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June 2, 2022

How to Increase Sales with Insurance Lead Management Software


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Lead generation is an essential part of growing your insurance business. However, if you fail to follow up on those leads, you let important prospects slip from your grasp. Lead generation offers nothing without conversion, which is why successful insurance agents depend on tools that help optimize opportunities. Lead management software offers flexible tools that enable insurance companies to form a connection with customers and open up new sales opportunities. 

What is Insurance Lead Management Software?

Two people looking at laptop screen learning about insurance lead management software

Effective lead management software is designed to turn prospects into customers. The insurance industry is highly competitive, making it important to respond to potential customers at the right time with a competitive offer. P&C insurance agents get leads from a variety of clients with diverse needs. To offer a personal response to these potential customers, it's important to categorize and nurture leads. 

Sixty-nine percent of consumers would share significant data on their health, exercise, and driving habits, in exchange for lower prices from their insurers, and 66% would also share this data for personalized services to prevent injury and loss. Lead management software qualifies incoming leads by gathering data that shares the prospect's needs with a broker before the first conversation. Information like job title, location, timezone, company name, and social media profiles can be automatically added to a lead's profile to provide context for qualification and conversion.

Common Uses by Insurance Agencies

Insurance agencies must nurture leads until a sale is complete, otherwise known as convert leads. To accomplish this, it's essential to reach out to leads within the proper timeline and offer a convenient customer experience. Insurance lead management software can utilize marketing automation to capture prospective buyers, and engaged in lead tracking from online sources like website traffic or social media. Online leads are automatically rated to prioritize near and long-term opportunities, improving conversion efforts. Lead management software paired with marketing automation also allows agents to interact with all leads from a single platform and automate drip marketing campaigns for long-term opportunities.

Insurance Lead Management Software vs Insurance CRM Software

Person looking confused at a laptop

If you've been researching insurance agency software, or your agency already uses an insurance CRM, you may be wondering how lead management software differs from CRM software. While there are many similarities, the two types of software have different goals. 

What Is Insurance CRM Software?

CRM stands for customer relationship management. CRM software is a collection of tools that foster lasting relationships between businesses and customers. Insurance CRM software improves your retention strategies, lead generation, customer service, claims processing, and policy renewals. 

What Is a Lead Management System in Insurance?

While a CRM can help you improve acquisitions, it's not designed for lead management. While CRM focuses on relationships with existing customers, lead management focuses on the sales process. Basically, lead management software provides agents with the right tools to convert cold leads into customers. The best lead management systems for insurance organize the sales process and offer a clear view of all open sales opportunities to prioritize and track communications with each lead easily.

How Does an Insurance Lead Management Tool Work for Insurance Agents?

To follow up on insurance leads, an agent must prioritize leads and nurture potential customers to conversion within a specific timeframe. Not every potential customer is seeking an immediate solution. An insurance lead management tool can be combined with an automated email to provide an effective follow-up timeline that maximizes your and the potential customer's time. The result is ongoing contact with prospects in a way that meets their needs.

Common Customer Relationship Management Challenges in the Insurance Industry

Person learning on laptop about common customer relationship challenges in the insurance industry

Similar to consumer needs and experiences across all products, insurance customers want a personalized customer experience on convenient and simple platforms. Advancing technology and digital tools are working to make this possible. These are the most common customer relationship management challenges in the insurance industry.

  • Streamlined process: Today's consumers expect buying cycles that are transparent and convenient. To quickly provide accurate quotes and immediately onboard clients, agents need software that can quickly gather data and utilize it to offer relevant policies.
  • Ongoing customer relationships: Many insurers struggle to develop relationships that span multiple products. Building deeper customer relationships relies on the careful use of data to understand the ongoing needs of loyal customers.
  • Leads that fail to convert: Lead management is tricky for agents and brokers when prospects have the opportunity to search through millions of options.  Without proper prioritization and timely follow-up, leads can fall through the cracks.

The Role of Lead Management in the Insurance Sector

Two people learning on a laptop about lead management in insurance

Lead management in insurance requires agents and brokers to guide potential customers from discovery to purchase within a timeline that fits their needs. It could be considered a sales management technique that incorporates all the information and actions prospects need for a successful conversion. 

Lead management includes:

  • Lead Prioritization: You can organize your leads for more effective communication by enriching prospect profiles with added data.
  • Quick Response: A follow-up within the first five minutes of a lead submission is optimal for conversion.
  • Lead Nurturing: Providing consistent communication keeps you top of mind until your prospect is ready to make a decision.
  • Providing Value: You can stand out from competitors by providing relevant communication that adds value. 
  • Convenient Process: The use of digital technology can speed up the data collection process and allow you to provide quick and accurate information to your prospects. For example, a tool like InsurGrid uses automation to collect 95% of everything you need to prepare a quote and make buying insurance effortless for your clients. Collect dec pages without the back and forth emailing with prospects. InsurGrid will provide you with a seamless process your leads expect from business professionals. 


