Average Quotes Per Month

[ewilkins]

Hey guys/gals. I'm preparing to go to work as a Producer for an indy agent. He's asked me to let him know how many quotes per month I want to shoot for. This will be for P&C. I will also only be doing it part-time.

I know answers will be all over the ball park, but what do you think would be a good number to aim for? Something feasible? I honestly have no clue.

 

[VolAgent]

Since you have no idea, this is an exercise in futility.

Right now you don't know what you don't know. You have no idea how many dials you need to make to get a lead, how many leads to get a quote, how many quotes to get a closed policy, what percentage you'll keep, etc.

Sure, you could research averages, but that I seriously doubt he put that much thought into this request. Instead, I'd ask him what activity levels he expects of me.

 

[Sales71]

Not sure Quotes are different than sales..If you quote 10 as an IA producer granted you have a few good companies with good rate you should be at %50 closing ratio.

But in your case since your new with limited experience you should be at %30 closing ratio. So for a new person If you quote 10-20 a month from should or cross sell that would be great!

 

[ewilkins]

Since you have no idea, this is an exercise in futility.

Right now you don't know what you don't know. You have no idea how many dials you need to make to get a lead, how many leads to get a quote, how many quotes to get a closed policy, what percentage you'll keep, etc.

Sure, you could research averages, but that I seriously doubt he put that much thought into this request. Instead, I'd ask him what activity levels he expects of me.

This is actually a good idea VolAgent. I had no idea what to tell him.

 

[nyc2phi]

Where I am captive, they expect 15 fresh auto quotes a week to be sucessful. Meaning 15 quotes for people that have never been quoted by that agency before. Three people a day should not be difficult once you get going

 

[AgentProvocateur]

How many hours are you devoting to this part time? How are you going to market? For personal lines, the agent would probably like to see you quoting 20 preferred risk multi-car & home households, instead of 40 nonstandard single car liability only and renters insurance quotes.

With commercial, I would think the amount of premium is more important than the number of quotes.

How about telling the agent you want to quote as much as possible, with the goal of increasing the number of quotes each month? This way, you are not committing to an unrealistic number, or a number too low to make the agent think you aren't taking it seriously. Stating you want to increase the number of quotes month over month shows you're hungry.

 

[djs]

Define quote....

Might sound simplistic, but the devil is in the details. If by quote, he means prospect, gather information, and deliver an underwritten quote to, the old 10-5-3-1 rule probably comes into play (good luck with that).

Thats 10 contact, 5 appointment set, 3 appointments kept, 1 sale per day. The first 2 numbers are unrealistic, but hey, its a goal. This of course assumes an 8 hour day.

If you are working internet leads, you should be quoting 10 a day or so. You don't have to prospect so much.

If you are cold calling, this will depend on the area you are in, but figure 1 quote per 2 hours of calling, based on agents I'm talking to. (actual quote, not just a conversation).

If the quote includes all risk inspections and proper underwriting, ready to bind, it might be less than 1 a day, especially if its commercial.

You really need a lot more info before you can give an answer.

Dan

 

[Guest]

The company I'm captive with wants everyone to get 4 quotes a day. They say that if you get 4 quotes before noon, then take off and go play golf the rest of the day. But if it takes you until 7pm to get those 4 then you agree to stay until you get them.

They have a complicated formula that they show you that boils down to 4 quotes per day equals 360 policy growth annually. This is based on industry average of closing ratios, retention ratios, and attrition.

 

[pcbinsurance]

"He's asked me to let him know how many quotes per month I want to shoot for. This will be for P&C. I will also only be doing it part-time."
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I guess it's cool that your boss is asking YOU how many quotes per month you want to shoot for....but he should be telling you how many policies you should write in a month. Then, you can plan your marketing strategy accordingly. How "part-time" are you going to be?

 

[ewilkins]

"He's asked me to let him know how many quotes per month I want to shoot for. This will be for P&C. I will also only be doing it part-time."
***************************************
I guess it's cool that your boss is asking YOU how many quotes per month you want to shoot for....but he should be telling you how many policies you should write in a month. Then, you can plan your marketing strategy accordingly. How "part-time" are you going to be?

Hey Steve, I plan on leaving my full-time job at 4:30 Mon-Fri then hitting the phones for at least 2 to 3 hours most evenings. Then the weekends as well if possible. I want to be able to financially leave my full-time job and go full-time into insurance. I just can't due to finances right now as I'm the bread winner in the family. Yeah, he seems really willing to work with me as far as what I feel I'm able to shoot for.

I talked with him more yesterday and he advised that he thinks 10-20 within a month would be cool. We're meeting on Monday to work out the fine details. I think this is going to be a great opportunity to learn about the indy world.