Top 4 Benefits of Improving Your Insurance Conversion Rates for Maximizing Growth
June 8, 2023
Head of Marketing
Ray is the Head of Marketing at Canopy Connect and has helped dozens of startups and growth companies over his 20 year career to develop strategies and implement tactics that yield high impact results.
Improve your insurance conversion rates dramatically by using the right tools to achieve maximum growth. And have prospects knocking down on your door!
One of the toughest aspects of selling insurance is closing a sale, but it's the final conversion in a long line of conversions for the prospect in your sales funnel. To be successful, you need to have high conversion rates throughout the funnel and have fewer conversion points to remove friction from the process. The fewer opportunities a prospect has to say no or abandon the process, the better.
Improved insurance conversion rates also mean more efficient use of time, which frees up resources for other important tasks. It makes subsequent sales much easier as well and helps strengthen customer loyalty, providing a better sales base over the long term.
In the past, insurance sales were predicated on a strong network and good sales techniques, along with solid policies to entice prospective customers.
However, with the rapid advance of online tools and techniques, those principles can be vastly improved upon. Website optimization, automated quote requests, and similar features boost insurance conversion rates immeasurably. One-call closing rates will also escalate with the judicious use of analytics and data, helping your team save time while maintaining optimal efficiency.
It’s hard to know where to begin, especially without an adequate tech stack. Insurance agents that incorporate the right tools for their business will find themselves with an advantage over the competition. Conversely, those who ignore the potential of current technology run the risk of falling behind.
Maximizing growth is a question of understanding your goals and how to reach them. Here, we’ll look at the concrete benefits of better conversion rates, along with a brief discussion on the most effective way to achieve them.
1. Provide a Better Prospect Experience on Your Website
The vast majority of prospective insurance clients begin their search online. When they get to your website, you’ll want to make sure it is easy to get a quote.
Generally speaking, people have three priorities when researching online insurance quotes:
Convenience. They want to find what they need swiftly and easily.
Flexibility. They want options that fit their needs rather than trying to work with what’s available.
Expertise. They want a sound policy with maximum benefits but aren’t necessarily sure of what they should be looking for.
The key to meeting these requirements starts with a fully functional website where, for example, links are clear and lead promptly to the required information.
Beyond that, it also means understanding what customers want, helping to identify their needs, and being able to act on whatever those needs are. When you follow this process, your online quote services become more accurate, which provides an outstanding gateway to attract and retain more clients.
2. Attract Website Traffic by Optimizing Your Website
If website optimization is crucial for high insurance conversion rates, what does an optimally-designed website look like? Optimization requires the website to provide an open flow of information that translates into actionable data for sales.
No matter how good a given website may look, if it lacks functionality, it won’t do what you need it to. For instance, if actionable links are hard to find, labeling isn’t clear, and if the information at the other end isn’t what the customer has in mind, they’ll abandon the ship and move on to a competitor’s website.
That makes it crucial for your website to meet the expectations of potential clients as well as earn their trust. If they can find what they need quickly and easily, and the resulting information helps them better clarify their needs, then conversion rates are apt to rise substantially. Moreover, attracting traffic by using keyword algorithms makes sure they’ll be able to find your site through Google and similar search engines.
3. Boost Conversions with One-Call Closing
The goal of one-call closing is to convert a lead into a paying customer during one call or conversation. A one-call close provides benefits that go beyond customer acquisition. By reducing the number of conversions required in the process, if done well, you can increase your ultimate close ratio.
To reduce any potential frustrations, agents can send clients their Canopy Connect link while still on the phone. You can assist your client in real-time and walk them through the process of signing into their current carrier to collect all current insurance information. Getting this information quickly and directly from the client will allow you to build winning quotes through your rater, giving you visibility into multi-line or upsell opportunities.
Pairing the one-call close technique with the right tools is essential. You need to be efficient in order to make it work for you, so make sure you are quick to start building rapport with your clients. It’s important to forge trusting client relationships.
Our friends at the Insurance Sales Lab offer a One Call Close Masterclass that will take you through the steps, scripts, and techniques to help get you started.
4. Improve Closing Rates by Focusing on the Individual
All these suggestions and advice point to one of the oldest adages of salesmanship: focus on the individual and their needs.
Sales psychology methods need to work with you, not against you. Understanding buyer psychology goes a long way toward improving insurance conversion rates. A lack of emotional intelligence (EQ) when dealing with clients will likely prove disastrous.
Humans employ a range of tactics when pursuing our goals. That behavior can vary widely from person to person. Strong personal connections impact sales conversions. The key is to accurately assess behaviors in terms of potential sales and use them appropriately. For example, manually gathering information is inefficient and often leads to substantial knowledge gaps in clients’ preferences and insurance needs.
With the right tools, it’s possible to pinpoint strategic data trends more effectively—providing an accurate assessment of the prospect’s purchase points.
The human connection during client/agent interactions needs to be more than just a sales pitch. People don't like to feel they are being sold to—they want to feel a connection to you, the company, and the product or service—then they will feel confident in their buying decision.
Making a proper connection means being a trusted advisor as much as a salesperson.
The goal is to guide prospects toward options best suited to their needs instead of pushing a product or service without listening to their concerns.
Incorporate a post-sale follow-up to make sure prospects are satisfied with their insurance policies and let them know that you are available for any of their future questions as they arise. Automated reminders, collated purchase history, and easy access to quote requests aid in delivering an efficient process.
Improve Insurance Conversion Rates with Canopy Connect
Canopy Connect creates a seamless insurance customer journey. Our infrastructure is designed to empower the consumer while providing the ideal platform for our partners to find and retain loyal clients.
The Canopy Connect dashboard provides instant access to VINs, leads, and any other data you may require. That’s not to mention analytics on pertinent stats, such as driving history and claims history.
If you’re looking to improve your insurance conversion rate and maximize potential growth, start your free 14-day trial today and find out what Canopy Connect can do for you!