Converting leads into customers over the phone is both an art and a science, especially in the life insurance sector. Life insurance can feel complex and personal to potential buyers, so they often have many questions and concerns. To successfully turn leads into paying customers, it’s important to be prepared, build trust, and communicate the value of the product clearly.
In this guide, we’ll look at five practical ways to help you increase your lead conversion rates for life insurance lead calls.
1. Prepare and personalise your approach
The first step to increasing conversion rates is preparation.
Before making a call, spend some time reviewing the lead’s details. This can include basic information like their age, family situation, and employment status, or more specific factors that could influence their interest in life insurance.
A prepared agent is more likely to build a connection quickly and engage the lead from the start.
Personalisation builds trust
No one likes feeling like just another number in a long list of calls.
Tailoring your conversation to the individual shows that you’re paying attention to their unique needs. Start by addressing the lead by name and mentioning any relevant details you’ve learned about them. For instance, if you know they’ve just had a child, you could mention how life insurance can provide financial protection for their family.
Personal touches like this can make all the difference.
Have clear answers ready
Life insurance can be confusing for many people, so leads often have lots of questions. By being prepared with simple, clear answers to common questions, you’ll come across as knowledgeable and trustworthy. This helps build confidence in your product and encourages the lead to move forward.
2. Build rapport and trust early on
One of the most important factors in converting leads is trust.
Life insurance is a personal product, and people want to feel confident that they’re making the right decision.
Building rapport early in the conversation is key to earning that trust.
Use active listening
Active listening is one of the best ways to build trust.
When a lead is speaking, avoid interrupting, and show that you’re fully engaged in what they’re saying. You can do this by nodding (if in person or on video calls), making affirming sounds, or verbally acknowledging their concerns with phrases like “I understand” or “That makes sense.”
When the lead feels heard, they’re more likely to trust you.
Show empathy
Life insurance often involves sensitive topics like health, family, and mortality.
Demonstrating empathy can help put the lead at ease and make the conversation feel more comfortable. For example, if a lead mentions concerns about affordability, acknowledge that budgeting is a common worry and explain how your product can be flexible.
3. Focus on the benefits, not the features
One of the biggest mistakes salespeople make is focusing too much on the features of a product rather than how those features benefit the customer.
While it’s important to explain what your life insurance product offers, the key to increasing conversion rates is to show the lead how the product solves their specific problems.
Translate features into benefits
Rather than just listing what the policy includes, explain how those features will help the lead.
For example, instead of simply saying, “This policy includes £500,000 of cover,” you might say, “This level of cover can help ensure your family is financially secure, covering mortgage payments and living expenses in the event of your passing.”
By making the benefits clear, you make the policy more relevant to their life.
Keep it simple
Life insurance jargon can be off-putting for some leads.
Whenever possible, explain the product in simple terms and focus on real-world benefits. Avoid overwhelming the lead with too much information at once. Instead, focus on a few key points that matter most to them, based on the earlier conversation.
4. Overcome objections with confidence
Objections are common in any sales process, but how you handle them can make all the difference in whether or not you convert the lead.
Life insurance objections often revolve around cost, trust, and the perceived need for cover. The best way to manage these concerns is to be prepared with confident and reassuring responses.
Common objections and responses
- “I can’t afford it right now.”
Many people believe that life insurance is more expensive than it actually is. Break down the cost into monthly or weekly payments to make it seem more affordable. You can also offer a range of policies that fit different budgets, showing flexibility. - “I don’t think I need life insurance.”
Explain that life insurance is about protecting loved ones and preparing for the unexpected. Share stories or examples of how having cover has helped others in similar situations. Highlighting how it’s an investment in their family’s future can help shift their perspective. - “I already have a policy.”
If a lead already has life insurance, ask if they’ve reviewed it recently to see if it still meets their needs. You can point out that their financial situation or family circumstances may have changed, making additional cover necessary.
Keep the conversation positive
When handling objections, remain calm, positive, and non-defensive.
Let the lead know that their concerns are valid, and offer to help them find a solution that fits their needs. This approach keeps the conversation moving forward and prevents the lead from feeling pressured.
5. Follow up promptly and consistently
Even after a productive lead call, not all leads will convert immediately. That’s why following up is just as important as the initial conversation.
Prompt and consistent follow-up can remind leads of the benefits of your offer and help you stay top of mind when they’re ready to make a decision.
Timing matters
Don’t wait too long to follow up. Ideally, you should reach out within 24-48 hours of the initial conversation.
This shows the lead that you’re proactive and keeps the momentum going. A polite email or phone call, checking in to see if they have any further questions or need clarification, can help nudge them toward a decision.
Stay organised
Using a CRM (customer relationship management) system can help you track when you last contacted a lead and remind you to follow up at the right time.
Organising your follow-ups will prevent leads from slipping through the cracks and help you maintain consistent communication.
Offer something of value
When you follow up, try to offer something useful rather than just asking if they’re ready to buy.
This could be additional information about the policy, answers to any questions they asked, or even a limited-time offer or discount. Offering value shows the lead that you’re genuinely interested in helping them, not just making a sale.
Conclusion
Increasing lead conversion rates when you’ve generated life insurance leads requires preparation, a personalised approach, and effective communication.
By focusing on building trust, clearly explaining the benefits of your product, handling objections confidently, and following up in a timely manner, you’ll be well on your way to turning more leads into paying customers.
With these five tips in hand, you can make your lead calls more productive, more engaging, and more successful.
