • Pros – Inexpensive, High Quality and “Connected” (word-of-mouth referral)
    • Cons – Low Volume, Difficult (if not impossible) to Scale
  • Paid Social Media – Be in the Right Place at the Right Time with the Right Message
    • Pros – Inexpensive, highly targeted, custom content, full control (can start and stop campaigns anytime)
    • Cons – Lead nurturing (time from 1st contact to purchase can be lengthy), Time consuming

A New Strategy for Insurance Lead Generation

Left off the list above is direct mail, the was done purposely! Direct mail has a proven track record of success although the ROI tends to be a little lower than and advertising. One opportunity that I strongly feel has an opportunity to develop is a combination, “Direct Mail and Social Media.” The reason for this opportunity is the ability to send direct mail to specific zip codes and cities then follow up with hyper-targeted paid social media to those same consumers in the same city and zip code. I am anxiously waiting for the opportunity to pitch and give it a go with one of our insurance clients, I will keep you posted!

Please do watch our video and learn about a proven, yet simple, strategy for growing your agency finding the next best insurance lead.

Michael Lucy
Michael Lucy
Michael Lucy is an avid digital marketer with a deep rooted passion for anything and everything involving technology. From programming to SEO to PPC to remarketing to programmatical advertising, Michael loves to keep current with technology, sharing knowledge and collaborating with other like minded digital marketers.


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