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Five data points each agent should track



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Analyzing your data and metrics will help you discover critical insights your agency needs to grow. Data analysis applications help you collect, process and analyze your data in real time to gain greater insight into your efforts and results. Datametry can also help your agency become a data-driven organization to help increase employee productivity, identify new sales opportunities, identify and act toward renewals, and focus time on valuable insurance relationships. Agencies using data analysis are 20% more profitable than their less analytically driven peers. While some insights into your agency's performance are valuable, there are some data points that are considered significantly more valuable than others, that each agency must keep track of. Tracking these five data points will separate you from your peers.

first Sales Growth: Since sales and growth are proportional to your agency's health, this is an important metric that should not be ignored. This data point shows your agency's sales development over a certain period, eg. for one month, one financial quarter or one financial year. For practical purposes, it is best to break this data point into two categories: new policies and renewals. If, for example, new policy sales are growing at a higher rate than renewals, you can find out why and use your success with sales to build a strategy on how to increase renewal. Tracking this metric month gives a great insight into your business book and overall health at your agency.

2nd Average Client Percentage Policy: This is one of the most useful data points you need to measure how well the team's efforts pay off in cross-selling. Total cost divided by the total number of customers gives you this number. Roughly, 1

.6 average number of policies per client is used. If you are about 1.4 or less, you indicate that you need to focus and find ways to improve your cross-sell efforts as cross-selling increases both new business and revenue. With improved internal sales training and follow-up of phone calls and email campaigns, you can see this metric climb up. Tracking this metric month will tell you if your efforts are producing results.

3rd Top Broker: This data point is based on your sales revenue and ranks your most successful brokers. The purpose of this data point is double: First, it promotes accountability and healthy competition between brokers. Second, you can make tactical decisions based on each employee's sales and responsibility management strategies. In addition, you can also focus on your agents' strengths and weaknesses and use them to the agency's advantage. For example, agents with good social skills can build customer relationships without problems. Agents who are not very good at communication and social skills can be used to perform other tasks that do not require so much social interaction. Their talents can be used to build on the relationships that have already been established, including risk matching and other insurance activities.

4th Closed relationship by category: Learning close relationships by category can increase sales and thus to your agency. Agents get leads from several sources. However, tracking close relationships provides insights into the efficiency of the source. For example, if your close car insurance conditions are 80%, you know the leaders are worth your time to follow up. On the other hand, if this percentage is in single figures, you may want to focus your resources and time on other efforts to generate high results. A lower close relationship means that agents accept a management that may not be a potential customer, so you can better decide if the leaders are worth following.

5th Average Customer Purchase Cost

If your agency spent $ 1,000 a year for marketing and received 100 new customers, your agency's CAC is $ 10. CAC is the customer's acquisition cost. This measurement value is the cost of convincing a potential customer to buy your products. Agencies that pursue high-targeted online marketing must follow this data point to assess how their customer's decision-making process progresses. Creating something appealing to users, implementing a good CRM (Customer Relationship Management) tool and tracking and improving on-site conversions helps increase your marketing dollars.

Organize data visually

People process data better when they can visualize it. They can also better identify trends and patterns. Organizing data points into visually pleasing charts and graphs also makes it easier to understand. Tracking and visualizing data is easier with data display tools and KPI (Key Performance Indicators). By keeping track of these five valuable data points, you will enjoy seeing how your monthly report card can drive growth and stronger profitability for your agency.

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