Insurance Agency Lead Scoring

Prospect ScorecardWe speak with many insurance agencies which have not yet formalized a lead scoring system. This is a worthwhile endeavor for all agencies, and one which we recommend they revisit this every year while tracking the return on investment of their marketing programs.

What is lead scoring? It is a methodology used to rank prospects against a scale, and then assign a value to determine interest level and distribution. For example, let’s say a trucking insurance lead appointment arrives at your agency. This lead is with an owner of 15 power units, they use company drivers, and they are unhappy with their carrier. Perhaps your lead scoring system falls on a 1 to 10 scale, and this lead is scored an 8. What might receive a higher score? And what types of leads are outside of profile, and what score would they receive? Perhaps prospects need to score an 8 to appear on your  producer scorecards.

Is the lead distributed to producers by territory? Does your lead handling process vary by type of lead, product or prospect? For example, are commercial leads separated by large and small business, by industry or product? Are benefit leads parsed by groups over and under 50? And does your agency have a tracking system in place to determine how many leads showed for the appointment, moved into the pipeline, received quotes and ultimately convert into new business?

The Prospect Scorecard offers insurance agencies and producers a simple and easy way to qualify, track and rank top prospects. Salespeople, sales managers and other business people often refer to prospects in vague terms such as: new, warm, hot, cold, likely, qualified, etc. These terms do little to better understand a sales pipeline or convey likelihood of purchase to other members of the team. The Prospect Scorecard resolves this issue, simply, quickly and easily for any producer or agency. Prospect Scorecard benefits include:

  • Helps Producers create ideal attributes to form a buyer persona
  • Creates a simple numeric system to leverage your buyer persona
  • Assigns numeric values to rank your best prospects
  • Creates a simple qualification acronym to determine likelihood to close
  • Color codes prospects into Green, Yellow and Red categories, to quickly elucidate prospect status

 Creating A Prospect Scorecard

What does your perfect client look like? Create a Prospect Scorecard to quantify your approach to pipeline building. Some attributes of your ideal client might include revenue, growth rate, client type (business or consumer) and market niche. For example, are you targeting companies with $5m to $10m in revenue? Are your best prospects fast-growing firms (Inc. 500 list)? Are you selling to consumers?

If you’re selling to consumers, are they high net worth, middle income, younger or older? Are your prospects in a specific niche market such as banking, insurance, biotech, consulting, education, etc.? Create a Prospect Scorecard with your ideal attributes and a customized qualification abbreviation to help you determine if you’re selling to an in-profile prospect.

Insurance agencies and brokers seeking to get to the next level with their insurance marketing and lead generation can reach out the StartUpSelling marketing team for a complimentary insurance agency web marketing and lead generation review.