How much do you pay for health insurance leads?

Posted: Wed May 02, 2012 02:11 pm Post Subject:

Expect the ROI on leads to be about $0.10 on the dollar. You might pay $25 for a preset appointment lead and sell a $500 commission product. But you won't close on 100% of those preset appointments, either. Figure closing maybe 1 out of 2 or 2 out of 3 -- the same sort of numbers you would get prospecting on your own.

Leads are . . . well, they're leads.The most successful agents tend not to rely on them, and generate referral business from their clients instead. When people call you, they are seriously interested.

Posted: Wed May 02, 2012 02:29 pm Post Subject:

MaxHerr,

Thanks for the info.

Regarding preset appointments for individual health insurance prospects, what level of information do you get upfront (if any) about their health status prior to the appointment? The only preset appointments I ever used were for Med Supp prospects and I would arrive at the appointment with practically zero info on their health status.

Thanks.

Posted: Wed May 02, 2012 03:03 pm Post Subject:

I don't use leads, so I can't answer the question. Your experience with Medicare Supplement leads should be similar (or the same) with those for any other product, whether health insurance, life insurance, or even P&C prospects.

In my first years in the business back in 1980-1983, our company purchased leads for "self employed" persons. All we got was a name and address, and about 50% of those were stale. We closed business on maybe 25% of those that were good leads. So if I got fifteen leads for the week, I might have done 6 or 8 actual presentations, and closed 2 or 3 of them.

Something to do in the evening hours, but not tremendously financially rewarding by themselves. However, it was here that I learned how to obtain referrals, and learned that referrals were the BEST method for a successful career. It has stuck with me for more than 30 years, and never fails.

For example, one of my leads ended up being a sheep rancher in the Bakersfield, CA area. He gave me the names of three other sheep ranchers (two of whom were relatives). I closed all four pieces of business in three days. But those other three each gave me the names of four or five other sheep ranchers (several of which were the same). I closed another 12 pieces of business in the next 10 days. And I got referrals to dozens of other sheep ranchers and farmers and contractors, and was busy for the next month locally, just on referrals -- and the referrals were not only in the Bakersfield area -- I had referrals all over Kern County, Fresno County, and other rural parts of Southern California. I wasn't able to work them all, I had so many to follow up on.

And I know most of this business I wrote stayed on the books for a long time, because after I left the company to go back to school, my monthly renewal commissions paid most of the cost of my tuition and books in the next two-and-one-half years, and allowed me the freedom to work part time on campus instead of having to work full time to pay for school. I left with a BA and only $4400 in student loans -- mostly to cover personal expenses and housing.

That's the power of referrals!

Posted: Wed May 02, 2012 03:08 pm Post Subject:

MaxHerr,

Thanks for sharing your experience and insights with me.

Posted: Fri Mar 08, 2013 11:55 am Post Subject:

I don't sell health but based on your question there are a few more things you need to clarify in regards to what you want.

Shared or Exclusive
Shared can go to as many as 8 agents with decent lead providers (more with others) vs just you with Exclusive.

Exclusive will cost 3 times or more than a shared lead. Note just because they are exclusive to you doesn't mean the prospect isn't searching somewhere else.

Also, the price can vary greatly based on any custom or preset filters you add.

Posted: Fri Mar 08, 2013 03:44 pm Post Subject:

The "leads" for health insurance are mostly limited to senior products such as Medicare Supplement or Medicare Advantage.

Posted: Fri Mar 08, 2013 05:44 pm Post Subject:

I agree. But the filter comment in regards to price would really come into play when you are talking about group health leads that could bring major commissions. Those are going to cost more as opposed to taking in everything where many might not be insurable with your product/s.

Posted: Fri Mar 08, 2013 06:17 pm Post Subject:

Come October 1, when open enrollment in the state/federal Health Insurance Exchanges begins, health insurance leads will be worthless. There is going to be so much confusion that people will be paralyzed and will be waiting for someone to simply talk to them.

Prospecting in public is 1000 times more valuable than any lead program. And it's free. You just have to be willing to talk to folks.

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