Closing %

Michael Allevato · 08-26-2009, 11:06 AM

What is a normal closing ratio for an agent?

insuranceexec · 08-26-2009, 11:17 AM

Originally Posted by Michael Allevato

What is a normal closing ratio for an agent?

What product lines?

somarco · 08-26-2009, 11:18 AM

Why?

Closing ratio's are meaningless except to your sales manager.

As a self employed, professional agent the ONLY thing that matters is ROI. Everything else is trivial.

Frank Stastny · 08-26-2009, 12:26 PM

Originally Posted by somarco

Why?

Closing ratio's are meaningless except to your sales manager.

As a self employed, professional agent the ONLY thing that matters is ROI. Everything else is trivial.

Spot on!

I close over 99% of my appointments. That is meaningless unless one knows that I don't go on an appointment unless I can save the prospect money and I know that they qualify.

All of that is determined during the first phone call I make to them.

If I don't have that information I will be reluctant to set the appointment unless the guy lives next to me. If I go on an appointment without that information then my closing ratio will be, who knows what.

I was originally taught to say "I will be in your area on Thursday, is it okay to stop by to drop off valuable information"?. With that kind of "appointment" my closing ration may have been 1% to 2%.

Michael Allevato · 08-26-2009, 12:40 PM

I will be with MoO. Life and health

Dave020 · 08-26-2009, 01:14 PM

10-3-1

10 suspects - 3 factfinders - 1 sale

O. Al Granum.

By processing good records on more than 50,000 referred leads, it soon became apparent that it took 10 leads (suspects) to generate three prospects (who participated in full fact-finding), and one of those would become a client. The famous 10-3-1 ratio was born.

"As results came in, we had a record to point to," Granum says. "From the time I began to require agents to keep their records, it became apparent certainly within the first year that there was a correlation--nobody was dramatically different from the 10-3-1. Anybody who was able to get 10 leads was able to get three [to provide full fact-finding] and then one [new client]."

The keen insight of Al Granum: during 28 years as the general agent for his Chicago agency, the creator of the One Card System maintained the highest median productivity of any group of producers in the world. At 87, the industry legend remains an in

Full Throttle · 08-26-2009, 01:43 PM

10-3-1

10 suspects - 3 factfinders - 1 sale

O. Al Granum.

That is completely true, however, keep in mind those numbers play out over a three year period and assume you keep in touch with most of the fact finders you don't close on the first go around. The first year Granum numbers indicate it's about 5 fact finders to close a sale in the first year.

DavidD1 · 08-26-2009, 10:52 PM

Originally Posted by Michael Allevato

What is a normal closing ratio for an agent?

simple math if an agent uses the CPS model ot is simple math

pomfin · 08-27-2009, 08:23 AM

Originally Posted by Michael Allevato

What is a normal closing ratio for an agent?

I have seen many of quote for 20% closing rate. I would reserve my ROI math to 15% closing rate.

Frank Stastny · 08-27-2009, 09:02 AM

Originally Posted by Full Throttle

... keep in touch with most of the fact finders you don't close on the first go around...

It is not uncommon for me to write an app on someone who I originally talked to 12, 24 and sometimes even 36 months after the initial phone call. The majority of my clients come from my prospects database. I love premium increases, they have contributed greatly to my success.