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Does inebriation affect your close ratios?
No wonder I'm taking so much business from Captives
As an Indy agency our close ratios on personal lines HO/Auto/etc are more than double your 31%. Price does have a little to do with it, but it's not everything, hell it's not even the most important thing. If you take a step back in the begining of sales process and gain a pre-close for the proper coverage, then price becomes pretty much a non-issue at that point.
All most everyone we get from a captive or little lizard company is not properly insured or can be improved upon. I know which carriers are good for each type of client and am not trying to fit a square peg into a round hole though.
If you view yourself as only a commodity salesman, then all you have is price. Change your view on what you do and you'll change your close ratio.
It takes too much time/enegry/money to quote the whole world if you're not going to close them.
How much new business did you write in the past year with that approach?
I am not saying that price is the only thing that matters but there are very few clients that only care about coverage and service or are even willing to dig into that conversation unless they know it is going to be worth their while. Unless you are based in a very high end area and are networked into the folks that have not been affected by the current recession, I don't think that is a viable way to write a significant amount of business. I also question anybody who claims to close more than 60%... it is like a guy that is a skier who never falls... which only tells me he doesn't push through his comfort zone. If you wrote over $600K in personal lines premium doing it your way then I would eat my words and ask for your secrets.
No wonder I'm taking so much business from Captives
As an Indy agency our close ratios on personal lines HO/Auto/etc are more than double your 31%.
it was so important on your first post, that you had to post it twice?
We're probably marketing to completly different people. I'm not marketing, nor do I want the internet lead person who's only goal in life is to have everything as cheap as he can. He can keep his state minimum limits. If you're entire book is built around price though your rentention ratio will be really low...why go through the work to close the same customer twice if his premium goes up and he shops you again.
I don't think you give the clients enough credit if you think they don't care about coverages and service. Most people, I think, want proper coverage..expect great service, and will pay a fair price for it.
It's like your Medical Dr, CPA firm, attorney or Financial Advisor. Those guys aren't "commidity", there are different qualities of Dr's, CPA's, etc. I'm sure I could find a cheaper Dr, and I know I could find a cheaper CPA but I want someone that knows what they are talking about. It's the same in our business too.