How It Works

How It Works

Build & manage a solid referral network using Lead Bank.  This CRM system has the tools you need to manage your existing agency clients and a secure way for referral partners to send you quality inbound leads. is an ‘open platform’ CRM that enables your referral partners to send leads to you in a secure way.  Each referral partner can only see the lead details and non-private notes for the leads they’ve sent.  This enables you to be transparent with each person in your network while protecting your new clients privacy.

With 5 referral partners you’ll be busy… with 25 you’ll be swamped.

How does the ‘Open Platform’ part work?

  1. You build a referral network of professionals and other organizations that could refer new leads.
  2. You easily create their accounts and give them their login details. (Create Unlimited Referral Partner Accounts)
  3. Referral partners send their ‘leads’ to you through their secure account.  They login and enter the details.  
  4. You receive the new lead notification and get to work – updating your progress and notes in the CRM.
  5. The referral partner can see the case status and your non-private notes for each of the ‘leads’ they’ve sent.

*There are many types of referral arrangements – some are simply a professional courtesy while others prefer a finders fee and some will ask the agent to make a charitable contribution to a specific charity if a sale is made. Most provinces allow an insurance agent to pay a referral fee as long as the relationship is disclosed to the client which can be easily done on your existing disclosure document.

Watch a 1 minute video.

Why Build a Referral Network?

As independent insurance advisors, a referral base is essential for success.  Our traditional prospects are constantly being offered life insurance from any number of faceless corporations – with big marketing budgets.  We have the most to offer our clients and yet we’ve somehow given up a big chunk of our market share.

  • The banks and credit unions have an inside track on us because they get to see each client account and then happily refer them to the lending, investment, insurance and estate planning departments.
  • The insurance companies are trying to sell directly to the public whenever they can.
  • Many employee benefit programs offer ‘optional life insurance’ to plan members.
  • Associations and Universities offer ‘special programs’ to members and Alumni.
  • You can even buy life insurance at big warehouse stores !

*Lead Bank is an independent insurance broker’s way to reclaim some market share and build referral networks on a professional platform.  Insurance and financial planning is not a commodity, with personal service & advice for clients over the long term everyone wins. Let’s build our networks and work together.

What is a CRM and How Does it Work?

For agents and brokers wondering how a CRM works, it’s similar to the napkin you write your prospects information on – name, contact, notes, quotes, reminders… but in a well-organized platform that makes your life much easier than a drawer full of napkins.

Not all CRM’s are created equal.  From simple to complex – most providers want to be everything to everyone and capture a broad range of industries.  Pricing varies widely, and most are based on the number of users with access to the platform – only Lead Bank is priced on the basis of new activity… production based pricing – what a concept.

CRM for Life Insurance Professionals

Its very difficult to find, organize and manage prospects and clients.  You’ve looked at client relationship managers (CRM’s) but they are very complicated and not really designed for your primary function… find and manage life insurance customers.

The primary function of Lead Bank is to help you find and manage life insurance customers.

Get What You Need. 

  • Inbound Leads from Referral Partners
  • Enter and Manage Your Own Leads
  • Sales Focused Lead Manager – Easy for Agents to Track Their Activity
  • Contact Manager – for your Inforce Business
  • Task Management – Nothing Slips Through The Cracks
  • Oversight – Top Level View of Activity and Performance

Keep it simple… broad based CRM’s are too complicated not designed for insurance professionals which means they aren’t properly utilized or worse – not used at all.

It’s really important for agents to have a CRM so they track and manager their opportunity funnel.  The reality is that the agent does not decide when the prospect is ready to buy – the prospect decides.  Lead Bank is the system advisors use to care for their prospects until the sale is made and then for the duration of the client relationship.

Regardless of where each prospect is on the buying cycle, you need to manage the opportunity – and that is what Lead Bank does.

Should I Just Use an Excel and save the money?

Maybe?  A spreadsheet can work and if you don’t have much business or many referral partners this is a starting point.  The downside is that if you don’t have much business or many referral partners then you might not be in the life insurance business very long so you really do need a Lead Bank subscription.

Why Isn’t There a Free Trial?

There is no free trial by design.  Honestly, there is no way to realize the full value of this system in 2 weeks or a month because it takes time to connect and build a solid referral partner network.

The ‘$10 Starter Plan’ is our trial.  You get all the CRM tools you need to manage your business and time to grow your network.  Once you reach 100 database contacts your subscription is automatically transitioned to the professional plan and you then have unlimited databased contacts.

Functions of a Life Insurance CRM

  • Tasks & Calendar Notifications:  We’re all busy.  A life insurance CRM will have the ability to schedule future tasks and manage appointments.  Post it notes have been very useful until now but having your action items in a digital platform.
  • Reports:  How many new leads this week/month?  Where did they come from? How many sales?  Who sold them?  You’re running a business and need information to make decisions.
  • Lead Management:  Not everyone buys the second you call them, you’ll likely call a few times and need to follow-up until the prospect is ready to move forward.  Lead Bank enables the agent to label each lead based on the stage they’re at along with colour code based on recent activity to easily see how long its been since the last activity.
  • Lead Routing for Agencies & Brokerages:  Agencies small to large need to generate, distribute and track inbound leads. Assigning leads can be manual or automatic and can also be transferred if required for vacation, work load balance or terminations.
  • Document Attachments:  Your staff and your inbound lead sources can attach documents to a lead or contact in the CRM. It might be a disclosure, client consent, new illustration or policy summary.  Its easy to attach documents to the customer file viewing anytime.  Keep all the files and paperwork in one easy-to-access place.

Lead Bank was created by life insurance advisors – for life insurance advisors.  We’re a small group trying to build something truly unique for our industry. 

100% of the subscription revenue goes towards programming & polishing – we’re always adding new features and would love your feedback and suggestions.

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