Growing your book of business starts with tracking the right data. Learn what sales and marketing metrics your insurance agency should be tracking. 

Sales and marketing are crucial to growing your book of business. How do you know that what you’re doing is working? What if it isn’t? This is where data comes into play — it can give you a clear picture of what’s working and what isn’t. This, in turn, enables you to change up your strategy effectively and know where to focus your time, energy, and resources. 

Let’s explore the most important metrics you need to track.

Sales Metrics Insurances Agencies Should Track

The answers to your questions will differ depending on your agency’s goals. 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

Many companies use lead conversion rates to see how many leads became clients, however, we have separated lead conversions from closed opportunities in this blog. Keeping these key metrics separate can give more insight into your sales process. 

A lead conversion rate is the percentage of website visitors who filled out a lead form on your website to get in touch. Tracking your lead conversion rate can give you insight into the effectiveness of your lead forms. A low conversion rate can signal that you may need to make some changes and run some tests to work towards a higher conversion rate. For instance, running paid ads could help you capture more leads. If you’re running them, maybe you can make some improvements to their content. Perhaps your lead forms aren’t optimized for conversion. Or maybe, you need to make some changes to your automated email campaigns

In AMS+, you can build customizable Lead Forms and pull in leads from your various lead vendors through our open API. Once they’re in your account, you can add Automated Workflow to help you work them immediately and nurture them through conversion. For the terms of this blog, the lead conversion rate is the number of leads that turn into an opportunity. 

Short answer: Tracking the lead conversion rate helps you understand the effectiveness of your sales efforts. 

Closed Opportunity Rate

The closed opportunity rate, as its name implies, is the number of opportunities that closed, whether they were won or lost.

A closed opportunity rate would be the next step in the journey for leads after conversion. Closed opportunities are 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. In addition to knowing your closed opportunity rate, you may also want to ask the people in both buckets why you did or didn’t win their business. These insights can help you make changes to your lead nurturing strategy and improve your results. 

Short answer: Tracking the closed opportunity rate gives you insight into the success of your sales process and where you can improve.

Top Commissions Received by Agent

Commissions are a critical metric to track. A successful insurance agency will track many commission-based metrics. However, one of the top ones is the commissions received by agent. 

Run commissions reports in Commissions+ to break down commissions received by an agent. In addition to this insight, this report gives you a side-by-side view of each agent, enables you to track top commissions received by an agent, and gives you insight into the productivity and workload of your agents. Below is an example of what this looks like in AgencyBloc’s Commissions+ solution.

Screenshot of AgencyBloc's Commissions+ report

Source | AgencyBloc

The benefit of tracking top commissions received by an agent is that you can:

  • Better understand each 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 each agent and give them advice to help them improve. You could also set up a knowledge-sharing session and let your leading agents share their best sales tips. Having insight into your commission data can help you set individual agent and company-wide goals for your insurance agency. 

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

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 your sales team still has
  • An idea 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.

Using AgencyBloc’s AMS+ Reporting and Data Analysis, your leadership team can monitor your in-force policy saturation. The in-force policy saturation metric shows how many policies your groups and individuals hold. Then, run cross-sell reports to identify clients who have X policy with you but not Y. This can provide insight into how well your agency cross-sells.

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 Health Insurance Agencies Should Monitor

Marketing and sales go hand-in-hand in helping you grow your book of business. Here are key marketing metrics that you should monitor. 

New Leads

Similar to the lead conversion rate, your sales leadership team should also keep an eye on the total number of new leads coming into your agency during a given period. Generating new leads is one of marketing’s main functions and you can’t generate new revenue without a consistent flow of new leads.

Tracking new leads gives your agency insight into your marketing’s performance. No matter where you’re getting new leads (inbound or outbound), your team should be able to easily track how many new leads are coming to your agency.

Use this information to set S.M.A.R.T. goals for your future marketing strategies. Then, regularly check in and measure your current performance against your goals to see if you’re on track.

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

Content Marketing Performance

Content marketing is a great way to educate, reinforce your expertise, and stay top of mind with your audience. If your agency is doing content marketing, it’s essential to know how that content is performing so that your leadership team knows where to focus time and energy. 

At AgencyBloc, we monitor various metrics for all of our different content pieces to understand what works for each of our audiences and their goals. You can use analytics tools like Google Analytics 4 to measure content performance. Monitoring it gives your team an idea of what pieces are most and least effective. Then, you can take these learnings to continually improve your agency’s content strategy.

Short answer: Tracking your company’s content performance lets you know if this marketing tactic is effective for your insurance agency.

Email Campaign Performance

Email campaigns and content marketing go hand-in-hand. These two marketing strategies are great ways to reach current and prospective clients at their various stages in the buyer journey.

How do you know which emails and pieces of content resonate with your audience? There are a few key metrics you want to track. To monitor the success of your email campaigns, look at the following key metrics:

  • 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)

You can easily analyze the success and performance of your email campaigns with AMS+. Here’s a screenshot below of what it looks like in AgencyBloc’s AMS+ Solution.

Email Marketing performance in AgencyBloc

Source | AgencyBloc

Short answer: Tracking your email performance lets you know if this marketing tactic is effective for your insurance agency.

Text Messaging Performance 

Text messages are a great way to send prospects and clients important information. Send compliance documentation (Scope of Appointment or ACA Consent to Contact), follow up after meetings, or let them know you’d like to schedule a call. 

Effortlessly send automated texts with AgencyBloc’s AMS+ lead nurturing automation tools. With it, you can filter contacts based on certain criteria like their status (new lead or cross-sell opportunity), lead temperature (hot vs. cold), and more! Then, create customized text messages and schedule them ahead of time. Following up with clients and prospects has never been easier. Read this blog to make sure your texts stay compliant: Best Practices for Texting Health, Benefits, & Senior Insurance Consumers

Short answer: Incorporating text message campaigns into your marketing strategy is a powerful way to promote your agency. When you’re talking to prospective and current clients, ask them for feedback on these campaigns to see where you can improve. 

Lead Sources

For many insurance agencies, lead generation is the number one struggle, and it’s easy to spend a lot of money using many different lead sources (i.e., social media ads, traditional advertising, lead vendors, etc.) Tracking your lead sources gives your leadership team insight into how your lead sources are performing. Knowing which ones are converting or providing your agency with valuable contacts is critical to effectively grow your business. 

You want to track new leads across a variety of online platforms, such as organic search, social media, paid ads, and more. You can do this by adding a field on your lead form asking users to select where they came from. You can also use reports in Google Analytics 4 to see how leads are getting to your website. Identify your most profitable lead sources and focus on those. 

How can you do this easily? Using software, like AMS+ Reporting and Data Analytics can give you a clear picture of how many clients and policies are coming from your lead sources.  

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 and marketing process. 

Track and Optimize Agency Growth With a Comprehensive Agency Management Solution

Take some time to identify which key performance indicators (KPIs) are most important to your health insurance agency and how they affect your organization as a whole. Then, continually monitor your chosen metrics and adjust your sales and marketing strategies accordingly. 

Tracking these metrics is just the beginning. In addition, ensure you have an agency management platform that is designed to help you store and use all of your data in one centralized location. AgencyBloc is the #1 Recommended Insurance Industry Growth Platform. Many agencies use AgencyBloc’s Plus Suite of industry-specific solutions to track their business, organize their records, monitor their success, and make informed changes for the betterment of their agency or upline.

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This blog was originally posted on February 17, 2017, and has been most recently updated and republished on April 10, 2024.

Posted by Allison Babberl on Wednesday, April 10, 2024 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