Below is an excerpt of Shortening the Conversion Cycle that ran in Insurance Thought Leadership written by Jornaya Manager of Strategic Partnerships Louis Cipriano.
Better data means better leads for any business. But for insurance businesses, the right data can illuminate consumer behavior patterns that mean the difference between sinking and swimming. Rather than selling commodities, insurance companies must reach prospects who are on a unique shopping journey related to a major purchase or decision: a home, a vehicle, a life insurance policy. These big decisions require more scrutiny, so customer expectation is high.
To provide that personalized experience, customer data is the fuel for converting leads into sales. To save time and costs while increasing conversion rates, insurance companies benefit from working with a trusted lead seller to know the quality of their leads. Insurers are also enhancing their first-party data with behavioral data to get know more about their customers and prospects. Doing both can have a number of benefits to the overall health of the business, including better leads, better sales and a higher ROI on marketing costs. Let’s explore why.