Insurance Leads Blog

Thursday, December 12, 2013

Are You Doing Life Insurance Seminars? You Should Stop!

Many of our agents do life insurance seminars to bring in new business. Some of these agents do these workshops 1-2 times a month. This can be a good way to get new clients, but it is definitely not the most cost effective way. Seminar costs can add up. As an insurance agent, you will have to pay for the invitation mailing, the venue, and the lunch/dinner for all of your guests. While the leads you get from these seminars can be of solid quality, you will most likely be looking at a per lead cost of $500-$900. This is too high and I think most life insurance agents would agree that there could be a better way of getting the same quality of leads while spending a lot less.

In the agency I worked for several years, we did annuity and life insurance seminars. This was our only way of bringing in new business besides referrals. This worked, but the ROI was not up to my standard. I chose to look for an alternative ways of generating leads and went thru several methods before finding one that worked well.

Web generated insurance leads were my last attempt at finding an alternative to expensive seminar marketing. I had briefly tried these leads when I first started in the business with little luck. Despite this original failure, I gave a few companies another shot. To my surprise, the quality of leads for a couple of the companies were much better than before. There was one or two online lead businesses that still failed to produce good leads, but for the most part it seemed as though the industry and turned around.

I won't list the companies at this time, but it is irrelevant for my main purpose which is convincing insurance agents to use online insurance leads more often than seminars. We work with agents that used to hold 10-15 seminars a year, but are now only doing 2-3 because they are now buying online insurance leads instead. They are saving money and generating good leads at the same time.

I understand that online insurance leads are not for everyone, but if you have never tried them or have not tried them in a long time, you might want to give them another shot. You could possible cut your marketing budget in half. This means more take home for you. If you love doing the workshops, by all means keep it going. However, you might consider reducing the number of seminars you do each year and begin to fill more of your pipeline with web driven life insurance leads.

Helpful tip: If you are only generating leads from seminars make sure to set your volume filter low at first when trying online insurance leads. You are most likely not used to working a high volume of leads. Start slow and increase volume as you feel comfortable.

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