Florida Insurance Glossary
Autoresponder
Email autoresponders are messages that are automatically sent to a prospect’s email when he or she acts on an option offered on a website. The option can be a request for an insurance quote or asking for routine information. The messages let you keep in contact with the prospect and can be sent over a pre-set schedule to keep the prospect aware of your offer without needing extra effort on your part.
Conversion
Conversion refers to a positive change in the prospect’s status with regard to your business. It takes place when the prospect makes a desired action, such as asking for a quote when he didn’t show any interest previously. A prospect is converted to a client when he decides to give you his business.
Conversion rate
Conversion rate refers to the number of prospects who actively responds to a direct request in your marketing campaigns. It usually takes the form of a ratio or percentage. For example, if you ran an email campaign to 100 addressees and 9 responded then you have a conversion rate of 9%.
Conversion rate is a good indicator of how successful your marketing campaign will go.
CRM software
Customer Relationship Management (CRM) software helps you manage and update information about your clients and prospects as they go through the sales cycle. It tracks your customers’ progress, run reports on your marketing campaigns, and sorts data as you update them.
CRM consists of a database of your customers’ information and provides tools to manage them.
Exclusive leads
Exclusive leads are information about a prospect that is given to only one agent. Exclusive leads cost more than shared leads because you won’t be competing with other agents for the prospect’s business.
Filters
Filters enable you to receive leads based on a set of criteria that you choose. They can be filtered according to age, state, civil status, zip code, whether they’re currently insured, or a have a family. Filters let you work on prospects with market profiles that you’re familiar with or have chosen.
More filters can add to your cost per lead as well as decrease the number of leads you can get. Filters can be added or removed at any time.
Group Health Leads
A group health lead is information about a prospect that is considering providing insurance for its employees or members in an organization.
Incentivized leads
Incentivized leads are prospects that were gathered through offers of free items, special discounts, gift certificates, and other promotions that are unrelated to their interest in getting insurance. In exchange for these items, they are usually made to fill up “surveys” with leading questions and suggested answers.
Incentivized leads are usually interested in the promotion and not on getting insurance so their conversion rates are poor. They are not a good option for investment even if they cost less.
Individual Health Leads
An individual health lead is information about a prospect seeking health insurance for himself or members of his family. The number of individuals looking for this type of insurance is usually small but they have been growing in recent years.
Internet lead
An internet lead is information about a prospect that is gathered through the internet. A quality lead is generated through a reputable company’s website that offers real service and insurance information. Their survey questions are designed to bring out a prospect’s true interest in getting insurance. Reputable companies never give incentives to get insurance information.
Lead generation
Lead generation is the process of acquiring potential customers using a systematic approach. It is a key factor in the success of almost any business. Traditional offline lead generation methods include advertising through print or radio, direct mail campaigns, phone marketing, and networking. Online lead generation methods are made through email campaigns or creating websites.
Lead management
Lead management refers to the system of using leads in order to maximize returns while minimizing busywork. Good management keeps all lead information – names, addresses, notes, quotes, and others in one place for easy access whenever it’s needed. Sales and marketing campaigns are tracked and updated so you can see which of your efforts are paying the highest dividends. The right software makes lead management more productive and easier to use.
Life Leads
A life lead is information about a prospect who is interested in getting a policy on life insurance.
Offline Marketing
Offline marketing uses traditional media to build your presence in your market and generate leads. Marketing campaigns involve direct mail, advertising on print, radio, or television, and phone marketing. Results from offline marketing efforts vary widely and are difficult to measure. They can also be expensive.
Online Marketing
Online marketing uses the internet to generate leads and build your presence in the market. Methods include email campaigns, pay-per-click ads, search engines, website building, and buying leads online. Online marketing campaigns can target specific markets to gather very qualified prospects that are interested in your type of service. This type of investment gives very high returns for your budget.
PPC
PPC stands for Pay-Per-Click. This is a type of online marketing that places ads in search engine results. The best placements are given to advertisers with the highest bids. PPC ads are a good way to generate web traffic but costs can quickly add up.
Quote Engine
A quote engine is a software program that can create insurance quotes from multiple carriers in a very short time, often within a minute.
ROI
ROI stands for return on investment. It measures the rate of success of a business investment by the amount of revenue it generates.
SEO
SEO stands for search engine optimization. It is a method of raising a website’s rank in search engine results by targeting keywords and phrases, such as insurance and insurance quotes and writing content around them. SEO results vary widely and professional SEO work can be expensive.
Shared leads
A shared lead is information about a prospect that is sold to several agents. Shared leads cost less than exclusive leads but you will need to compete with other agents for the prospect’s business.
Uninsurable Leads
Uninsurable Leads are individuals with an illness or medical condition that carriers will not insure because of high risk. Agents who offer memberships in discount medical programs can get business from uninsurable leads.