Insurance agencies and brokers often struggle to develop a list of in-profile suspects and prospects. Agency executives consistently share the same list generation complaints: our list is outdated, inaccurate and has no email addresses.

These criticisms are often followed with: "but at least we got a great price." The problem is a great price does not create great value. Outdated and inaccurate information offers no value – even when it is free.

To develop an effective prospect or suspect list that will have a positive and immediate impact on producers, the following key criteria must be met:

1. Accurate data

No list is perfect and no vendor can provide 100 percent accuracy, but the industry leaders get close and often replace inaccurate data at no charge.

2. Email addresses 

A list without email addresses is like well with no water. Different prospects prefer to be contacted in different ways. Without emails, you only have one way to reach out.

3. Ongoing updates 

Your list vendor must constantly update their data and provide a program to "refresh" your list. Otherwise your great data becomes outdated and inaccurate within a few short months.

4. Competitive price 

The cost for prospect lists varies dramatically. Some vendors charge two to three times more than competitors for similar quality data. Work with an expert who can measure the value of a list in your specific target markets.