Insurance Marketing & Sales Performance Metrics

Improving your sales process comes down to the numbers. Knowing what is working and what isn’t can help you spend money wisely and use resources where it makes sense for the growth of your agency. 

To always be closing, you need to always be improving—and that’s only possible when you know what is and isn’t working. For that, you need metrics. This blog will cover some of the sales and marketing metrics all life and health insurance agencies should be tracking.

Sales Metrics Insurances Agencies Should Track

Depending on your agency’s goals, these definitions will differ slightly. So, as you’re pulling together your metrics, ask yourself:

  • What am I trying to achieve?
  • What is my goal with this metric?
  • What am I trying to visualize?

Lead Conversion Rate

Other companies may use lead conversion rate to quantify the number of leads that become clients, but we have separated those two metrics for this blog. 

Tracking your lead conversion rate can give you clues about the effectiveness of your sales process. It helps you answer the question: why didn’t the lead convert to an opportunity? Knowing this information gives you actionable insights to work towards a higher conversion rate.

Short answer: Tracking the lead conversion rate helps you understand the effectiveness of your sales follow-up process.

Closed Opportunity Rate

The closed opportunity rate shows the number of opportunities that closed, whether they were won or lost.

For this blog, the closed opportunity rate would be the next step in the journey for leads after conversion. It is broken down into two buckets: closed won and closed lost. Closed won opportunities are those who have started a new, original policy with you (whether it’s a new contact or existing client cross-sell/renewal). Closed lost opportunities are those who chose not to move forward with you or the specific policy/product.

This information is essential to know the efficacy of your sales process, what is working, and why you’re losing potential sales. Then, you can use those insights to inform your strategy and make tweaks that can help improve results. 

Short answer: Tracking the closed opportunity rate helps you know the success of your sales process and where you can improve.

Top Commissions Received by Agent

Tracking top commissions received by an agent gives you insight into the productivity and workload of your agents.

Commissions are always important, and a successful insurance agency will track a myriad of commission-based metrics. However, one of the top ones is the commissions received by agent. 

The benefit of tracking this metric is that you can:

  • Better understand the agent’s workload
  • Identify strengths/weaknesses of the agent
  • Gauge productivity
  • Better pinpoint when additional hires will be necessary

You can also use this metric for personal development. Share the information you learn with the agent to help them set personal goals and know where they can improve. Likewise, you can use this metric to inform company-wide goals, too. 

AgencyBloc's Top Commissions Received by Agent graph

Source | AgencyBloc

Short answer: The top commissions received by agent metric helps you gauge the success of your agents individually and gives you insight into your organization’s productivity.

In-Force Policy Saturation

The in-force policy saturation metric shows how many policies your groups and individuals hold. It can be an indicator of how well your agency cross-sells.

Similar to commissions, there are numerous metrics you should be tracking in the realm of policies, but in-force saturation is crucial. 

This information gives you two key insights:

  • How many cross-sell opportunities you still have
  • A gauge of how “sticky” or loyal a client is

An existing client is far easier to sell than a new prospect, and similarly, a client with multiple policies is far more likely to be loyal to you than a client with just one. Track your in-force policy saturation to help you identify these gaps and grow your business from within. 

AgencyBloc's In-Force Policy Saturation graph

Source | AgencyBloc

Short answer: In-force policy saturation illustrates the potential space you have for cross-selling growth.

Marketing Metrics Insurance Agencies Should Monitor

Marketing and sales should go hand-in-hand to help you reach your goals. To get you started, these are the marketing metrics that are important for you to monitor. 

New Leads

Tracking new leads gives you insight into the performance of your marketing efforts.

Similar to the new leads conversion metric, you should also keep an eye on the total number of new leads coming into your agency during a given period. This metric is essential because you cannot sell any policies and generate new revenue if you do not have a consistent flow of new leads.

Tracking new leads is the #1 function of marketing. No matter where you’re getting your new leads (inbound or outbound), you should be able to easily track how many new leads are coming to your agency.

Use this information to set smart goals for the future and know if you’re on track to meet the goals you set.

Short answer: Tracking new leads gives you insight into the success of your marketing by showing you the number of new interested parties each month/quarter/year.

Campaign/Content Conversion

Monitoring email campaigns and content conversions help you to know which pieces of content are most relevant to your audience.

If you’re doing content marketing, it’s essential to know how that content is performing. Here at AgencyBloc, we monitor metrics for all of our different content pieces to understand what works for which audience, their goals, etc. 

Likewise, you want to monitor the success of your email campaigns. Look at:

  • Open rate: the percentage of people who opened your email
  • Click-through rate: the percentage of people who clicked on links in your email
  • Opt-outs: the number of people who chose to no longer receive your emails
  • Bounces: the percentage of email addresses in your subscriber list that didn't receive your message because the recipient’s mail server returned it
  • Spam: the number of people who reported your email as spam (also known as a spam complaint rate)

Email Marketing performance in AgencyBloc

Source | AgencyBloc

Short answer: Tracking conversions from email campaigns and content pieces lets you know which marketing materials perform best.

Lead Sources

Tracking your lead sources gives you insight into how your lead sources are performing.

For many insurance agencies, lead generation is the number one struggle, and it’s easy to spend a lot of money using a lot of different lead sources (i.e., social media ads, traditional advertising, lead vendors, etc.) 

Knowing which ones are converting or providing you with valuable contacts is essential. 

Leads & Opportunities by Lead Source graph in AgencyBloc

Source | AgencyBloc

Short answer: Tracking lead sources and their conversion rates helps you understand the quality of your lead sources and the effectiveness of your sales process. 

This is just the beginning. Find which metrics are the most important to your agency and how they affect your agency as a whole. Then, start to monitor them over time. 

The other step is to ensure you have a system that is built to help you monitor all of your metrics in one centralized location. AgencyBloc is the #1 Recommended Insurance Industry Growth Platform. Many agencies use AgencyBloc to track their business, organize their records, monitor their success, and make informed changes for the betterment of their agency.

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This blog was originally posted on February 17, 2017, and has been most recently updated and republished on October 19, 2021.

Posted by Allison Babberl on Tuesday, October 19, 2021 in Reporting & Data Analysis

  1. email marketing
  2. insurance automation
  3. lead nurturing
  4. prospecting
  5. selling

About The Author

Allison Babberl

Allison is the Content Lead at AgencyBloc. She manages the creation and schedule of all educational content for our BlocTalk and Member communities. Favorite quote: “Conversation is the bedrock of relationships. Without it, our relationships are devoid of substance.” -Maribeth Ku ... read more