The myriad of supposed key performance indicators (KPIs) for insurance floating around can be dizzying. Nevertheless, at Hurrah! we believe that defining and tracking the right KPIs for your company is crucial. It is the first step in collecting essential information to make decisions and keep your teams on track. Insurance companies often have the added challenge of connecting agents who work remotely or on the road with their key performance metrics. We’ve compiled this guide as a framework to help identify the most important metrics for insurance companies.
Crucial KPIs and Metrics for Insurance Companies
Rates are good indicators of effectiveness and lead quality. While overall volumes may vary, reporting success rates at various stages in your sales pipeline can help identify major blockers.
- Contact Rate
- Quote Rate
- Bind Rate
Measuring costs associated with leads at each stage of the sales pipeline is important for knowing how to optimize spending. Check out these examples!
- Cost per Quote
- Bind Cost: What is the cost to bind a policy or acquire a customer?
- Cost per Claim
- Cost by Source: Which marketing channel is yielding the lowest cost per acquisition?
Tracking time to respond to or close certain cases helps measure effectiveness and tends to correlate with customer satisfaction indicators.
Measuring agent time dedicated to specific activities shows efficiency and can help identify where process improvements could improve performance.
- Average time to settle a claim by type of policy
- Producers talk time and dials
- Underwriting speed
Tracking activities and results by agent, team, or territory provide valuable information about overall performance.
- Quotas vs. Production
- New Policies per Agent
- Expense Ratio
- Loss Ratio
MOTIVATE. ENGAGE. RECOGNIZE.
Many companies struggle to achieve adequate visibility of their most important performance metrics. Hurrah! offers an easy way to track and share live KPIs with both in-house and remote teams. Connect agents wherever they are. Hurrah! helps companies improve accountability, engagement, and reporting for better data and better performance.