3 Biggest Hurdles for Insurance Carriers Who Don't Use Call Tracking

 Submitted by Jeffrey Schaffer
Chief Operating Officer

The insurance services industry is one of the biggest spenders in the world of advertising.

It’s understandable why agencies and carriers spend so much time and funds to create an omnipresent experience that will precipitate the company’s existence into consumer minds that prompts them to take action later.

Insurance carriers like Geico, Progressive, and State Farm spent $5.38 billion in 2020 alone on advertising. What if you could bypass that step of conventional ads and dive directly into big earnings through digital advertising? 

Of course, the stakes are higher than ever for most insurance marketers with this solution. But if you leverage the right technology, you’ll bridge the gap and begin to see the return on your investment almost immediately.

But to do that, you must first meet your insurance clients where they are — on their phones. You must utilize call tracking technology and make yourself available to your clients through a streamlined and personalized journey. 

Here’s everything you need to know about creating unique call tracking journeys for your insurance business, as well as the top reasons why you should.

Why do Insurance Companies Need Call Tracking? 

It’s no secret that most — if not all — customers in the market for insurance coverage will end up calling an agency or carrier before they decide to commit or convert. So, regardless of your conversion metrics, most insurance conversions will actually happen over the phone, where callers can get instant answers to their questions on a human-to-human basis.  

In fact, phone calls result in about 30 to 50% conversions, so backing your insurance call center with technology that tracks call outcomes down to a granular level will help you materialize your agency’s potential, and attribute success to a single call, campaign, or click that resulted in the outcome. 

1. No Direct Contact Equals Fewer Conversions

Getting the attention of your callers and prospects is only a tiny part of the battle. However, what does change the course of events is how you keep consumers engaged. Frequently, this depends on what you do to win them over. 

A proven metric is creating a streamlined and uncomplicated caller journey through an unconventional interactive voice response system that collects caller data before they’re even connected to a live agent. 

And with so many people clicking and calling to inquire about specific coverage and policies, agencies need responsive and scalable software that prompts higher conversions. 

But we know that receiving a call doesn’t automatically secure a conversion. The realities are quite different and require a more humanistic approach to tying together a converting call journey to engage high-intent callers. 

You may ask, “what happens when a client reaches a call agent faster?” 

Over 40% of callers will abandon the call if they’re waiting too long in the queue. Tracking phone calls will help you eliminate the guesswork of how you can retain these callers and customers. All you need to do is ensure that callers experience a good call journey before connecting with your agents. 

Take that journey to another level by creating custom caller experiences through an interactive voice response system or the use of Cloud PBX technology to collect and retain certain information about your callers. Then create profiles for each to personalize your agency’s interactions with them going forward. 

When doing so, remember — some 59% of customers say that tailored engagement based on past interactions is very important in winning and retaining their business. 

2. Ruling Out Campaigns That Don’t Work

With intense and costly efforts to stand apart in a saturated insurance marketplace, agencies should be confident that their budget isn’t being spent on things that don’t bring revenue. 

With call analytics software, agencies can do precisely that if they pick the right all-in-one marketing automation solution. With valuable analytics and data insights on a given campaign, a software can provide insurance marketers with the ability to identify, flag, and remove campaigns that no longer serve their goals. 

Some identifiable data points can include demographic groups and characteristics that have responded to a given ad, flagged campaigns that received greater engagement and interaction, conversion rates they collectively delivered, and more.

3. Leveraging the Potential of Real-Time Data & Flagging Capabilities

The right call tracking software should stand apart from competitors with its ability to provide real-time data insights, fraud reports, and more, to help marketers adjust campaigns to respond to campaign needs. 

Real-time data analytics helps companies save a ton of resources on fixing fraud-driven campaigns or other faulty marketing activities. And as these reports come in, campaign changes can be applied, and new metrics can be reported. 

With instant optimization, insurers will have the necessary tools to handle any uncertain market fluctuations at any given point. 

Interested in learning more? Contact Jeff Schaffer at [email protected] to schedule a consultation or a free demo to learn more about how Phonexa’s all-in-one suite can power your insurance agency’s call tracking goals.

Photo credit: Phonexa