Joy - May 20, 2021

Measuring the Quality of Bancassurance Leads

Partners that share the same target market as you are a great source of leads, as while going about their own business, they can refer prospects to you when they identify that their customer has a need that you fulfil. A good example of this is bancassurance where banks refer their customers with insurance requirements to insurance agents.

Lead quality, however, plays a big role in how likely leads are to become customers, with a direct correlation between the quality of your leads and the likelihood that they will convert. 

Value-Ad has more than 15 years of experience in matching and managing leads to improve sales outcomes and include the following criteria when evaluating a banca lead source:

Turnaround time
How long does it take for the lead’s details to be passed from the bank to the salesperson? And how long does the salesperson take to actually contact the lead? For leads where the prospect is expecting to be contacted by the salesperson, the longer this takes the lower the quality of the lead becomes as they are less likely to buy if the salesperson takes too long. Clients equate efficiency with quality service and caring about their needs. The customer won’t know where the delay has come in, but both management teams need to know where the delay has been in order to improve response times and in turn sales outcomes. Happy clients also mean longer retention and possible referrals. Does your current system or process provide this insight?

Information Provided on the Lead 
Why the lead has been referred, what the partner bank understands the lead’s need to be, as well as related relevant information on the lead, go a long way in helping the salesperson to quickly meet the referrals needs. Poor handover frustrates both the lead and the salesperson and does not reflect well on the referrer either. Clear requirements of the information to pass on, as well as standardised ways of referring this information, solve this issue easily. Are you currently able to ensure the information required on referrals is provided?

Did the referrals really have a need?
Are the leads being sent through really leads? Do they have a need? Or are they wasting the salesperson’s (and lead’s) time? Consistently collecting feedback on what happened when the referral was contacted by the salesperson will help identify if quality or just a quantity of leads are being sent through. Each referrer (and lead source) should also be measured and monitored to ensure they understand lead requirements and are following the guidelines set. 

Contactability of data mined/cross-sell Referrals
Contact rates of hot referral leads should be very high as the bank will have just interacted with their customer, and is also required to have up to date details on them. However, when it comes to leads generated from data or cross sale opportunities, the proportion of leads that are uncontactable needs to be known and reported as this lead quality plays a big part in the partner relationship outcomes and ROI. 

The Salesperson's Role in Lead Quality and ROI
As mentioned, how quickly the lead is passed to the salesperson, the information included, contactability and if they really have a need - all affect lead quality. However, partnerships are a two way street and the bank/referring partner also needs to know that their valuable customers are being looked after once they are passed onto the salesperson. Salespeople actually contacting the lead, their response time and their skills all play a role in if the lead is converted to a sale. Specific skills relevant here include how many leads the salesperson goes through to make an appointment, and how many appointments they go on to make a deal. Leads are wasted when skills are poor, so these skills need to be measured for each salesperson and each lead source to ensure salespeople are performing and if they need help. Comparing skills across the lead sources will also help measure the lead source quality and product match to the leads provided. 

How Value-Ad Measures Lead Quality and Drives ROI
Key to measuring lead quality and driving ROI is being able to consistently measure what is happening with respect to - how many leads come in, what happens to them, and the outcome - in real-time. Value-Ad’s Smart Lead Management system picks up the leads generated by the referrer with required information fields, and then matches them to the most suited salesperson based on example location, the salesperson’s availability and past behaviour. The lead is then routed to the salesperson via our application that can use either our front end or your existing one - you choose whichever one suits your workflow better. If the salespeople do not get back to a hot lead in a certain amount of time, the lead can be reassigned to another salesperson to ensure the next salesperson acts on time while the leads are still “hot”. Feedback from the interaction with the client as well as the measurement of the salesperson’s skills is collected and reported in real-time. This helps show both partners what is happening and where improvements can be made.

Interested in how we can help you measure the quality of leads generated by your partners? Contact us to find out more!

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Written by Joy