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Life Health > Running Your Business > Marketing and Lead Generation

Insurers Might Be Pretty Good at Converting Leads: Jornaya

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Jornaya — a Philadelphia-based consumer shopping tracking firm  — has data suggesting that  life insurers might be more effective at turning website visitors into prospects than mortgage lenders are.

Speakers raised that possibility in a slidedeck based on a small slice of private Jornaya shopping process data.

(Related: 7 Phases of the Perfect Client Funnel)

Jornaya works with lead-generation companies that serve mortgage lenders, personal loan companies, insurers and other companies. The company recently organized an event that featured presentations from marketing and lead analysis specialists at Datalot, eFinancial, RateMarketplace and LoanDepot.

One topic the speakers discussed was lead throughput, or the likelihood that a consumer who landed on the first page of a lead funnel website would actually “become an official hand raiser” and submit a lead form.

Throughput for insurers increased to 26% in the first quarter of this year, from 22% in the first quarter of 2017, according to Jornaya lead analysis data used in the event slidedeck, which Jornaya provided to ThinkAdvisor.

Throughput for mortgage lenders increased to 18%, from 13%, over that same period.

The throughput gap between insurers and mortgage lenders has widened and narrowed over the past two years, but it’s always been at least 4 percentage points wide, according to the Jornaya data.

Speakers also found that consumers may take more time to act on an insurance lead than to act on a mortgage loan lead.

About 80% of the mortgage loan borrowers in the Jornaya database took a minute or less to pass between entering the lead-tracking system and submitting an application for a mortgage loan. The percentage of mortgage loan leads that converted and had a “lead age” over a week was close to zero.

In the insurance sector, about 48% of the insurance prospects who converted had a lead age of less than a minute, but 3% had a lead age of a week to a month, and 9% had a lead age over a month.


A link to a Jornaya discussion of shopper behavior is available here.

— Read 3 Tips for Converting More Prospectson ThinkAdvisor.

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