Five Data Points Every Agent Should Track

Posted by InsuredMine on October 2nd, 2019

Data metrics can also help your agency become a data-powered organization to help drive greater employee productivity, identify new sales opportunities, identify and act on approaching renewals, and focus time on valuable insurer relationships. There are some data points that are considered significantly more valuable than others, that every agency must keep track of. Tracking these five data points will set you apart from your peers.

1. Sales Growth: Since sales and growth are proportional to your agency’s health, this is one most important metric that should not be ignored. This data point shows your agency’s sales growth for a specified period, such as for a month, a financial quarter or a fiscal year.

2. Average Policies per Client: This is one of the most helpful data points you have to measure how well your team’s efforts are paying off at cross-selling. Total policies divided by the total number of clients give you this number. Roughly, 1.6 average number of policies per client is used. 

3. Top Brokers:  This data point is based on your sales revenue, and ranks your top-performing brokers. The purpose of this data point is twofold: First, it fosters accountability and healthy competition between brokers; secondly, it lets you make tactical decisions based on the sales and claims management strategies of each employee. 

4. Close-ratio by category: Learning close ratios by category can provide a boost to your sales and thereby to your agency. Agents receive leads from multiple sources. But tracking close ratios provides insights into the effectiveness of the source of leads.

5. Average Client Acquisition Cost: If your agency spent 00 a year for marketing and gained 100 new clients, your agency’s CAC is . CAC is the Customer Acquisition Cost. This metric is the cost of convincing a potential customer to buy your products.