Case Study – Aged Leads and a Telemarketer

Making it Rain with Aged Leads and a TelemarketerAged-Life-Insurance-Leads-Case-Study

Creating a steady source of quality life insurance sales prospects using aged leads is not magic. It doesn’t require an upgrade in your software, it doesn’t require you to take on big financial risks but it does require a fundamental shift in your perception of aged leads.

Aged leads are not a slag heap of failed sales but rather a storehouse of unrealized business opportunity.

As we enter the new data driven society, aged leads provide an abundant source of important information that can be mined for quality prospects.

Following up with aged leads and extracting critical metrics on status, timing and motivation can quickly concentrate a supply of raw aged leads into a steady stream of quality prospects.

Remember, there is a TON of value in leads that you don’t sell today.  If you qualify and quote a prospect and they don’t buy – that’s someone who is interested in life insurance, you just need to earn their trust OR be there when they’re ready.  Having a database full of those prospects is very valuable.

To see how this can be done let’s take an actual example of an agent working a block of aged leads.

Case Study: Telemarketer + 2,000 Aged Life Insurance Leads

This agent has systematized the process of mining aged life insurance leads by using telemarketers. He’s running this campaign to supplement his current business.

In this data set, his telemarketers called 2,000 aged life insurance leads in 10 hours of call time. That’s around 200 calls/hr using a 3-line dialer which is typical.

Sample Script being Used

“You had inquired about life insurance a while ago and we wanted to follow up to see if you moved forward with that decision?”

If no: “We’d like to follow up with some updated options”.

If they already purchased: “Prices may have come down recently for many companies and we’d like to follow up with some updated options”.

Then they followed up with 3 easy qualifying questions and asked if it would be OK for an agent to follow up with them.

You can tailor the qualifying questions to your product line and your follow up strategy.

If you decide not to use qualifying questions you can get more call backs, but the quality of your outcome won’t be as good and there’s a higher chance they won’t remember the call.

Results from 2,000 Leads/Calls

16 leads agreed to have an agent follow up from one round of calls that took 10 hours of time.

Listen to some of the conversations:

Dimple
Summary: Was not able to ask the health questions, but she did agree to a call back.


Margret
Summary: Never been declined, no health history problems.


Rafael
Summary: Agreed to a callback. 


Chester
Summary: Agreed to a callback.


Cedric
Summary: Agreed to a callback. Has been declined in the past.

 

These above results are from 1 call to each lead. To optimize your results your list should be called several times on different days and at different times of the day.

Total cost:

2000 leads = $460
Telemarketer = $80
Dialer = $109

We don’t like to attach sales results to these examples because that’s completely up to your sales skills, products and follow up systems.

This agent sent an email the day he got these leads saying he’ll be following up and asking if there’s a best time to reach the prospect. Most didn’t respond, but a couple acknowledged they knew he’d be calling. This is an important step because in your prospect’s mind you have already delivered on a commitment.

We’ll tell you that this agent wrote 2 applications, quoted 6 others, is still following up (probably with the potential for one or two additional applications) and is still trying to get a hold of 5 of them. 3 of them declined to speak with the agent.

Are you ready?

We preach the importance of effectively mining your database at agedlifeinsuranceleads.com. Your database of prospects and clients is your biggest asset.

Adding 16 people into your database is a massive value and it creates a snowball like effect. More prospects generate more business which in turn generates more prospects through referrals and so forth.

An agent can forgo the cost of a telemarketer and just make the calls themselves. This is what 8 out of 10 agents who buy aged leads do, at least starting out.

With time and a focused approach to generating prospects, automating your follow up, at least partially, becomes necessary. At that point you have taken control of your own business climate. You are a rainmaker.

Ask yourself: “Can systematically adding 16 prospects every week or every month create a fundamental shift in what I am currently doing to generate life insurance business?”

If the answer is Yes, then you need to start working aged life insurance leads!