Collect dec pages, save time, and provide the best client experience. Sign up for an InsurGrid demo.

How to Acquire Customers Faster with Insurance LMS

An insurance agency talking to a customer

Insurance marketing is no longer a policy-based process that lumps customers into categories. For long-term success, agents and brokers should consider the benefits of forming deeper customer relationships to provide personalized service that improves insurance services. Insurance lead management software (LMS) helps agents and brokers manage policies and renewals, prioritize leads, and connect with prospects.

Maximize Agent Relationships with Insurance LMS

Insurance agencies work with multiple insurance brokers and independent insurance agents but still need to maintain brand consistency. Insurance LMS can help your insurance agency improve the process for agents with guided selling and insights with real-time dashboards customized for the industry and individual companies. 

Automatically Distribute Leads to the Field Sales Team and Call Center

Insurance LMS can be optimized to distribute leads among salespeople based on your chosen criteria. For instance, lead distribution can be based on agent names, past performance, location, insurance product specialty, or other important criteria. Conversely, leads can simply be evenly distributed among salespeople.

Alert Your Agents of All Important Actions

Real-time dashboards notify insurance agents when prospects visit an important page ( policy details, premium details, cost break-downs) and automate a responding task for the agent.

Increases Renewal Rates

Management software for insurance has additional benefits beyond guiding new leads to the point of policy issuance. Existing customers are a vital part of building successful insurance companies. LMS software helps identify the right customers to target for renewal and cross-selling campaigns and tracks cases to ensure closure, so renewal and reinstatement customers don't slip under the radar.

Capture Leads from all the Channels

LMS software can capture leads from email marketing, quote engines, phone calls, and traditional marketing efforts like billboards and gather all relevant information in one place for successful prioritization.

Improve Insurance Leads Quality with Advanced Features and Reporting

A group of people sitting at a table reporting on an increase in leads

Insurance marketing is all about knowing the right details about your customers so you can meet their unique needs. Advanced technology provides insurance agents and brokers with new tools to increase conversion rates.

Better Technology Gives You More Insight and Control

Insurance is a data-rich industry with various products that target different consumers. Without the right technology, it can be challenging to prioritize leads in a way that improves insurance sales. Cloud-based LMS provides key features designed to integrate with existing tech stacks and sort through massive data.

Tech that Suits You

The best insurance LMS has solution-designed technology with customizable options that integrate easily with existing software and offer multi-channel tracking that streamlines data entry and puts all your information in one convenient place.

Filter for Traffic Quality

New leads can come from various online sources that might not meet your parameters. You can improve conversion rates when you adjust your filter criteria to meet specific conditions (like state, zip code, etc.). 

Eye-Opening Reports

Data is only useful when it is relevant and provided in a timely manner. Large businesses can quickly become overwhelmed with data, leading to missed sales opportunities. LMS that provides real-time reports supplies relevant data and key trends you could otherwise miss out on.

Comparison Reports

Key performance indicators offer insight into your lead quality and conversion rates. Yet, trends within one insurance industry sector might not be relevant to every insurance agent or broker. LMS provides you with comparison reports that help you identify the most relevant KPIs and industry trends to help you achieve higher conversion rates.

What are the Top 3 CRM Systems Servicing the Insurance Industry?

An insurance agent comparing software on a computer

CRM systems can help insurance agencies navigate the industry's fast-paced, heavily regulated nature to provide improved customer satisfaction, better data protection, improved communication, and automated policy management. While various CRMs can be customized and used within the insurance agency, these are 3 of the top CRM systems serving the insurance industry.

  • Zywave
  • Vertafore
  • Partner Platform

Lead Management Platforms are a Pivotal Part of Increasing Conversion Rates

Two insurance agents celebrating an increase in conversion

Insurance is a complex industry with a wealth of data that must be categorized, protected, and effectively used. Modern technology digitizes many data entry processes that can slow processes and result in lost sales. While customer relationship management focuses mainly on preserving relationships with existing customers, lead management platforms offer features designed for a streamlined sales process. When insurance agents and brokers use digital technology to collect data, prioritize leads, and develop a streamlined process, higher conversion rates can be achieved. InsurGrid makes it easy for clients to share essential information for their insurance purchase in a few clicks. Remove friction from the sales process and convert more clients. Sign up for an InsurGrid demo.