As an insurance professional, you may get some leads from your company, but as you are well aware, most of your solid property insurance leads come from your hard work and community connections. Of course, every broker has their own ways of finding prospective policy buyers, but some methods are effective for everyone. And you should always be searching for new and better ways to find quality leads. Among these successful methods is using insurance renewal leads to find potential customers.
Homeowners who are about to renew their policies are probably the best prospects in the business. You only have to show them that you can offer more value for their dollar, and most will be glad to switch. Timing is important in these efforts because most homeowners do not think about their property policies unless they need to make a claim, are unhappy with their coverage, or are about to renew their current policy. Tracking these leads and approaching them at the right time will take some effort, but you have several good tools at your disposal.
Develop Relationships with Mortgage Brokers
Insurance agents and mortgage brokers can help each other with potential leads. In fact, you make natural partners in the effort to provide the right homes and coverage for buyers. Insurance agents who have a close relationship with their clients know when they are experiencing difficulty with their home or are thinking of making a change. When you pass this information on to a mortgage broker, they can target advertising toward those homeowners or even make cold calls to apprise them of current lending opportunities and terms.
In the same way, mortgage brokers can work with insurance agents to get new home purchases the right property coverage. Keeping homeowners happy means ensuring they have all the resources they need to protect their interests. Mortgage brokers can also help by providing insurance renewal leads and reminding agents of the anniversary of property purchases. Most insurance policies renew every year, so this information will give you some leverage when you contact these prospects. They will be more likely to listen to your pitch.
As long as both parties in these relationships offer steady, good-faith information to each other, these partnerships can be lucrative for both professionals. And most importantly, your good relationship with mortgage brokers will benefit the homeowner.
Start a Referral Program
Everyone likes to be rewarded for their help, so consider giving something small rewards for getting information. You can use your current clients as a source for insurance renewal leads by developing a referral program aimed at homeowners insurance prospects. Friends don’t let friends overpay for insurance or allow them to stick with poor coverage, and family members are even more motivated to spread the good word about your business. Your clients are one of the best sources for good leads in this area.
Your referral program can be a simple one that offers moderate prizes. You may include $50 rebates on new coverage stemming from a lead or simply stick with gift coupons good at other local businesses. If your customers are happy with their policies, they will be glad to give you solid referrals for homeowners looking for a better deal. The referral program will help you forge an even stronger bond with these current clients.
Advertise a Renewal Program Online
People of all ages spend a great deal of time online. Your company website can be a stellar source for insurance renewal leads. Using proper SEO practices ensures that your web page ranks high on search engines for “insurance renewal leads” and “homeowners insurance renewal,” which will direct many new customers to your page.
Your website should contain specific information on why new clients should consider switching their coverage instead of renewing with their current company. You may introduce special incentives to get customers to switch or simply prove that many homeowners are paying too much for too little coverage. Allow them to sign up for a free insurance evaluation and complete it online or in person. You should get a good number of solid insurance renewal leads from this strategy.
Use Property Sales Information to Find Renewal Leads
Another way to find good prospects for home insurance is to find sales information about local properties. The sale date for homeowners will indicate approximately when property insurance renewals are due. You can then target these property owners with calls or advertising for your homeowners’ coverage. They should be in the mood to listen near their renewal date, especially when faced with an expensive but inadequate policy.
Of course, you could troll through local property records to find out the recording date used by the county recorder to register property deeds. While this process should give you some insurance renewal leads, it might be slow going, even in counties that post that information online. Or you could turn ProspectNow, a company that gives you easy online access to information on millions of properties, including sales information. Once you know the date of the sale, you can determine if a homeowner will likely be renewing coverage soon.
In addition, you can learn which properties will probably sell in the next 12 months, giving you leads for possible future clients. Being this proactive will pay off in getting more prospects and ultimately more property insurance clients. Homeowners are seldom concerned about their property insurance unless they have a current claim, had a recent claim, or are about to renew. When you contact them near that renewal date, you will be much more likely to convert them to one of your policies. Timing is everything when it comes to insurance sales and for that matter, anything to do with real estate transactions.
Try ProspectNow to Improve Your Insurance and Realty Sales
Turning to a national database is possibly the best way to get insurance renewal leads. ProspectNow is a leading residential and commercial property platform that has been around for well over a decade. Realtors and insurers can get good-quality leads from their databases which include 100 million residential listings and 42 million commercial listings.
You have easy and affordable access to the kind of information that will help you be more successful in your field. You’ll find residential information that includes the age of the house, listing status, location, taxable value, zoning, sales history, foreclosure status, and more. You can also get in-depth information on commercial buildings, including the owner’s contact information.
Start improving your productivity and insurance sales immediately. Visit our website today and sign up for our free trial. You can also view our free demo to learn how ProspectNow can work for you. Finding leads for insurance sales is often challenging. Using insurance renewal leads is one more way to get ahead of the competition and convert property owners to your product. ProspectNow can help you find these prospects.