As a business owner, your number one priority needs to be focusing on business growth. A large part of business growth is tied into new business sales. Too often I work with agency owners that don’t know how many leads are coming in, how many quotes are delivered and how many pieces of new business close. The challenge with not knowing is you can’t work to improve any of the following:
- Marketing Strategy
- Sales Skills
- Agency Growth
Without tracking our closing ratio we often think we need more leads, when in actuality we need a bigger focus on a sales culture.
Within your management system you can track your closing ratio pretty easily. You will have to add in proposed policies to your management system every time you get a new lead. Your sold business always gets coded as an active policy. In order to obtain a closing ratio all you have to do is run a report based on effective date of the proposed policies vs. the new business sold policies. From there it’s a simple math calculation to obtain your agency’s closing ratio.
Once you know your closing ratio you can then work to improve it. You can look at the type of business you are quoting; maybe the agency needs to review guidelines. Or perhaps the team needs some help turning around quotes in a timely manner. In either situation, Agency Performance Partners can help consult your insurance agency on how to drive your agency’s closing ratio!
