Top Carriers Fall Short in Customer Acquisition
Study of online acquisition methodologies notes lack of swift follow-up, other inefficiencies hampering insurance carriers.
Insurance Networking News, December 15, 2010
Consumer response strategies used by the industry’s largest insurance carriers do not meet best practices, notes new research released by Leads360, a provider of lead management software.
The company today announced the results of a study conducted recently to gauge the proficiency of top-tier insurance carriers when responding to online consumer inquiries. Results indicate that the consumer follow-up strategies employed by the average insurance carrier are not reaching their true potential due to lack of swift follow-up and persistence.
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Insurance carriers included in the study were:
• American Family Insurance
• Farm Bureau Insurance
• GEICO
• Liberty Mutual
• Nationwide
• New York Life
• Pacific Life Insurance
• GMAC Insurance
• Shelter Insurance
• Travelers Insurance
"Although the performance of the carriers varied, our results indicate that most insurance carriers are missing the boat in terms of online inquiry response strategies," says Jeff Solomon, founder of Leads360. "The data from this study underscores many of the inefficiencies and outdated processes that plague the insurance industry today. Although in relative terms these carriers have a degree of success in obtaining new customers, they all stand to greatly improve their bottom line with better organization, automation and persistence."
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