Insurance agents are always looking for top quality marketing lists. After all, Insurance agents always need to market.
The average customer retention rate within the insurance industry is 84%. There are lots of reasons for the attrition. These may include customers who moved away, died or left your agency to go elsewhere.
If 16% of your customers left your agency, you have to replace those lost customers with new ones. According to the Independent Insurance Agents of Dallas (IIAD), insurance has higher customer acquisition costs than any other industry. That means part of your job is to control your costs.
The key is to select the most responsive marketing lists for insurance agents is targeting your marketing list. There are lots of mailing lists in the marketplace – how do you know which ones to choose? Easy answer – it depends on the insurance product you want to push.
This blog will review two of the most popular, most highly respected marketing lists.
Marketing Lists for Supplemental Medicare Insurance
The Turning 65 list lets you reach individuals who will be turning 65 in the next few months. This way you are only marketing to the Turning 65-ers at the specific time when they are making their decision about which agency and policy to select. Insurance agents who market to Turning 65-ers also have a chance to spread their marketing costs. That’s because they may be mailing only a few hundred pieces per month. Figure between the list, marketing piece and postage, it may cost about $300 per month to mail to 200 people who are Turning 65. If you close 1 prospect from the list, you’ve made back your money. And, that doesn’t include that new customer’s lifetime value. Agents have found that these customers, when treated right, will bring over their home, auto and other policies.
Marketing Lists for Home and Auto Insurance
We call these X-Date lists. Insurance agents can select their prospects by expiration or “X-date”. This marketing list also allows agents to mail to their prospects on a monthly basis, which means spreading advertising costs over several months. For many insurance agencies, closing a new auto or new homeowner insurance customer can reap many benefits. After all, the lifetime value of a satisfied customer is priceless!
The actual X-Date lists offer a great deal of information that insurance agents can use to personalize their correspondence. These include home purchase date, purchase amount, home and lot square footage.
Telephone numbers and email addresses can also be appended to the file. This way, agents can contact these home and Auto Insurance prospects in multiple ways.