Are SmartFinancial leads worth it for insurance agents?

SmartFinancial leads are worth it if your cost per sale stays below what a new customer is worth, and your office calls every lead within minutes. Read the money terms before you fund the account. Credits come back as account credit, not cash, and the terms say a remaining balance is non-refundable when the agreement ends. Start with a small deposit and a daily cap.

Key facts

• SmartFinancial publishes no price list. It recommends a bid for each call, lead or click, and you can raise it to get more volume (FAQ).
• You have 10 days to ask for a refund on a bad lead or call, and "all refunds will be in the form of promotional credits," according to the FAQ.
• Its terms add a 2.95% convenience fee to card payments, including deposits (terms).
• SmartFinancial calls its live transfers "100% exclusive," sent to one agent only (SmartFinancial).

What does SmartFinancial sell to agents?

SmartFinancial sells data leads, live transfer calls and clicks. Its prospects page lists auto, home, health, life, commercial and group health. The FAQ says most of its traffic comes from SmartFinancial.com, where shoppers fill in a quote request.

It began in 2012 as Contactability and took the SmartFinancial name in 2019 (InsuranceNewsNet). It has offices in Newport Beach, California and Columbus, Ohio. We found no public filings for it, so there is no audited data on its size. Its home page says more than 10,000 agents use it.

One name trap: SmartFinancial, Inc., which files reports with the U.S. Securities and Exchange Commission (SEC), is a bank holding company in Knoxville, Tennessee (SEC). It is not the lead company.

How many agents get the same SmartFinancial lead?

SmartFinancial doesn't publish a cap for its data leads. Its own buying guide says shared leads in general go to "between two and four" agents (SmartFinancial). That describes the industry, not a SmartFinancial limit, so ask for its number.

Its 2023 buying tips say agents who enter their carrier "will not be sharing leads with agents with the same carrier." Captive agents should check that setting first.

Live transfers are the one product its pages call exclusive. A call center checks that the shopper wants a quote, then transfers the call to you alone. Exclusive still doesn't mean the shopper asked only you. Our shared vs exclusive guide compares each vendor's definitions.

How does SmartFinancial price its leads?

Through bids. The FAQ says SmartFinancial recommends a bid, and that in "a highly competitive area" you may want to raise it. The terms say a winning bid is invoiced "at the amount of the winning bid." Prices quoted on other sites don't cite a source, so ask for figures on your own territory and filters.

The money terms are the part to read slowly:

• Deposit. You fund the account with "a non-refundable deposit in an amount determined by us," according to the terms.
• Auto refill. When the balance falls to $50 or less, your card is charged again.
• Card fee. A 2.95% convenience fee applies to every card payment.
• Leaving. You give written notice, and "any remaining balance left in the Advertiser's account is non-refundable." You can still spend it on SmartFinancial products.

The FAQ says there are "no long term commitments or contracts," and the prospects page says there are no required minimums. Keep the balance low while you test, since unused money stays with SmartFinancial.

Can you return bad SmartFinancial leads?

Yes, within 10 days, as account credit. The return policy lists reasons that will "likely" earn credit: disconnected or wrong numbers, duplicates within 30 days, fake contact details, leads outside your area and language barriers (return policy).

It also lists reasons a return may be refused. These include a shopper who already bought elsewhere, the same lead from another vendor, and a filter you didn't set. Leads bought with promotional credits can't be returned. SmartFinancial decides each request in its "sole and absolute discretion".

The policy, last revised April 23, 2022, also has a line saying requests "must be submitted after 7 days of receipt." That conflicts with the 10-day window, so ask your account manager which applies.

Who owns the lead, and who handles consent?

SmartFinancial does, for the lead record, and you do, for your calls.

Read this before you build a follow-up list: SmartFinancial's terms say it "will retain sole ownership of all Calls/Leads." You get a license to use each lead for 90 days from delivery (terms).

The same terms say leads associated with your account "are the property of Advertiser." Ask which clause applies once the 90 days are up.

The terms make you follow the Telephone Consumer Protection Act (TCPA) and other calling laws. They say SmartFinancial's consents "apply only to the company(ies) specifically identified by SmartFinancial for each Lead or Call." They also bar prerecorded calls to its leads. Keep each lead's consent record next to your call log.

How do you test whether SmartFinancial pays?

Measure cost per sale. Run one month with a daily cap, call within minutes, and mark each lead as reached, quoted, sold or credited. Our guide to speed to lead covers the first call.

Credits only lower your cost if you spend them, so count unspent credits as money still at SmartFinancial. Compare the result with what one customer is worth. The break-even worksheet works that out from your commission and retention.

Should you buy SmartFinancial leads or run your own Google Ads?

They differ in who the shopper contacted and what you keep.

The main guide on buying leads vs Google Ads covers the tradeoff in full. Our Google Ads management is 10% of total monthly ad spend, with ad spend paid to Google.

Bring your SmartFinancial cost per sale to a Google Ads strategy call, and we will compare it with what your own campaigns would need to beat.