As an insurance agent, you have to stay up to date on the latest marketing trends to ensure that your strategies remain effective. If you already use aged insurance leads, then you really should be taking a look at the amazing opportunities created by compiled data.
Compiled data is a collection of information on individual consumers. Compiled data can contain credit info, contact information, shopping habits, household size, income, education level, and much, much more.
If you’re looking for a good way to fill in your current database of aged insurance leads, then compiled data is the perfect solution.
Let’s take a look at 3 ways you can use compiled data to increase your marketing ROI.
#1 – Pin-Point Ideal Prospects
Since you’re gaining so much information about individuals through compiled data you can narrow down your search and find the perfect ideal prospects. For example, you can pin point prospects in a certain location and can then go on to niche them down by career, income, and household size.
Let’s say a lot of your life insurance business comes from high income earning couples who have three kids and live in a specific set of neighborhoods. You can find these prospects by sifting through information in compiled data reports.
Targeted prospects equals a much higher sales rate.
#2 – Increase Your Cross Sells
One of the greatest marketing weapons you can have is an inside look into your current customers purchase history.
You can use compiled data to review your current customer’s habits. If you noticed one of your customers just bought a new boat, motorcycle, RV, or ATV you can run a quick quote and send it out. If you don’t have all of your current customers business you can review their information and from there decide which quotes would be the best to send.
For example, maybe the profile of one of your current customers fits perfectly with a life or disability product that you sell. You can send out a brochure on the product along with a letter explaining that they look like a good fit for premium pricing.
When it comes to cross selling, compiled data can provide you a host of valuable information and maximize your efforts.
#3 – Keep Better Retention Rates
It’s hard to stay up to date on all of your client’s lives. But, the information that you get by using compiled data lets you have a sneak peak into what your current customers are up to.
Maybe your clients like to shop a lot. Send them an email, letter, or brochure explaining the benefits of their insurance policy if they’d suffer a total loss. Explain that there personal property would be protected. Let your clients know that you have tailored their policies to fit their individual needs. By touching base with them every once and a while they’ll be much more likely to show you loyalty.
In addition, since credit information is included in compiled data you can analyze it and determine if it would be best to re quote your customers policies and look for better rates. Insurance clients love when their agents take the initiative to shop around for them without even being asked.
Using compiled data to your advantage is an excellent way to bring in new customers, sell to existing customers, and improve your retention rate. Since so much information is offered to you through compiled data it would be a mistake not to take advantage of it.
Compiled data can be the perfect addition to your current list of aged insurance leads.