The life insurance industry is notoriously competitive, but successfully generating leads for your agents is as simple as choosing the right strategy for your marketing budget.
In a study from Deloitte, 19% of life insurance customers said they found their carrier by placing a phone call to an agent – with only 9% citing an online inquiry and 7% citing a marketing campaign as the channels they used to find their carrier.
This makes pay-per-call, a marketing strategy that allows you to purchase inbound phone call leads, an excellent option for businesses in the life insurance industry.
In a pay-per-call campaign, advertisers only pay for performance. Calls are qualified based on the advertisers campaign requirements such as the call duration, location, and target consumer profile. Advertisers can also specify the number of calls delivered on an hourly or daily basis based on staffing and advertising budget restrictions.
Pay-per-call overcomes the challenges in life insurance marketing with high-intent leads and a 45% conversion rate.
How Pay-Per-Call Solves Marketing Challenges in the Life Insurance Industry
Challenge #1 – Answering Prospective Customers’ Questions
A lot of people are intimidated by the idea of purchasing life insurance: it’s an emotional purchase that makes them confront their own mortality, and on top of that, policies and regulations are unfamiliar and confusing. It’s unlikely that a customer will make a purchase without feeling like all of their questions have been answered.
Because life insurance is a high-touch industry, consumers typically need to place a phone call to an agent at some point in the sales cycle. Pay-per-call allows you to purchase those calls from consumers who are further down the sales cycle and more likely to convert, resulting in a bigger return on your marketing investment.
Challenge #2 – Generating Awareness and Reaching People During their Life Events
According to the same study from Deloitte, consumers “do not understand the need for a policy until a life event triggers action.” Having children, buying a home, marriage, and changes in financial situation are among the top reasons consumers consider purchasing life insurance. Only 36% of people say marketing materials influenced their decision to start looking for life insurance.
This means you need to get in front of prospective customers when they’re already considering life insurance but doing so can be hard to predict and plan for.
With pay-per-call, businesses receive a consistent volume of inbound call-based leads from consumers who are no longer just researching and shopping around – they want your services and are interested in buying from you now.
Additionally, pay-per-call helps you overcome the challenge of finding and engaging with a digital customer. By partnering with a pay-per-call network, you’ll have access to their network of publishers who will find callers both online and offline, and connect you with them only once they’re ready to pick up the phone and buy.
Challenge #3 – Competition is Steep, and Advertising is Expensive
In the life insurance market, you’re competing with national and local companies as well as emerging digital competitors and online retailers. This makes advertising extremely challenging, especially if you’re trying to reach a national audience.
The cost of paid search keywords, social media promotion, and traditional advertising reflects this competition, making advertising in the life insurance space quite pricey as well.
With a pay-per-call campaign, you only pay for high-intent calls that meet your campaign requirements, and calls in this industry typically see a 45% conversion rate. You know exactly where your advertising spend is going and can easily track the sales your business is getting out of it.
Pay-per-call also gives you the flexibility to manage your budget and set your key geographies and business hours. Call pacing allows you to set daily or hourly caps on total spend or billable calls.
Challenge #4 – Generating High-Value Leads and Avoiding Unwanted Leads
With most marketing efforts, it’s difficult to generate high-ticket leads without also attracting some leads that waste your agents’ time.
Your pay-per-call network should have quality assurance techniques in place to ensure their publishers are only delivering the calls you want. They will help configure your campaign using categories to specifically target the high-value consumers you want – such as people with families.
Look for a network that will also set up qualifying methods such as Interactive Voice Recordings to filter out calls you don’t want, like customer service calls.
Challenge #5 – Evaluating Marketing Efforts and Demonstrating High ROI
With traditional advertising, it is nearly impossible to accurately track lead sources and correctly optimize your marketing budget.
Methods such as call tracking, call recording, call transcription, and call scoring help you easily track your campaign’s success. The right pay-per-call partner will also help you identify the sources and geographies that generate the most qualified calls, so you can optimize your budget accordingly.
For life insurance, the return on investment (ROI) for pay-per-call is high, even though the initial cost per lead may seem expensive. A competitive bid in this industry is about $65 for a call that lasts at least 120 seconds. The average call lasts about 10 minutes, and calls typically have a 45% conversion rate.
Get Started with Pay-Per-Call
Pay-per-call is a high-converting source of qualified leads for life insurance businesses. When looking for the right pay-per-call network, look for a trusted network that is committed to performance, superior service and delivers compliant, high-intent calls from unique traffic sources.
Soleo’s pay-per-call network generates thousands of insurance calls each month and can easily scale to fit the needs of our advertisers. Our call traffic is generated in a way that complements your internal lead-gen activities, leveraging both our in-house lead generation team and our network of qualified, vetted publishers who adhere to strict network compliance stipulations.
We are dedicated to meeting our partners’ CPA requirements, and we offer call tracking, Interactive Voice Recordings, quality assurance, and assistance from our experienced customer success team.