Vehicle insurance businesses are using automation to boost lead conversions

Succeeding in vehicle insurance businesses means having great people skills, knowledge on a huge range of vehicles, and the support of great business processes to handle your lead management, lead conversions, and lead you to sales. In this article, we take a look at the vehicle insurance industry, and the challenges involved in manual lead management. Then we will show you how business automation can be a game changing addition to your company, and why TEB Apps is the future of maximising conversions for you.

An overview of the vehicle insurance industry

Motor vehicle insurance is big business, and it is one that has been evolving with the growing use of electric vehicles and alternatives to traditional forms of transportation.

According to Statista, the market size (measured by gross written premiums) is estimated to hit $1.96 trillion (USD) in 2024, and grow at a CAGR of 2.3% between 2024 and 2028.

The cost of vehicle insurance fluctuates on a regular basis, and is often linked to fluctuations in inflation, location, and even on an individual level with premiums and driving history.

This can make it difficult to determine what pricing is appropriate, whether a potential lead will be acceptable and qualified to obtain the insurance, and what competitors have offered them.

Recent trends in the industry have seen policies being specifically tailored for various reasons, and with more global focus on sustainability and eco-friendly options, there has also been a growing adoption of electric vehicles that require more specific insurance that covers the unique risks and situational experiences the owners might face.

Being able to work on a granular level, and customise your options on a client-by-client basis is one of the reasons why TEB Apps has introduced new features that include the ability to set terms and conditions on an individual level, giving you more flexibility in how you handle your approach to clients, and ensuring full coverage on your T&Cs.

Why is converting leads challenging for vehicle insurance businesses when done manually?

Lead generation, management, and conversion is already a complicated enough process, but when you consider how vehicle insurance companies need to factor in a multitude of different variations in vehicle type and / or style, eligibility, and pricing structures as well – it makes it even more so.

Manual lead generation is time consuming and often relies on the availability of select team members who have been handling specific client cases or have expert knowledge of certain vehicles and types.

This can mean that there are delays in applications, bloated or unnecessary processes blocking activity, and a high margin for human error that could result in a loss of leads and conversions.

For vehicle insurance companies, some significant challenges that might be faced when processing leads, and lead conversion activities manually may include:

• Lack of targeted strategy and reliance on outdated old tactics.
• Budget constraints leading to insufficient lead generation processes.
• Audience demographics being overlooked or misidentified due to lack of data.
• Conversion process and sales cycle too long, leading to loss of potential customers.
• Nurturing process underdeveloped or insufficient due to a lack of time and / or resources.
• Inability to accurately track Return on Investment (ROI).
• Difficulty in engaging with prospects.
• Marketing and advertising targeting the wrong consumer touchpoints.
• Outdated information resulting in incorrect quotes and pricing.

Manually handling leads requires a lot of time and effort, and constant availability of those with the knowledge required for customer enquiries.

By supporting your business with the right tools, many of these challenges can be eliminated or reduced in impact, allowing you to develop and grow your vehicle insurance business in a way that is manageable, achievable, and sustainable.

How automation software streamlines and improves lead conversions for vehicle insurance agencies

With the right automation software and lead conversion strategies, businesses are able to improve their sales rates and boost team morale.

Automation is not always right for every process, so careful evaluation and a strategic approach that works with your individual company circumstances is always advisable.

However, when done correctly, automation and a streamlined lead process can improve conversions by:

• Utilising real-time data to keep client records up to date. This also means being able to note how and when they were contacted, what their specific pain points were, and ensuring your sales team can approach each lead with an appropriate level of customisation.
• Automating lead assignments within your team, so the right person with the right skills is handling the opportunity.
• Integrating webforms into your structure, speeding up the process of evaluating and understanding who your potential client is, what they want from you, and whether they are going to be eligible for your services.
• Allowing for credit control and helping you to keep track of payments.
• Speeding up invoicing and payment tracking to ensure your payment requests are made on time and allow for fully transparent follow-up on the status of those invoices.

Why TEB Apps is the future of business automation to maximise conversions for you

Handling vehicle insurance requires an enormous amount of variation in offerings, valuations, and what you are prepared to offer your clients. Working with tools that are capable of managing 1000’s of products and all their unique variations and can offer customisable terms and conditions is going to save you time and money, and make your business more accurate, reliable, and desirable to customers.

When you bring TEB Apps into your company, you can expect to benefit from automation and boost lead conversions:

• Identify conversion drivers to better focus your marketing and sales activities.
• Operate in multiple currencies so you can take your business to multi-national levels.
• Provide customisable quote templates that match the needs of your leads.
• Speed up quote workflows and approvals so you can shorten your sales cycle and increase your conversion rate.

Book your demo today, and discover how TEB Apps can drive your vehicle insurance business to maximum efficiency and higher levels of success.