ProspectNow’s residential and commercial property database doesn’t only help real estate agents find buyers and sellers. You can also use it to prospect for insurance agents. The database can help you generate leads. Not sure how your insurance agents would use a tool like ProspectNow? The following options will show you a few ways that ProspectNow creates opportunities for insurance agents.
Use Local Events to Prospect for Insurance Agents
The vast majority of homeowner insurance claims come from weather events, including damage caused by wind, hail, water, and freezing temperatures. Recent events could put properties at higher risk of damage. For example, an area that recently experienced a devastating wildfire might not have the trees and other plants that previously prevented flooding.
If those homeowners don’t purchase flood insurance soon, they might not have the coverage needed to cover the expense of repairing their homes after heavy rain.
ProspectNow lets you focus on specific areas where property might need additional insurance coverage. The database makes prospecting for insurance agents relatively easy. You can even use ProspectNow’s API to load property data into your CRM. After that, you just need to reach out to people at-risk property owners and explain why they should consider updating their coverage.
Identify The Best Times to Convert Leads
You don’t have to wait until an adverse event affects a community before reaching out to property owners in the area. You can also use long-term trends to make your pitches more influential and convert more leads.
For example, a study published in Insurance Journal shows that most hail damage happens in May. Property owners probably do not know about this trend. Include the information in your sales pitches and brochures to convert more leads. In February, March, and April, you can start reaching out to the contacts you get from ProspectNow. Tell your leads that now is the best time to protect their property from hail damage. By getting insured now, they can avoid paying for the damage coming in a couple of months.
Of course, you can adjust this strategy for your area. Do some research to find the right times to offer specific types of insurance to owners in your city. If flooding often happens in November, start marketing your flood insurance in August or September. If fires tend to occur in August, talk about protecting from fire damage in May or June.
Focus on Potential Sells When Prospecting for Insurance Agents
When someone buys real estate, they also need to purchase insurance policies. Mortgage lenders almost always require borrowers to purchase property insurance. Considering that nearly all homeowners borrow money to fund their purchases (residents in the U.S. owe about $16.56 trillion on their homes!), it makes sense to keep an eye on properties that will likely get sold over the next few weeks or months.
ProspectNow uses predictive analytics to find properties in your area that will probably get listed soon. For example, a property might get flagged when the owner:
- Files for bankruptcy.
- Gets married.
- Get divorced.
Reviewing public records makes it possible for the algorithm to make accurate predictions.
Predictive analytics helps you in several ways. You can use it to:
- Reach out to homeowners who will soon need to purchase insurance policies before they move.
- Develop relationships with real estate brokers representing buyers and sellers, which could mean you get ongoing recommendations.
- Connect with people who plan to purchase the properties for sale.
Anyone could look at property records to see when real estate changes hands. With predictive analytics, you get to contact the lead before insurance agents who wait for the exchange to take place. When you’re the first person to reach out and offer your services, you stand a much higher chance of converting leads.
Sell More Insurance Policies for Additional Protection
Keep in mind that you can offer much more than standard homeowner’s insurance. After all, homeowner’s insurance policies don’t always give people as much coverage as they need to protect themselves from significant financial loss.
Use the above tips to communicate the benefits of options like:
- Flood insurance.
- Title insurance.
- Legal insurance.
- Sinkhole insurance.
- Additional or floater insurance that covers loss above what homeowner’s policies pay for.
Since ProspectNow tells you information about property locations, sizes, and values, you can personalize your pitch for each lead you get from the database. The more you know about a property, the better you can hone your pitch to make the owner interested in extra policies.
Try ProspectNow for Free
ProspectNow has a database that includes millions of residential real estate leads. We’ve been helping professionals access local real estate data since 2008, and we do it at a lower price than other services. Get a free trial with ProspectNow to see how it can improve your lead generation and conversion strategies!