Ever bought a list of potential x-dates prospects, only to have issues? We’ll go over four ways to better utilize your x-date list.
When you’re trying to market an insurance product, finding the right demographic is key. When it comes to selling insurance, one of the best ways to reach qualified prospects is to purchase lists of policyholders who are nearing their expiration dates.
In the industry, these are called x-date (or expiration date) lists.
But simply having an x-date list isn’t enough to ensure yourself a stack of signed policies. You must research and categorize the information on your list, if you want to grab a greater percentage of closed deals.
Here Are Some Powerful Considerations to Bear in Mind:
Is Your List Stale?
What good does it do to reach out to a prospect that has already renewed? Be sure to eliminate dead leads and separate your list into groups based on insurance expiration date. As time passes, make sure you clean the dead leads from your list.
When Will They Renew?
You can entice a prospect by sending out a message encouraging them to contact you. But the tone of your copy depends on how urgently the prospect needs to make a decision.
The message you send three months prior to expiration will be more data-driven and informative. But a message sent within 30 days of expiration will be more urgent.
Track how much time your prospects have before their current policy expires. That way you can reach out to them with the right message at the right time.
How Is Your List Segmented?
The details contained within your list provide you a massive opportunity to deliver personalized messages.
The better you know your market, the better you’ll be able to segment your list. You may try sorting your prospects based on the type of coverage they currently carry.
Or you can include a special segment for prospects who recently bought a home or increased the size of their family.
How Do Your Policy Details Compare?
Take a look at the types of policies your x-date list uses. Then consider what products you have that may be similar and superior.
Perhaps you have the ability to offer similar levels of coverage at better rates. Or, maybe you have a more tailored option that can trim away components that your prospect didn’t need, but was paying for anyway.
There’s no guarantee that every lead on an x-date list will convert. But the actual percentage that do will make a major difference to your fourth quarter bottom line.
Attention to detail and extraordinary planning will go a long way towards optimizing your x-date list. Be sure to pay attention to proven strategies and you’ll end up with a profitable campaign. Good luck!