In a recent industry-wide study conducted by LexisNexis Risk Solutions identifying high quality leads, cross-sell and up-sell, customer retention and fulfilling sales quotas were identified as the top core business goals of insurance marketers.
Consistently supplying quality prospects to your sales force can be an ongoing challenge. Regardless of your lead source – be it organic leads derived from your website or leads purchased from a third party – lead quality is often an issue. The classification of high quality leads and low quality leads can often be arbitrary and ad hoc. Generally speaking, agents and call center staff do not have the time or resources to make an informed decision.
One insurance carrier engaged LexisNexis Risk Solutions to help address this very issue – how to consistently identify high quality leads early in the sales funnel and effectively nip agent fatigue in the bud. As a senior marketing executive from the carrier noted ‘when you provide thousands of leads to your agents that don’t really exist, it causes fatigue…all of a sudden you have a problem on your hands.’ Of course, this includes providing incomplete information or very little detail associated with the lead.
Lead quantity was not an issue for the carrier; there were plenty of leads coming from their website. However, incomplete and sometimes inaccurate information created a fuzzy picture, and it often meant that agents were wasting valuable time and energy sifting through poor quality leads before they got to the higher quality leads. Not only did this foster agent fatigue, it was costly and highly inefficient.
In a coordinated effort across the multiple functions within the organization – marketing, underwriting and distribution – LexisNexis Risk Solutions worked with the carrier to implement LexisNexis® Lead Optimizer directly into the workflow of their organic lead generation program.
The results were immediately evident. As leads were verified and validated, higher quality leads could be flagged, prioritized and routed for the immediate attention of the agents. The conversion rate among the higher scoring leads was seven times greater than the low scoring leads.
Download the case study for a more detailed analysis of the carrier’s experience and how Lead Optimizer was able help to solve their lead quality dilemma. For more information on our recent industry-wide study, download our white paper.